Are you considering opening a new bank account for your business operating within the United Kingdom?

Here are the 5 best online business bank accounts available to UK customers, curated from extensive research and experience in the UK’s financial sector.

An online business bank account has many benefits than accounts created at physical banks.

They offer fast setup, low or zero maintenance fees, and easy access to your account via a user-friendly platform (mobile banking app and internet banking).

It takes less than ten minutes to complete the setup process for an online bank account.

Moreover, owning an online business bank account can increase patronage, as most customers prefer to make payments via internet banking services because of their numerous benefits.

According to a survey by Nerdwallet, 46% of business owners and decision-makers (involving a total of 1,000 business leaders) in the UK trust fully online banks as much as traditional banks. They preferred it for its lower charges and saw it as a way to follow trends.

The number of online and app-based bank accounts in the UK is rapidly growing yearly. Hence, there are many options available, making it tricky to choose whether you own an SME or large company in the UK.

5 best online business bank accounts available to UK customers

Let’s now explore the top five (5) online business accounts for UK businesses:

Tide cnline business bank account

Tide has several business current accounts for businesses of different types and sizes. These accounts are provided by their partner, ClearBank, an award-winning technology-based bank headquartered in London, UK.

With over 1 million customers, comprising sole traders, freelancers, and owners of limited companies, Tide is one of the most trusted digital-only bank accounts in the UK.

You can open an online business bank account for free with Tide in only a few minutes and start transacting on it.

The process requires you to download the Tide app on the Google Play Store or Apple App Store, provide details about your business, upload your ID and take a selfie for security verification purposes, and wait for the account set-up.

Benefits of Tide online bank account for businesses

Tide offers everything you need from a business bank account, including:

• No account opening fees
• Up to £85,000 of balance protected by the Financial Services Compensation Scheme (FSCS) in case an unforeseen event occurs
• Zero monthly fees for account maintenance. Moreover, the bank charges low transaction fees.
• Personalised invoicing feature, allowing you to generate, send, and track invoices from the Tide mobile app
• Earning on savings, as you will receive 4.07% AER (variable interest)
• Stress-free integration with your accounting software and bank account, which facilitates reporting
• 24/7 access to customer service via chat

Requirements for opening a Tide business account

• Must be up to 18 years old
• Must be the director of an actively running business that is incorporated in the UK
• Must be registered with the UK Companies House
• A valid UK phone number and a device registered to a UK App or Google Play Store
• A valid UK residential address and registration with HMRC - If you’re a freelancer or sole trader in the UK

Revolut online business account

Another great option for SMEs in the UK is Revolut Business, an all-in-one business account used by hundreds of thousands of leading businesses, including Aer Lingus, Lyca Mobile, and Deel. Over 20,000 new businesses create a Revolut Business account monthly.

It will help your customers save around 6% when they make payments via Revolut Business. Customer satisfaction is certain, being the winner of the Finder's 2024 Business Banking Customer Satisfaction award with a rating of 4.9/5.

Immediately after you complete the account set-up process, you can start performing a variety of transactions and receiving money from customers worldwide.

Top features of Revolut business account

• Multi-currency accounts for global payments
• Receive money from customers with IBAN and SWIFT/BIC account details
• Foreign exchange at the interbank rate
• Access to various tools, including analytics, that help expand your business and boost sales

To open a Revolut Business account, you must complete an online form, which takes approximately 10 minutes. Then, wait a moment for your account review and final set-up process.

Requirements for joining Revolut business

To get started with Revolut Business, you must meet several requirements, including being a legal resident of the United Kingdom. Your business must also satisfy the following criteria:

• Must be fully operative, incorporated, and registered in an eligible country
• Must be registered as a sole trader, cooperative, or operate in the public sector and not be a charity organisation
• Must operate in one of the supported industries. Feel free to check out the unsupported industries.

ANNA Business account

With a rating of 4.6/5 on Trustpilot, ANNA is the highest-rated business account and is the choice of over 100,000 business owners in the United Kingdom. ANNA business account helps to automate vital processes, such as bookkeeping, invoicing, expenses, and taxes.

You can open a UK business account with ANNA, receive your account number and sort code in around three minutes. You will also get your debit card within 5 days.

Benefits of ANNA business account

• Up to 40% cash back for your business on purchases made with the ANNA credit card
• Zero monthly fees – If you opt for ANNA basic account (Pay As You Go) for business
• Instant invoicing with QuickPay functionality
• Easy receipt capture
• Hassle-free integration with various accounting software, including Xero
• Integrated tax and bookkeeping tools, accessible at no cost for the first month

Requirements for opening an ANNA Business account

• A valid ID, such as your passport or full driving licence
• Proof of address, like a bank statement, council tax bill, or utility bill dated within the previous three months

Starling bank business current account

Starling Bank offers a free digital business account, and you can apply online or from the Starling Bank mobile app, which has numerous money management tools. Over 500,000 businesses in the UK have an online business account with Starling.

Benefits of Starling business accounts

• No monthly fees
• Zero fees for account set-up
• MasterCard debit card for easy withdrawals
• Fast response from real humans regarding inquiries and 24/7 support via email, phone, or the Starling Bank mobile app
• Receipt capture feature
• Automated categorization for all business expenses
• Integration with various accounting and business solutions, including Xero, QuickBooks, and FreeAgent
• Deposit protection by FSCS, up to £85,000

Requirements for opening a Starling business account

• Must be a legal resident of the UK
• Must satisfy Starling’s standard Anti-Money Laundering (AML) and KYC requirements

Must be one of the following:

• A sole trader and not be in business partnership with anyone else
• A Limited Company or LLP registered at the Companies House. All Persons of Significant Control (PSCs) must live within the UK and not have any corporate shares

Wise online business account

Wise offers an online account for businesses of all types in the UK. This account is among the best online business bank accounts available to UK customers.

Rated 4.3/5 on Trustpilot from over 200,000 reviews, Wise business account is a great option for small and medium-sized businesses. Over 600,000 businesses of different sizes, including Bolt, TalentDesk, and Deel, rely on Wise for customer payments and business transactions.

Wise business account allows you to receive money in over 40 currencies from customers in different countries. It also facilitates payments to suppliers and contractors in the UK and overseas at low fees. However, Wise charges a one-time fee of £45 for the account set-up process and £3 for a debit or expense card.

Top features of Wise online business account

• No monthly maintenance fees or minimum balance
• Easy access to your account via the Wise mobile app
• Batch payments feature, which allows you to send money to up to 1,000 people at once
• Availability of debit and expense cards, depending on your preference
• Integration with cloud accounting software
• Wise API, which streamlines workflow and automates processes
• Interest feature that allows you to earn on your savings

Requirements for opening a Wise business account online

• Must own a business incorporated in the UK
• Must hold a valid ID and proof of address, like your passport, driver’s licence, or utility bill
• All business documents, depending on the entity type

Online business accounts offer safer, speedier, and more secure payment methods when compared to traditional bank accounts. Although every type of business needs a separate business bank account, you may need one to automate several processes and manage money more effectively. 

They allow you to accept payments easily online or in-person from customers worldwide, as well as transfer money to several destinations within and outside the UK. Moreover, online accounts are easier to manage than traditional bank accounts due to the convenience of transactions. You can also resolve disputes and issues as soon as it occurs.

Whether you need an online account to streamline customer payments, transfer money worldwide, follow trends, or meet specific business needs, you can never go wrong with these options.

Remember to compare each online business account option, considering their setup requirements, fees, benefits, and user reviews as your decision criteria.