Whether you need a new business bank account or a business account with a low monthly fee, there are several top banks in the UK that cater to small businesses. These Small Business Banks UK are HSBC Bank, Natwest Bank, Lloyds Bank and Barclays Bank. Each one offers different services and advantages for small businesses.
HSBC
The HSBC bank has many products for small businesses. It offers a range of business accounts, including multi-currency accounts. It also offers accounts for charities and community associations. The bank also offers corporate banking services to large businesses. Choosing the right bank account for your small business can save you time and money.
HSBC also offers a number of savings accounts, including a business account called Direct Savings. This account pays low interest, requires no monthly maintenance fee, and can be accessed online or through mobile devices. It is ideal for emergency funds or savings for other financial goals.
HSBC offers a range of business bank accounts, including the Start Up Business Bank Account. These accounts are ideal for small companies with less than one hundred thousand pounds a year in turnover. They provide a number of convenient online tools, including online banking and Companies House checks. The bank has won numerous awards for providing small businesses with banking services, and it also has a number of other features that make it the best choice for small businesses.
Natwest
NatWest is a leading UK business bank, serving around 19 million clients across the UK. It supports around 25% of UK businesses. They have a range of account packages for businesses, including one designed for startups. They offer a simple account for businesses with less than £2 million turnover, making them the ideal choice for most startups.
NatWest’s business account offers a number of advantages, including free accounting software and free banking for 18 months. There are no minimum balance requirement. Other benefits include business support, mentoring and relationship management services, and access to borrowing.
Lloyds
Lloyds Bank offers a variety of business banking services to UK small businesses. For example, it has an account for start-ups and small businesses with a turnover up to £3 million. This account features free electronic payments and simple pricing structures. After the free period, monthly fees are just £7. The bank also offers a free online accountancy package called Business Finance Assistant.
Besides business current accounts, Lloyds Bank offers a range of services to help businesses manage their finances. These include deposit and cash accounts, electronic payments, and cheques. You can also use these accounts to make international payments. These services are available for both small and large businesses.
Barclays
Barclays bank offers several options for small business owners. Its Start-up Business Account gives businesses twelve months of free banking, and it has a team of expert advisers who can help grow your business. This team will help you with everything from cash flow management and forecasting to borrowing and trading abroad. It also offers a variety of current accounts with low monthly fees. However, online reviews for Barclays are not overwhelmingly positive, and you should take the time to do your homework before choosing the bank.
Barclays is a British bank with roots dating back to the 16th century. The current Barclays Bank UK PLC offers a wide range of personal banking services and has over $57 billion in assets. It has over 650 branches in the UK and employs over nine thousand people. The bank offers personal banking services, as well as investment banking, retail banking, and wealth management.
TSB
TSB Bank is a registered UK bank that offers a range of business services. Its Business Plus account allow business owners to pay suppliers and issue cheques while also making online transfers. The account can be managed online or by telephone and features a dedicated mobile app. It also allows business owners to manage their accounts from the branch of their choice, as well as on their smartphone.
The bank also has an attractive business account tariff with a free BACS transfer or direct debit, and up to 25 months free everyday banking. In addition, it offers advice online about how to run a business. It partners with Enterprise Nation to help customers start up and grow their businesses. In addition, TSB is planning to launch a new business banking service in the near future. As for business banking, it currently offers VISA debit cards, but will soon be switching to the MasterCard Debit Mastercard.
What to look for in Small Business Banks UK
There are a number of things to consider when looking for a small business bank in the UK. These include online, high street and App-only accounts. In addition to this, you should make sure that the company you choose has a secure banking system with FSCS protection and offers start-up loans.
Start Up Loans
For startup businesses, bank start up loans can be a great way to boost early stage growth. But they also come with some disadvantages, so you should take the time to evaluate your financial situation before applying for one.
Banks offer a variety of loans for small businesses, from a business line of credit to a long-term loan. You may have to provide some collateral in order to secure your loan, or you may be required to put down a large down payment. The interest rates will vary by lender and loan type.
Most banks have very high eligibility requirements for traditional business loans. Those with good credit and a strong personal history will have the best chance at getting approved.
Small business owners who have poor credit are also at a disadvantage. They may be able to obtain a microloan, a smaller, more unsecured loan. These loans can be used for any business purpose, including purchasing inventory or paying for supplies.
Online small business banks
The internet is a great place to shop for small business banks. Whether you need to open a new account or just want to check out the options, you should compare monthly fees, transaction limits, and ATM access.
Online business banking is a convenient, faster way to manage your finances. However, not all online banks are created equal. Some focus on small business customers while others are geared toward freelancers. It’s important to know which type of business you’re looking for.
Among the many options, online business banks tend to offer lower rates and fewer fees. They also provide more perks and tools for managing your financial future. In addition, these accounts tend to have higher APYs.
Some of these online businesses can even offer virtual debit cards. These are great features for businesses that deal mostly in cash.
High street small business banks
High street banks are a type of bank that originated in the UK. These companies offer both retail and lending services. They are also considered major commercial institutions.
As the name suggests, high street banks are located in the main commercial sector of a town or city. A business that is based in a high street might need a local bank that can deposit cash daily.
In addition to their branch network, these banks offer digital and online services. Some provide debit cards and mortgages. Others offer a multi-currency international solution. There are some that are strictly for small businesses, while others are designed for self-employed freelancers.
Although there are many high street banks, there are some that are a cut above the rest. For example, the Starling Bank is a British bank that has changed the way banking is done in the country. It offers a free service to startups and is also the fastest growing bank in Europe.
App-only accounts
Many UK digital banking platforms are available to small business owners. These are convenient alternatives to traditional high street banks, and they offer a wide range of services. They can help you manage money, keep track of tax, and even calculate expenses. You can open an account for free, or pay a monthly fee to gain access to more features. Some of these accounts come with exclusive sign-up deals, including 12-18 months of fee-free banking.
Depending on the needs of your business, you may want to choose a digital banking platform that offers an overdraft or debit cards. These features are not available with all online banks, so check the specific features offered by the bank you’re considering.
Starling Bank provides small businesses with a low-cost, multi-currency small business bank account.
FSCS-protection
If you own a small business, it’s important to ensure that your money is safe. One way to do this is to open a small business banking account. However, you’ll need to follow a few extra steps to make sure that your deposits are properly protected.
For starters, you need to check the licensing of your chosen bank. You can do this online or by contacting the Financial Services Register.
In order to qualify for FSCS-protection, your bank or building society must hold an authorised banking licence. This means that the money you deposit is protected should the firm go out of business. There are some banks that share a single license with other financial institutions.