This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

This comparison simply includes all savings accounts.

Starling Bank
Business Current Account Starling Bank
Monthly Fee £0
Account Type Business Bank Account
Features Very Fast Setup

Why we like it: Send fast and transparently priced money transfers to over 35 countries worldwide, cheaper than most high-street banks. Free contactless Mastercard. No fees for spending and withdrawing money abroad, and you’ll get Mastercard’s real exchange rate. Automated accounting: Link your account with QuickBooks, Xero and FreeAgent. Real-time notifications: Receive a notification whenever money enters or leaves your account. Enjoy your award-winning business bank account without having to pay any monthly fees. 24/7 UK support. British Bank Awards Best British Banking Provider Winner 2018, 2019 and 2020. FSCS protection: Eligible deposits are covered up to £85,000 by the Financial Services Compensation Scheme. Add the Business Toolkit to your free account and automate bookkeeping alongside your banking to save precious time on financial admin – Get the first month free (£7 per month after that)

Go Solo
Business Current Account Go Solo
Monthly Fee £0
Account Type Business Bank Account
Features Open a business, not just a bank account

Why we like it: Free Master Card™ Business Debit Card. Register online in minutes. Securely manage your card and account. Statements and all transactions in one place with agile search. Invoice & payments hub: Issue, send and track invoices in a few clicks. Instant GBP payments via Faster Payments Network. Strong customer authentication protocols (SCA) ensure the security Option to open a new Limited company registered with Companies House free of charge. Full transaction history, card status, PIN and limits management through the app. All funds are held in a safeguarded account. Monthly fee: Free to start, up to £5 for more advanced options

Tide
Business Current Account Tide
Monthly Fee £0
Account Type Mobile Business Bank Account
Features Get £50 & 12 Months FREE Transfers (T&Cs)

Why we like it: Get £50 and a year of free transfers on us when you open a business account with us! T&Cs apply. Just use the code: FAIRINVESTMENT. Designed for growing businesses and freelancers. Free account opening in as little as 5 minutes. Free contactless Mastercard. No monthly or annual fees. Free card payments UK and abroad. Free transfers between external accounts for one  year (20p per transfer thereafter). Free transfers between Tide accounts. ATM cash withdrawals  – £1. Cash Deposits – £1 at Post Office or 3% at PayPoint. 1 in 12 business current accounts opened in the UK was with Tide, within a year launch. Mobile App Features: Sync with accounting software such as Xero, QuickBooks, FreeAgent, Sage, KashFlow and Recko. Overview of your balance and all transactions listed in seconds. Auto categorisation for income and expenditure. Instant switching between separate accounts. Freeze and unfreeze card, get card PIN reminder and order a free replacement in seconds. Create and pay invoices. Access your account on any laptop or desktop

Cashplus
Business Current Account Cashplus
Monthly Fee £0
Account Type Business Bank Account
Features No Credit Checks

Why we like it: Instant online approval 100% guaranteed. No credit check to open an account. Perfect for any type and size of business. Mobile app - Manage your account, from the palm of your hand, 24/7. Free to receive bank transfers. No monthly account management fees. No UK purchase transaction fees. Any size of UK business or organisation can apply for our account – even if you don’t have a credit or trading history. Integrated with most accounting software. Business Expense Cards - Add up to 20 additional cards to your business account to provide to your employees, for simpler expense management. £69 annual fee. Maximum balance £15,000. Daily ATM withdrawal limit £500. Apply in just 4 minutes

Cardonebanking
Business Current Account CardOneBanking
Monthly Fee £12.5
Account Type Business Bank Account
Features No Credit Checks

Why we like it: Account designed specifically for small businesses. No credit checks to open account. Pre paid Mastercard. Mobile app available - check your balance, view statements & pay bills. Earn cash rewards of up to 3.5% when you shop using your card at more than 35 major high street retailers including ASDA, Argos, Boots, Marks & Spencer, B&Q, Wilkinson. Online application online in less than 10 minutes. Most accounts opened within 3 hours. Application Fee £55. Minimum monthly account fee of £12.50. UK registered business only. Primary account holder must be at least 18 years of age. Business owner/ UK residents only

Anna
Business Current Account Anna
Monthly Fee £0
Account Type Mobile Business Bank Account
Features Great For Small Businesses & Sole Traders

Why we like it: Try ANNA free for six months. Set up your account in less than 10 minutes and Debit Mastercard® sent the same day. ANNA doesn’t offer credit, which means the process is different by design – it’s fast, and applying won’t affect your credit score. Direct debit support. UK-based chat support – 24/7. ANNA creates and sends sales invoices for you, and politely chases payments due too. ANNA also schedules payments of purchase invoices. Connect your personal and business current accounts from other banks to ANNA to view balance and payment history in the ANNA app. ANNA will be ready for Making Tax Digital (MTD). After six months monthly fee will start from £5

Currensea
Business Current Account Currensea
Monthly Fee £0
Account Type Mobile Business Bank Account
Features Great For Trading Abroad

Why we like it: Great for businesses dealing abroad. Interbank rates, the best anywhere. No card charges, no FX fees. Exchange rate 0% above wholesale. Pay in all 180 currencies. Automatic integration with all accounting platforms. Virtual or physical World Debit card. Mobile app lets you track spending and monitor transactions. Set spend limits, freeze and unfreeze your card or view your pin. Partnering with all the major high-street banks, connecting securely through Open Banking. No hidden transaction fees, even at the weekend. Zero ATM withdrawal fee up to £500/month. Apply online and receive your card in 3 to 5 days

Lloyds Business Bank Accounts

What is a Lloyds business bank account?

Lloyds offer a range of business bank accounts that are designed for large established businesses, charities and schools, small businesses and start-ups and sole traders and freelancers.

Each account has different features, benefits and charges to optimise your business banking, and ensure you don’t pay for aspects you aren’t going to use.

Depending on your business and how you operate, you can choose the best account for your banking needs.

All of the account classifications are fairly straightforward; however, to qualify for the larger business current account you’ll need an estimated turnover of over £3m for the next 12 months.

Why use a Lloyds business bank account?

If you’re registered as a limited company, it’s a legal requirement to hold your company cash in a business account - separate from your personal bank accounts.

If you’re a sole trader, contractor or freelancer and haven’t set up your own limited company, there’s no legal requirement for you to own a business bank account.

But here's why a business bank account is still a good idea:

  • Business accounts separate your expenditure and earnings from your personal banking, meaning you can accurately track your spending and calculate your net profits.
  • You can get automatic linking to Lloyds’ accounting software: Business Finance Assistant. This software sends invoices for you, manages your expenses, monitors your financial performance and sorts your tax returns.
  • You can get expert support from Lloyds’ UK-based business management team, along with access to various online digital skills training courses.

What are the benefits of a Lloyds business current account?

Along with the above business banking essentials, you also get a number of other benefits from using a Lloyds business account:

  • Lloyds offer business loans to account holders for up to £250,000 for small businesses and start-ups (and more for larger businesses) helping you take your business to the next level
  • Accept card payments to your business – online, over the phone or face to face
  • Company credit cards
  • Business overdrafts
  • On-the-go baking with the mobile business banking app

All of these features allow you to up the efficiency of your business operations, leaving you with more time to spend on your customers and growing your business to its full potential.

What are the charges for a Lloyds business account?

Lloyds’ business account charges vary depending on the type of account you open.

In this article, we’ll focus on:

  1. Lloyds’ smaller business account - great for small companies, sole traders and the likes
  2. Lloyds’ larger business account - great for businesses with an annual turnover of £3m+

Lloyds’ small business account:

  • First 12 months FREE
  • £7 per month fee after the first 12 months
  • Free electronic payments forever (in and out)
  • Cash payments - £1 per £100 for the first £1,500 per month, then £0.90 per £100
  • Credit in and cheques in or out - £0.85 per transaction

Lloyds’ business account fees for larger businesses:

For the larger business bank account, there are two fee options you can choose from depending on your banking preferences.

Business Extra Tarif:

  • Cost-effective option for mixed transactions (not just electronic)
  • £15 per month maintenance fee
  • £0.37 per electronic transaction (e.g., Business Debit card transactions and ATM withdrawals)
  • Slightly cheaper for cheques, cash payments and other branch transactions

Electronic Business Tariff:

  • Free electronic transactions
  • £20 per month maintenance fee
  • More expensive for cheques, cash payments and other branch transactions

Can I switch my current business bank account to a Lloyds business current account?

Yes, you can switch your existing business bank account to Lloyds under the Current Account Switch Guarantee.

Lloyds will switch your bank account for you on your behalf. They will:

  • Have your previous account closed and transfer your credits and balances to your Lloyds business bank account
  • Transfer all your incoming and outgoing scheduled payments
  • Automatically redirect all payments to your old account to your Lloyds business account for at least three years.
  • Refund you for any interest or charges levied by your old business account provider

How do I open a Lloyds business bank account?

The best way to open a Lloyds business account is online. It’s the quickest and most efficient method.

For a smaller business account, you’ll need:

  • A copy or photograph of your signature
  • Basic personal information like your name, date of birth, address and e-mail address
  • Your business information including name, address, business activities and expected turnover

It takes about 20 minutes to apply for an account but can take up to 4 weeks for Lloyds to accept your application and complete the necessary checks.

For a large business account, you’ll need to speak to a Lloyds team member after you provide your business information and banking requirements.

Latest news

Top 3 picks for current accounts in 2021

Over 5.1 million UK bank and building society customers have switched their bank accounts using the free (and guaranteed) current account switching service which simplifies the process for customers. Read More »

Newsletter signup

Sign up to our Newsletter to get exclusive news and offers direct to your inbox.

Let's get social now! Twitter Facebook

About us

Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

We've been comparing savings and current accounts for many years so you can trust you're in good hands.