Compare Best 7 Business Bank Accounts for UK Startups 2023
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A writer and editor at Monito, Jarrod is passionate about helping people apply todayās powerful finance technologies to their lives. He brings his background in international affairs and his experiences living in Japan to provide readers with comprehensive information that also acknowledges the local context.
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Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.
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Read moreStartups in the United Kingdom, and particularly London, exist in one of the largest and most vibrant tech startup ecosystems in the world. To compete at the highest level, choosing a bank account for your startup will be one of the most important decisions youāll make.
Founders will likely be looking for technology-first banks, accounting that manages runway, FSCS-insurance, and good customer service. Let's see which high-street banks and online bank alternatives offer the best features for startups in the UK.
š We've partnered with Nerdwallet UK to help you compare UK's best business bank accounts for startups and benefit from exclusive sign-up deals with Nerdwallet's partners. This includes free accounting software licenses or 12-18 months of fee-free banking. Read more about Nerdwallet's editors top tips when picking the best startup business bank in the UK.
Best Business Banks for Startups in the UK | In partnership with Nerdwallet
- Starling Bank ā An all-around current account with powerful paid add-ons
- Revolut Business ā Track team spending, budget analytics and great FX
- Wise Business ā Make international payments at the real exchange rate
- Payset ā Exchange over 34 currencies with virtual IBANs with support
- ANNA Money ā All-in-one account management and business account
- Tide ā Automate budgets, spend, and tax reporting
- Soldo ā Track burn rate with budgeting and accounting software
Key Facts About UK Business Banking for Startups
šØāāļø Regulatory body | FCA |
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š Best startup bank | |
šø Average monthly fee | Ā£0.00 |
š No. of business accounts compared | 7 |
š Business bank comparison tool | |
š¶ Size (revenue) |
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Best Business Bank Account for Startups in the UK
- 01. Best overall free account ā Starling Bank
- 02. Best for team management ā Revolut Business
- 03. Best for international payments in the UK ā Wise Business
- 04. Best virtual IBAN account provider ā Payset
- 05. Best for invoicing ā Tide
- 06. Best for accounting ā ANNA Money
- 07. Best for spend management ā Soldo
- 08. Summary of the best business bank accounts in the UK for startups
- 09. FAQ about business bank accounts for UK startups
What Startups Should Look for in a Business Bank Account in the UK
From a founder's perspective, you'll want a smooth-running business account that causes the least amount of headaches so that your team can focus on delivering your product. In addition, business bank accounts with user-friendly interfaces will help you analyze spend, project future cash flow, and manage your bottom line more easily.
Five factors you may want to consider before choosing a business bank account for your startup:
- Fees: ATM withdrawals, deposits, overdrafts, foreign currency, exchange, and invoicing services can incur fees. Think about what paid services your business will use most, and which ones you can do without.
- Customer service: If you are going to take out large amounts of debt, then you may want to work with trustworthy bankers who can help you develop a financial plan (such as advise you on your debt-to-equity ratio). For technical assistance, fast and 24/7 assistance will be key.
- Introductory offers: Some banks may offer special introductory offers or promotions for new business customers. These may include waived fees or other perks, such as free access to certain services or tools.
- Applicable SaaS platforms: If your business uses any software-as-a-service (SaaS) platforms, such as accounting or invoicing software, you may want to choose a bank that integrates with these platforms. This can make it easier to manage your finances and keep your accounts organized.
- FSCS protection: The Financial Services Compensation Scheme (FSCS) is a UK government-backed program that protects depositors in the event that a bank fails. Consider whether a bank is FSCS-protected, as this can provide additional security for your business's money.
Does My Startup Need To Open a Business Bank Account?
There is no official legal definition of a startup in the UK, but the term is commonly used to refer to businesses that are introducing new products or technologies to the market, in the process of being established, and are looking to grow and scale. If you want to legally generate profit as a business, then you will need to open a business bank account.
Limited Companies
If you are registered with the HMRC and Companies House as a limited company, then you will be legally required to open a business bank account. Business owners may not use personal checking or savings accounts to conduct business-related finances.
Sole Traders
Sole traders and freelancers can use their personal bank accounts for their work because their status defines them as personally liable for any losses they incur. Many sole traders and freelancers still opt to open business bank accounts in order to separate their personal expenses from business expenses as well as to remain professional when transacting with customers and business partners.
13 Most Useful Startup Business Bank Account Features
Online banks are innovative alternatives that not only waive fees altogether, but also leverage technology to manage your finances. Many offer these services for free or have free introductory offers with Nerdwallet. The main drawback to online business banks is that they may not offer loans or business-related insurance products.
For day-to-day banking activities, see these useful digital banking services for startups in the UK:
- No monthly maintenance fee;
- Mobile app with good user experience;
- Accounting software integration;
- Expense and tax management;
- Drafts monthly spending reports;
- Sets aside savings for taxs;
- Invoice tracking;
- Multi-user access;
- Scheduled payments;
- Phone notifications;
- Virtual office address;
- 24/7 in-app customer service;
- Overdraft facility.
In this comparison guide, Monito will take you through the 6 best online business bank accounts that can help you automate your finances, scale your business, and free up your time to do what you love ā develop your products and scale your startup.
Starling Bank ā Best All-Around Free Online Business Account
Starling Bank is a fully licensed UK bank that offers up to Ā£85,000 of coverage from the Financial Services Compensation Scheme (FSCS). Its business bank account is comprehensive and free to use, and includes 24/7 human support. The bank has received numerous awards and is known for its exceptional service, which are more reasons why we recommend Starling Bank's business account to limited companies in the UK.
Account name: Original Free Business Account
Account type: Current (UK bank details).
Total cost: Ā£0 per month.
Noteworthy features: No UK transfer fees, no ATM withdrawal fees, cash and cheque deposit.
Availability: the UK.
More info: See our full Starling Bank review.
Starling Bank Business in Short
Starling Bank is based in the UK and offers its bank account exclusively to limited companies and sole traders registered in the UK. Their business checking account is packed with more fee-free features than any other free business bank account that we found in the country.
At Ā£0 a month, you still get access to a fully-licensed UK current account, Starling Bank's feature-packed platform, and free Sterling transactions. For an optional monthly fee, you can design your account for services that your business needs, such as tax reporting or business accounts in US dollars and Euros.
The Starling bank business account is designed best for sole traders and limited companies who operate their business in the UK. Sending money within the UK and receiving Sterling (Ā£) into your account is free. Making payments in Sterling and withdrawing cash from ATMs also incurs no fees.
You will be charged for sending money outside of the UK. Starling Bank will use the exchange rate shown within the international payments page of the app and will charge a 0.4% transfer fee per transaction. If you decide to send with a SWIFT payment, they will charge Ā£5.50.Ā
Starling Bank Business Add-Ons
Here is the full breakdown of the add-ons that you can purchase to enhance your free online business bank account:
- The Business Toolkit: For Ā£7 a month, you can create and send invoices to customers instantly. The app will calculate and make an HRMC tax report for you as well. This add-on is popular among sole traders and freelancers in the UK.
- Euro Business Account: At Ā£2 a month, you get access to a European IBAN to receive Euros like a local. Hold and send Euros in this account, and spend them with your card like a local in Europe.
- US Dollar Business Account: For Ā£5 a month, you get an American account number for easier payments in the US. Hold and send US dollars, or spend them with your Starling Bank business card.
Starling Bank Business Advantages
- Free to get paid in Sterling and to transfer Sterling;
- No foreign card transaction fees or ATM fees;
- Integrated with Xero, Quickbooks, and others in bespoke app hub;
- Cash and in-app cheque deposit.
Starling Bank Business Disadvantages
- Only offers multi-currency accounts in USD and EUR for a fee;
- Charges exchange rate margin and fixed fees for international transfers;
- Upgrade needed to create and send invoices.
Final Word: Easiest Business Bank Account to Open in the UK
Starling Bank's multi-currency add-ons are useful for businesses that have partners or suppliers in Europe or the US. Otherwise, the bank's standard free business account should provide everything you need in terms of basic banking services and accounting.
In general, Starling Bank is an excellent choice for startups in the UK, particularly for those who conduct business within the country. Its comprehensive services and easy account opening process make it a top recommendation from our experts.
Revolut Business ā Best for Team Management
Revolut is a leading online financial services company known for its low-cost multi-currency accounts, budget analytics software, and other innovative features. Based in London, Revolut serves over 12 million personal users in the UK, EU, and around the world. Its extensive range of services and global reach have made it a popular choice among individuals and businesses looking for an alternative to traditional financial institutions.
Now with Revolut Business, freelancers, sole traders, and small businesses alike can take advantage of everything Revolut has to offer ā and more. Let's see how you can get paid globally, manage your team's expenses, and exchange currencies without hidden fees with Revolut Business.
Account name: Standard
Account type: Current (UK and EU bank details).
Total cost: Ā£0 per month.
Noteworthy features: Forex futures rates, multi-currency balances.
Availability: EU/EEA, UK, Switzerland, the US.
More info: See our full Revolut Business review.
Revolut Business in Short
Revolut is an electronic money institution, registered with the FCA in the UK, to offer a business bank account that manages company expenses and customer payments. They expect to offer business loans and overdrafts in the coming years.
Opening up a 'Standard' account with Revolut is completely free and you will gain access to both UK and EU bank details. The plan comes with plastic debit cards for your team, and you'll be able to track company spending including payroll with Revolut's software. The account also uses global IBANs so that you can receive payments from anywhere in the world.
Regardless of your plan, Revolut charges 1% + Ā£0.20 for each online payment that you receive from customers using a UK card. All other cards will cost you 2.8% + Ā£0.20 for each online payment. This is fairly competitive considering that major payment platforms, like Square, charge 1.9% for EEA and UK cards or 2.9% for all other cards. Only companies on the 'Enterprise' plan may negotiate with Revolut for custom pricing.
Revolut Business Advantages
- Low online payment acceptance fees;
- Advanced mobile app with a range of features;
- Competitive exchange rates;
- Option to fix future foreign exchange rates online;
- Quick and easy to open an account;
- Ability to integrate with business software packages.
Revolut Business Disadvantages
- No option to pay in cash or cheques;
- Daily withdrawal limit of Ā£3,000.00 and monthly limit of Ā£100,000.00;
- 2.00% cash ATM withdrawal fee;
- No overdraft facility;
- Plan costs can be high.
Revolut Business Plans
Here's a full overview of Revolut's different account offerings:
- Standard:Ā With zero up-front costs, the Standard option offers a digital current account (with EU IBAN and UK account number) with no monthly fee and 5 free local payments. Metal cards will cost you Ā£49. Offering no free monthly allowance for international payments or foreign exchanges, this account is ideal for businesses that don't conduct business abroad.
- Grow:Ā At Ā£25 per month, 'Grow' accounts allots to you 100 free local payments, 10 free international payments, and Ā£10,000.00 allowance of foreign exchange at the interbank exchange rate. Priority 24/7 support kicks in at this stage, plus you will be delivered 1 free metal card.Ā
- Scale:Ā For Ā£100 per month, the 'Scale' plan gives you 1,000 free local payments, 50 free international payments, and a Ā£50,000.00 allowance of foreign exchange at the interbank exchange rate. It comes with 2 metal cards.
- Enterprise:Ā This is Revolut's most comprehensive business bank account plan available, with custom allowances that can be tailored to your business. Youāll need to get in touch with Revolut to discuss pricing and your unique perks.
Final Word
Revolut is a highly rated online business bank account that is available in the UK and around the world. Its standard plan includes a multi-currency current account and access to Revolut's finance management software, making it a competitive alternative to traditional banks. The company also offers upgraded plans with free international payment and foreign exchange allowances, which may be especially useful for startups that frequently engage in international trade. Overall, Revolut is a strong choice for businesses looking for a convenient and cost-effective banking solution.
Wise Business ā Best Business Bank Account for International Payments
Wise is a UK-based money transfer operator that is widely regarded as one of the best money transfer services on the market. In addition to offering cheap international transfers, Wise offers a business bank account and card that allows you to manage money in over 50 currencies and provides local bank details in 8 currencies.
With Wise Business, you can collect money seamlessly, withdraw money from e-commerce stores in up to 10 currencies, and create invoices using your 8 bank details. Additionally, Wise offers industry-leading exchange rates for converting revenue denominated in foreign currency into your local currency, which can save you thousands of pounds compared to traditional banks. Overall, Wise is an excellent choice for businesses that need a flexible and cost-effective solution for managing and transferring money.
Account name: Wise Business
Account type: Electronic Money Account (held by Barclays in the UK, Wells Fargo in the US, DBS in Singapore, etc.).
Total cost: Ā£0 per month.
Noteworthy features: International money transfers, multiple account details, multi-currency balances.
Availability: UK, EU/EEA, Liechtenstein, Norway, Switzerland.
More info: See our full Wise Business account review.
Wise Business in Short
Applying for a Wise Business account requires applicants to share their Companies House business registration details, where youāre located, the industry youāre in, and personal details of company stakeholders. In addition to sole traders and limited and public companies, Wise Business also supports freelancers, partnerships, charities, and trusts in the UK ā far and away more wide-ranging than other online banks.
Once you're signed up, you'll be able to take advantage of the following features for free:
- Send money and make payments locally and internationally;
- Hold, exchange, and top-up up to 55 currencies;
- Use the batch tool to send hundreds of invoices and payments at once;
- Integrate with administrative and accounting software like QuickBooks;
- Get your first multi-currency debit card free.
Wise Business Paid Plan
For a one-time fee of Ā£45, you will be able to unlock the full range of Wise's international banking features:
- Local bank details in the US, Eurozone, UK, Australia, New Zealand, Singapore, Romania, and Hungary;
- Register direct debits to your account;
- Withdraw money from platforms like Shopify and Stripe.
Wise Business Advantages
- Receive international payments without big fees.
- Batch pay up to 1,000 invoices and salaries at once;
- Give select employees access to money management;
- Mid-market exchange rate offered for currency transfers;
- Wise card can be used to avoid foreign transaction fees;
- No setup fees or monthly charges.
Wise Business Disadvantages
- Only the paid plan includes account details in 10 currencies;
- Cash or cheque payments aren't supported;
- Negative interest on large Euro account balances;
- Fees to top up the account via debit and credit card;
- Tight limits and conditions to fee-free ATM withdrawals.
How Wise Business Works
To get a sense of how you can leverage Wise Business, let's say that you conduct business in Portugal and you'd like to pay a supplier in Euros. With the Wise Business Account, you'll be able to:
- Send British pounds from your bank account to your Wise GBP account;
- Convert GBP to Euros at a low fee (e.g. if you add Ā£1,000 and pay with British pounds, the total fee will be around 0.35% or Ā£3.69*);
- Pay your supplier with your Wise debit card, make or receiveĀ SEPAĀ (andĀ SWIFT) payments, or set upĀ direct debits.
Final Word
One of the key advantages of Wise Business compared to other online business bank accounts is that it charges no monthly fees. Its standard account is already a good choice for businesses that frequently exchange foreign currency, but its paid option offers even more impressive features for a one-time fee. If you serve international clients, Wise Business enables you to receive payments like a local in their country, which can be especially useful if you are currently being charged high international transaction fees. Overall, Wise Business is a flexible and cost-effective option for businesses that need to manage and transfer money internationally.
* Conversion made on 01/31/2022
Payset ā Best Virtual IBAN Account Provider
Payset, established in 2018, is a fully licensed e-money institution in the UK. Payset provides a multi-currency account designed for businesses to hold up to 34 currencies within a dedicated IBAN account. You can also convert 38 currency pairs 24/7. Overall, Payset is an ideal choice for startups that handle monthly balances to pay and receive funds in multiple currencies around the world.
Account name: Payset Multi-Currency Account
Account type: Electronic Money Account (in an authorised bank in the EEA).
Total cost: Registration from Ā£95 plus Ā£49 per month.
Noteworthy features: Multi-currency account, dedicated account manager, fraud prevention, invoicing.
Availability: the UK, Denmark, Luxembourg, Germany, the US.
More info: Visit the Payset website.
Payset in Short
Payset offers a user-friendly platform that does more than just handle multiple currencies worldwide. You'll get support from a dedicated account manager, plus a dashboard to seamlessly transfer funds to your conventional bank account and pay staff, contractors, and suppliers using local or international methods. Stay secure with advanced fraud prevention tools, generate invoices, and track payments with robust reporting features.
We recommend Payset for startups that are generating consistently monthly sales, since Payset charges a Ā£49 monthly fee. While its exchange rates are transparently shown on their website and updated live, they do apply a small exchange rate margin. Their rates are generally much better than high-street banks. However, its generally worth using Payset when moving larger balances because they charge a fixed fee from 0.45% (minimum charge of Ā£8) when making local transfers by SEPA, and a fixed fee from 0.55% (minimum charge of Ā£35) when making local transfers in the UK.
Payset Pricing
Here is Payset's fee schedule:
- Opening an account: From Ā£95
- Monthly fee: From Ā£49
- Receive worldwide: Free
- Receive instant from other Payset account: Free
- Send locally in Europe (SEPA): From 0.45% min Ā£8
- Send locally in UK (FasterPayments, Chaps, Bacs): From 0.55% min Ā£35
- Send locally in United States (Fedwire, ACH): From 0.55% min Ā£35
- Send internationally (To 180+ countries via SWIFT): From 0.55% min Ā£35
- Send another Payset account: Free (Instant transaction)
- Currency exchange: Markup varies by currencies and time of exchange.
- Account reactivation: From Ā£250
- Dormant account: From Ā£100
- Additional account opening: From Ā£100
Payset Advantages
- Multi-currency account of a sizeable 34 currencies;
- Resolve issues with your dedicated account manager;
- Make instant, free transactions with fellow Payset account holders;
- Transparent exchange rate fees updated live on their website;
- Advanced fraud prevention tools help safeguard your business against scams and fraud;
- Book a demo prior to registering.
Payset Disadvantages
- One time registration free from Ā£95;
- Monthly fee of Ā£49;
- Exchange rates are not the mid-market interbank rate;
- Small fixed fees to make transfers locally;
- High fixed fees on ACH transfers in US and SWIFT.
Final Word
Overall, we think Payset presents an appealing choice for established startups seeking affordable alternatives to high street banks for their international financial needs. With dedicated account managers to navigate complex money flows, Payset streamlines multi-currency transactions and can offer cost savings. You can easily schedule a demo through Payset's website to get a full grasp of the scope of the platform's capabilities.
Tide ā Best Online Business Bank Account for Invoicing
Tide is an online financial platform that provides business bank accounts specifically designed to support small businesses and self-employed professionals, such as freelancers, contractors, and consultants. One of the key benefits of Tide is its convenient and user-friendly app, which makes it easy to open an account in just a few minutes. In addition to offering standard banking services, the app also helps with various administrative tasks, such as chasing unpaid invoices, paying salaries, and reporting taxes.
Tide also offers a virtual office address service for startups and newcomers to the UK, which can simplify the process of setting up your company in the UK. Overall, Tide is an excellent choice for small businesses and self-employed professionals who are looking for a comprehensive and convenient banking solution.
Account name: Free Business Account
Account type: Current (UK bank details).
Total cost: Ā£0 per month.
Noteworthy features: Free invoicing, Credit options.
Availability: the UK.
More info: See our full Tide review.
Tide in Short
Tideās free business bank account comes with a full UK sort code and account number, but its real value comes from its smart time-savings tools, which let you focus more time on your business in less time on administration.
As a business owner, you get access to a business MasterCard. Tide will automatically categorize your transactions, making accounting easier, and will track your invoices and payments. The free account allows you to hold up to five different business accounts, and integration with accounting software like QuickBooks or Xero means that more banking does not have to equal more headaches.
Unlike some of the other online business accounts on this list, Tide does not allow clients to hold foreign currency. While you may be able to receive transfers from a few countries, you may have to pay SEPA or SWIFT payment fees, which add up quickly.
If your business is expanding globally and you need to carry out international transfers, Tide may not be the right choice for you, and youāll need to widen your search. We suggest looking at alternatives such asĀ Wise Business, Revolut Business,Ā Payoneer.Ā
Tide Advantages
- Invoicing included in all membership plans;
- FSCS protection for ClearBank deposits;
- Fee-free card transactions abroad (Ā£1 for ATM withdrawals);
- No credit checks are required at application;
- Option to create separate accounts for different purposes;
- Ability to sync accounts with accounting software.
Tide Disadvantages
- Doesnāt support international payments (for most members);
- No multi-currency accounts or foreign currency storage;
- Must pay extra for dedicated support;
- Fee applies to direct debits and cash deposits;
- Cheque deposits not accepted.
Tide Plans
Tide accounts break down into three tiers as follows:
- Free:Ā For no monthly fee, you get UK bank account details and a business Mastercard that is linked to Tide's multi-purposed software for tracking spending, tax reporting, and receiving payments. Extra cards cost Ā£5 and bank transfers in and out cost 20p per transfer.
- Plus:Ā For Ā£9.99 per month, get dedicated in-app and phone support plus legal advice. The plan includes 1 extra card for your team. 20 transfers per month are free.
- Cashback:Ā At Ā£49.99 a month, you get a dedicated account manager and 0.5% cashback with your Tide card. Your team gets 3 extra cards, and you are allotted 150 transfers a month for free.
Final Word
Tide is a financial platform that is dedicated to supporting small businesses in the UK and helping them grow and scale. It is a good free banking option for businesses that invoice their customers, as it does not charge a monthly fee for this service like some other banks do. However, if your business frequently deals with cash or cheques, you may want to consider a different bank, as Tide does not currently accept cheques.
ANNA Money ā Best Accounting Management for Startups
ANNA Money is a business bank account that is well-suited for small startups, freelancers, and creatives in the UK. One of its key features is its comprehensive finance management system, which can help you create, send, and chase invoices, track expenses, and handle VAT.
In addition to these features, ANNA Money also has a chatbot that can complete many tasks for you and answer questions, as well as provide access to real support people based in the UK (in Cardiff) if needed. Overall, ANNA Money is a convenient and user-friendly banking solution for self-employed professionals, small businesses, and startups.
Account name:Ā Pay As You Go
Account type:Ā Current (UK bank details).
Total cost:Ā Ā£0 per month.
Noteworthy features:Ā Free invoicing, Award-winning support.
Availability:Ā the UK.
ANNA Money in Short
ANNA MoneyĀ gets you to access a UK bank account, which accepts direct debits for free. You can also share a payment link with your customers to get paid digitally, schedule repeat payments, make bulk payments for payroll, and manage multiple cards. You can also take pictures of receipts instead of carrying around paper ones to neatly track expenses.
ANNA Money Advantages
- Create, send, and chase invoices;
- Instant in-app payment notifications;
- Connect with multiple bank accounts;
- Helps you calculate the tax you owe and has tax reminders;
- 24/7 customer support available in-app and on phone;
- Generate personal payment links for online payments;
- Set up process in under 10 minutes.
ANNA Money Disadvantages
- No multi-currency accounts or foreign currency storage;
- No fee for local transfers in and out for the first two plans;
- High fees for paying in cash.
ANNA Money Plans
ANNA Money breaks down into three tiers as follows:
- Pay As You Go:Ā This costs Ā£0 per month and gives you a free MasterCard. You will be charged 20p per local transfer in and out, 1% for currency conversions, 1% for accepting payments via payment link, and Ā£1 per ATM withdrawal.
- Business: For Ā£14.90 per month plus VAT, this plan essentially has higher limits on all the services included in the free plan. You will get three free withdrawals per month (then Ā£1 per withdrawal), up to five additional debit cards included (then Ā£3 per card per month), and 50 free local transfers per month (then 20p per transfer).
- Big Business:Ā For Ā£49.90 per month plus VAT, every service is either free or unlimited. Only international payments are limited to 4 free per month, then Ā£5 per payment.
Final Word
ANNA Money is a pay-as-you-go business bank account and accounting management system that is well-suited for startups. It provides a range of tools and features to help you manage your accounting professionally and efficiently, including invoicing, expense tracking, and VAT handling. While ANNA Money is a strong choice for many businesses, it may not be the best option for those that frequently deal with international transactions.
Additionally, ANNA Money offers personal customer support, which is a valuable asset for any business. Overall, ANNA Money is a highly recommended financial service for limited companies and startups in the UK.
Soldo ā Best Online Spend Management for Start Ups
Soldo is a UK financial services company that offers spend management features that work alongside your existing business bank account. One of the key advantages of Soldo is its budgeting and accounting software, which can help you track your burn rate and manage your staff's budgets using Soldo MasterCards. Soldo also supports wallets in EUR, GBP, and USD, which allows you to manage your funds in multiple currencies. Overall, Soldo is a convenient and user-friendly tool for small businesses and startups that need to manage their spending and budgeting effectively.
Account name: Soldo
Account type: Linked to your main business bank account.
Total cost: Ā£0 to sign up.
Noteworthy features: Create temporary virtual cards for specific budgets and budget team spending on petrol and other expenses.
Availability: Europe
Soldo in Short
Soldo is one of the best expense management platforms available to startups and established corporations across Europe. We know how important it is for high-growth startups to manage their burn rate, which is why Soldo is an excellent solution. Their Start plan is free while Pro costs Ā£6 per user per month and Premium costs Ā£10 per user per month. Trusted by big names from Monzo to Toyota, Soldo can issue virtual cards and set spending policies with approvals, limits, category controls, and alerts to save you time and money.
Soldo Advantages
- Built for both employee and company spend;
- Can instantly issue many virtual cards;
- Wallets in GBP, EUR, and USD to manage major currencies;
- Connect with Xero and other accounting software;
- Custom budgets and rules to control your costs.
Soldo Disadvantages
- Not a bank account and must be paired with a business bank account;
- Start plan is very limited and charges fees to issue cards;
- Not transparent FX-rate for conversions of foreign currency wallets;
- Can only withdraw funds to banks in the account holderās name.
Soldo's Pricing List
Soldo offers three plans, which come with adds ons for a price:
- Start: Get a feel for the Soldo platform for free for up to three users. You will be charged Ā£7 for issuing additional plastic cards to your team.
- Pro: For Ā£6 per user per month, get more advanced spend management rules, temporary virtual cards for ad hoc purchases, and more.
- Premium: For Ā£10 per user per month, get multi-currency wallets, API developer access, and other powerful settings.
Final Word
Soldo's spend management software is designed to help businesses eliminate excess spending and potentially fraudulent expenses, and bring efficiency and transparency to their financial management. The software can help you redirect petty cash to more effective areas and give your team the freedom to spend on what matters most. With over 30,000 businesses in the UK and Europe relying on Soldo, the company has a strong track record of helping founders save money and reduce administrative workload. Overall, Soldo is an excellent supplement to any business bank account in the UK, whether you are a startup or an established business.
The Best Online Business Bank Accounts for Startups in the UK Compared
To wrap things up, let's take a look at how the product, service, and fees of a few of the free online business bank accounts we explored compare to one another in the UK:
Best Business Bank Accounts for Startups in the UK in 2024
We've compiled a list of the best accounts for startups and divided them into the following categories, the best for managing teams, international payments, managing invoices, and the best overall business bank account.
Best for Team Management ā Revolut Business
Revolut BusinessĀ ā Track team spending with cards, budget analytics and great FX | ReadĀ our full review or go to their website.
Best Current Account ā Starling Bank
Starling BankĀ ā An all-around current account with powerful paid add-ons | ReadĀ our full review or go to their website.
Best for International Payments in the UK ā Wise Business
Wise BusinessĀ ā Make international payments at theĀ realĀ exchange rate | ReadĀ our full review or go to their website.
Best Virtual IBAN Account Provider in the UK ā Payset
Payset ā Hold and exchange over 34 currencies and work with a dedicated account manager | Visit their website.
Best for Invoicing ā Tide
TideĀ ā Automate your budgets, spending, and tax reporting | ReadĀ our full review or go to Nerdwallet's review.
Best for Accounting ā ANNA Money
ANNA MoneyĀ ā All-in-one account management and business account | Go to their website.
Best for Spend Management ā Soldo
SoldoĀ ā Track your burn rate, budgets, and accounting in EUR, GBP, or USD. | Go to their website.
Need to Register a Company in the UK?
Read our in-depth guide on how to set up a company in the UK in two major steps. Our experts have researched and compiled startup resources for your unique scenario.
FAQ About the Best Small Business Bank Accounts in the UK
š Is online banking in the UK safe?
Yes, online banks in the UK are safe and secure financial institutions. They are all regulated by the competent authorities in their countries of origin ā the Financial Conduct Authority (FCA) in the case of the UK. Online banks in the UK also secure your money through the UKās Financial Services Compensation Scheme (FSCS).
š¼ What is the best online business bank account for a startup?
The best online business bank account for you will depend largely on your business model. Starling Bank and Tide are both great options for registered businesses that operate in the UK, primarily with UK customers and suppliers. To take advantage of low-cost international banking, Revolut Business and Wise Business offer innovative multi-currency accounts that exchange money for very low rates, especially when compared to high-street banks.
šØāāļø How do I open an online business bank account in the UK?
To open an online business bank account in the UK, you will have to provide the bank with your Companies House registration information and information about company shareholders. Thanks to innovative online banks, this process can be done online or through an app in a matter of minutes.
š° How do online banks in the UK make money?
Online banks typically generate revenue through paid memberships, which offer customers access to additional services beyond what is included in the free plan. These services may include extra features such as higher ATM withdrawal limits or expanded customer support. While online banks generally have lower overhead costs than traditional banks, they may still charge fees for certain services, such as international transactions, currency exchanges, and bank transfers.
Read More About the Top Online Business Bank Accounts and Fintechs
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