What is the best UK business bank for small business?

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I was with a friend in a local Café Nero (a British European style coffee house brand) when we came across the question, what is the best bank to be with if you run a small business in the United Kingdom? You don’t want to choose the wrong one and end up paying for it. If you’re looking to open your first business bank account in the UK, this post will hopefully help.

After doing a little bit of research I found that most small businesses are looking for ways to keep business costs as low as possible. They would almost always benefit from some expert advice too. For that reason, I would choose to bank with Barclays. Their start-up account package offers a period of 12 months free banking. Two plans are offered here, a Mixed Payments Plan or an E-Payments Plan. After the free 12-month period you’ll incur a small cost of £0.90 – £1.50 per £100 for cash payments in or out depending on which package you’ve decided to go with. Although, withdrawals from cash machines and electronic transfers are free regardless of the package you choose. As with most business bank accounts you will have a monthly fee, this will be either £6 or £6.50. Earlier on I mentioned expert advice, Barclays’ small business help service is called Barclays Business Direct which supports businesses with an annual turnover under £400,000.

More information about this account can be found here

Other UK Business Bank Accounts To Consider


NatWest offers a start-up package with 18 months free banking. A 60% discount on DHL express standard tariff for 12 months on international shipping which is great if your business is selling physical products here in the UK allowing you reach customers internationally. NatWest also offers a free accounting software called Free Agent. Although I haven’t used Free Agent myself, I’ve read that Free Agent is great for contractors while something like QuickBooks from Intuit is better. Better because the app is great, simple to use and is feature rich given the pricing. From my personal experience QuickBooks made invoicing SO EASY! It also gave me great prompts when Invoices were late or overdue. If you’d like to read a better comparison between Free Agent and QuickBooks, you can find it here.

What do I need to sign up for a UK Business Bank Account?


  • Companies House registration number (if you have one)
  • Details about your business, including tax information, turnover and other capital
  • Details of all directors or partners, including name, date of birth, address and National Insurance number


Personal details

  • Full name, date and place of birth
  • Home addresses (and the date you moved there)
  • Contact details
  • Personal details for any directors, partners, members or signatories.

Business details

  • Trading and any registration addresses
  • Business contact details
  • Information about your business activity and number of employees
  • Any other trading names your business uses
  • Details of when your financial year ends
  • Registration for tax purposes
  • Details of any countries you (or your business) are registered in
  • Year-end accounts
  • Details of your business’s or cash flow forecasts

Limited companies

  • Your registered company number

Make sure your Limited Company has already been registered with Companies House for at least 48 hours before starting an application with NatWest.

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