Nutty

Best business accounts for startups (2024)

Christopher Dowling
Editor-in-Chief
Updated
May 19, 2024

In a nutshell

The best business account for startups is Revolut. It’s easy to use, and has a huge range of features to help you grow your business, such as accepting payments directly from customers (in-person and online) without needing other software. And multiple currencies. There’s a free plan so you can see how you like it first too.

Launching and running a startup can be very time consuming, and incredibly difficult. It’s also crazy exciting and a wild ride. Picking the right business account for your startup could save you a lot of time and money – so your business can grow even quicker.

Let’s get to it. Here’s the best business accounts for startups:

Best business accounts for startups

Best business account for startups

Revolut is our top pick for a business bank account – it’s low cost, easy to use, and is packed full of features.

Visit Revolut¹Visit Revolut¹
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Try a paid plan free (1 month)

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Best overall
Revolut rated 5 stars

Revolut

Revolut is a modern business account designed to suit modern day businesses – unlike traditional banks that run on slow and outdated systems and processes.

Revolut have thought of everything, and the app is packed out with many helpful tools and features to help grow your business. And easy to use.

It’s pretty much perfect for every size of business, from a freelancer to large enterprises.

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It’s also great for international businesses, and receiving payments in different currencies, such as customers based in Europe, paying in Euros. You can hold over 25 different currencies inside your Revolut business account – you can swap one currency for another in a couple of clicks, for a low exchange rate too!

You can also receive payments from customers in-person without needing a card machine, and online without needing other software, and even via text messages.

And, there’s loads of extra features you wouldn’t expect from other accounts, such as payroll and invoicing features, and team expense management.

It’s got pretty much everything you need, and more. Highly recommended.

Note: it’s not technically a bank, it’s an e-money account. Your money is still just as safe and secure.

Overall cost: low
Account cost:
free to £100 per month
Bank transfer cost:
free up to a limit
ATM withdrawal cost: free up to a limit
Multiple currencies:
25+
Debit card:
yes
Cash deposits:
no
Accounting integrations:
yes
Save or invest cash:
yes (and crypto)

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Get £50 when you open an account

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Pay as you go
Tide Bank rated 5 stars

Tide Bank

Tide is a popular bank account in the UK, with over 500,000 customers. 

It’s a bit more basic than the other business bank accounts, but you can start with a free account and pay fees as you use it (e.g. payment per transaction).

The app itself is easy to use and has useful tools to create invoices and manage expenses.

Learn more

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However, you can’t use multiple currencies.

Tide will also help set up your new business and register your limited company if you sign up with them, and need help with the admin side. They can also help you get a business loan.

Overall cost: low
Account cost:
free to £49.99 (plus VAT) per month
Bank transfer cost:
20p per transfer (free on paid plans)
ATM withdrawal cost:
£1
Multiple currencies:
no
Debit card:
yes
Cash deposits:
yes (£2.50 or up to 3%)
Accounting integrations:
yes
Save or invest cash:
no

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Pay as you go
Anna Money rated 4 stars

Anna Money

ANNA is a business account with a few extras. If you’ve got a simple business, this might be the only account you’ll need to manage everything.

You’ll get tools to manage your business finances, such as creating and sending invoices (and they’ll send chasers automatically too), expense tracking and sorting your tax.

Learn more

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Love it, or hate it, the card even makes a Meow sound when you use it. Yes really!

Overall cost: low
Account cost:
free to £49.90 (plus VAT) per month
Bank transfer cost:
20p (free on paid plans)
ATM withdrawal cost:
£1 (free on paid plans)
Multiple currencies:
no
Debit card:
yes
Cash deposits:
no
Accounting integrations:
yes
Save or invest cash:
no

Best business account for startups

Revolut is our top pick for a business bank account – it’s low cost, easy to use, and is packed full of features.

Visit Revolut¹Visit Revolut¹
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Free to open
Starling Bank rated 4 stars

Starling Bank

Starling is a popular option for lots of businesses. It’s a modern version of a traditional bank account – e.g. there’s a great app to use, and it links with accounting software.

It’s free to open an account and free to make payments, however for almost every other feature, such as creating invoices, you’ll need to open a paid plan (starting from £7 per month).

Learn more

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You can also open a Euros account (£2 per month), and a US Dollars account (£5 per month).

Although they don’t accept all businesses. So you might find it hard to open an account, depending on the type of your business.

Overall cost: medium
Account cost:
free, or £7 per month
Bank transfer cost:
free
ATM withdrawal cost:
free (£300 per day limit)
Multiple currencies:
Euros and Dollars (extra fees)
Debit card:
yes
Cash deposits:
yes (£3 fee or 0.30%)
Accounting integrations:
yes
Save or invest cash:
no

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Free to open
Monzo rated 4 stars

Monzo

Monzo is becoming a popular bank in the UK, it’s a modern business bank account with an app that's easy to use.

You can open a free account where you can send and receive money for free, but for almost all of the other features, such as invoicing, and integrating (linking) with accounting software, you’ll need a paid plan (£5 per month).

Learn more

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Overall cost: medium
Account cost:
free or £5 per month
Bank transfer cost:
free
ATM withdrawal cost:
free up to a limit (£200 per month)
Multiple currencies:
no (can receive Euros)
Debit card:
yes
Cash deposits:
yes (£1 fee)
Accounting integrations:
yes
Save or invest cash:
yes

Best business account for startups

Revolut is our top pick for a business bank account – it’s low cost, easy to use, and is packed full of features.

Visit Revolut¹Visit Revolut¹

Best business account for international payments

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Multiple currencies
Wise rated 5 stars

Wise

Wise business is the best option for multiple currencies. Send and receive money in over 40 different currencies, including Euros and US Dollars, all for a low cost (it’s the cheapest option).

You can even store multiple currencies in one account, meaning you don't have to keep swapping currencies and paying exchange fees.

Another great feature, is being able to save and invest your business money, so instead of your money sitting in your account doing nothing, you can invest it to grow more over time (with the help of experts) – adding a whole new revenue stream to your business – and still allowing you to spend it whenever you need to.

Learn more

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Overall cost: low
Account cost:
£45 set up fee
Bank transfer cost:
From 0.43% to send. Free to receive
ATM withdrawal cost:
free up to a limit (£200)
Multiple currencies:
40+
Debit card:
yes
Cash deposits:
no
Accounting integrations:
yes
Save or invest cash:
yes

Best business account for startups

Revolut is our top pick for a business bank account – it’s low cost, easy to use, and is packed full of features.

Visit Revolut¹Visit Revolut¹

Our criteria for determining the best business account for start ups

There’s lots of bank accounts for businesses out there, but we’ve done the hard work to narrow it down to the very best for startups. We’ve focused on modern business accounts, those that allow you to manage everything online, either on their website or phone app. They’re typically easier to use, cheaper, and have great features to help grow your business, and save time.

Best business accounts for startups

The criteria we used to assess business banks for startups were:

  • Range of features and tools
  • Ease of use
  • Fees
  • Customer service

The best accounts we’ve listed above are all ones we’re happy to recommend to our friends and family, and we also use some of them ourselves here at Nuts About Money.

So, whichever business account you opt for, you can be confident you’ll be using one of the best business bank accounts out there in the UK for startups. One that’s low cost, easy to use, popular, and has a range of features to help you save time and scale your business.

What's a startup?

Let’s get on the same page quickly with what a startup is. We’re defining it as a new business that has the potential to be much bigger over time. So, typically these could be technology businesses, but don’t need to be!

What's a startup?

Businesses like a restaurant, or a cafe, aren’t typically called startups, as they have limited potential to grow, but can still be highly successful. These are more commonly known as small businesses – if you’re running one of these, we’ve still got you covered. Check out our guide to the best small business bank account, and we’ve got our recommendations below too.

What’s the best bank account for a brand new business?

If you’re just starting out as a business, you’ll probably not have many processes set up yet, such as invoicing and expense management. So, it’s a good opportunity to start from scratch with the best options.

We’d recommend opting for a business account that has everything you need (and more), for instance Revolut¹. There’s so many tools to help you manage your business finances, and save time. Plus, there’s a free plan, and it’s low cost overall. It’s currently one of the most popular business accounts for startups and growing rapidly.

Revolut – Best bank account for a brand new business

What’s the best free business account?

Looking for free business banking? You can get business accounts with no monthly fees (such as all of our recommended options), but nothing in this world is truly free. Business accounts typically have fees somewhere, such as to make transactions, depositing cash, or withdrawing from an ATM. Plus using lots of other features.

The best account with no monthly fees is Revolut¹, and you’ll get free transactions up to a limit. Plus, use lots of other features for free to save you time and grow your business (there’s paid plans and fees for extra features).

If you just want a basic account, check out Tide¹, it’s simple, and has no monthly fee, you’ll pay 20p per transaction.

Tide – Free business account

What’s the best bank account for a sole trader?

If you’re starting out as a sole trader, you’ve actually got a wide range of options, as you can choose a personal account too (e.g. a bank account in your own name).

Sole trader

However, it’s often a good idea to keep your business and personal finances separate, or you could run into issues in future – you’ll need to know every business transaction in order to produce the right financial reports at the end of the financial year, or when you need it (e.g. a profit and loss statement (how much your business has made)).

As you're doing everything yourself, you’ll likely want a business account to save you a lot of time. One with all the features that can handle everything for you, such as producing invoices, track expenses and budgeting features.

The best accounts to manage your business finances are Revolut¹, or ANNA¹. They’ve both got great features to manage everything you need to. And, there’s no monthly fee.

Anna - Business account

What’s the best business bank account for a small business?

If you’re running a small business, you’ll likely want a business account rather than using your personal account, even if you haven’t registered it as a limited company (officially registering the business with the Government).

Limited company

Some modern business bank accounts will give you all the tools you need to run your business, all in one place. You can send invoices, track your expenses and lots more money management features. Giving you more time to run and grow your business.

Payment link for customer

The best business account for small businesses is Revolut¹, it’s got everything you need, low cost, and you can even collect payments from customers in-person, over email or text message without needing any other equipment or software. Pretty great right?

What's a business bank account?

A business bank account is an account to manage your business money, rather than using your personal bank account. Typically, businesses have separate finances from their owners personal accounts, and should have their own business account to manage their finances – otherwise things get a bit confusing!

Business bank account

Everything works pretty much the same as a personal account, you can make payments in and out, and set up recurring payments such as direct debits. You’ll typically get a debit card too, and can have a card for your employees too.

Business bank account card for employees

With modern business account providers, you can also get features to help manage your business finances, such as invoicing, and expense tracking. Plus, they typically link with accounting software (like Xero) to help manage your financial reporting.

Accounting software helps you get an understanding of your business, for instance you can produce profit and loss statements (how much money your business made), and lots more insights into your business. Business accounts can link directly to this software, meaning lots of things can be automated. It’s very useful.

Do I need a business bank account?

It is possible to use your personal account if you are running a business in your name (called a sole trader), rather than the business name (a limited company), however it can complicate things a lot, especially when you need to work out how much tax to pay. It’s best to keep your business and personal finances separate.

If you’re running a startup, you’ll definitely want to set up a business account – you wouldn’t want investors sending money to your personal account (if you have them), and you can benefit from all the time saving tools that business bank accounts have.

Should I get accounting software?

Accounting software can be a huge time saver for businesses of any size. All of your financial reports can be completely automated if the software is linked to a business bank account.

So, you can produce your end of year statements, such as a profit and loss account (how much your business made), and a balance sheet (how much assets your business has), all automatically from your bank account transactions.

Integrating with accounting software

You can also manage things like paying your staff (payroll), and send this information to HMRC automatically. 

It’s all pretty great. One of the best options out there is Xero.

Xero accounting software

Are business accounts safe?

Yep. Business accounts are very safe to use. Business accounts are regulated by the Financial Conduct Authority (FCA) – they’re the people who make sure financial services companies are looking after their customers and their money.

They’ll approve the business account provider, and will continually check to make sure they are operating properly.

Business accounts are regulated by the Financial Conduct Authority (FCA)

With business accounts, some are technically banks, and some are e-money accounts.

However, with a bank, your money is protected by the Financial Services Compensation Scheme (FSCS). That means that should the bank go out of business, you’ll be compensated by up to £85,000.

With a bank, your money is protected by the Financial Services Compensation Scheme (FSCS)

With an e-money account, you won’t get this protection, but your money is also safe. Your money will actually be held in a completely separate bank account, with a large bank, such as HSBC, all in your name, separate to the e-money account provider's own money. 

E-money business account

Your money can only be returned to you if the e-money provider were to go out of business (and you’d get back more than £85,000 if you had more). This is called safeguarding.

Let’s recap

That’s it for the best bank accounts for startups. We hope it was useful.

As a quick summary, modern business accounts can provide a great way to not just to send and receive money, but also to manage your business finances too – our recommendations have got a great range of tools and features to help you manage things, and save yourself a lot of time.

To make the right decision for you, have a think about what you need from a business bank account first, do you want the full range of features? Such as invoicing and integrating with accounting software. Do you need to send and receive multiple currencies? Or, do you just want the basics?

For the full range of features, including multiple currencies, the best account is Revolut¹. It’s got everything you need, and more.

If you’re looking for a business bank account just to make international payments, check out Wise Business¹, it’s the cheapest out there. And, you can even save and invest your cash too.

If you’re just after the basics, to hold, and send and receive money, check out Tide¹, Starling¹ and Monzo¹. They’ve got simple accounts with no monthly fees. If you need extra features, you could upgrade later on.

There we go. The business account is sorted. Good luck growing the startup!

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Best business account for startups

Revolut is our top pick for a business bank account – it’s low cost, easy to use, and is packed full of features.

Visit Revolut¹Visit Revolut¹

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