Best Online Business Accounts 2024
If you’re starting a business you need a business account to help you hold your company funds separately to your personal spending account. Online accounts can be a choice for a startup, SME or sole proprietorship. You’ll be able to open and manage your account with just your phone or laptop, no matter where you are, and you can pick from a selection of providers which all have their own unique features.
In this guide, we’ll look at 5 of the best online business banking accounts in the UK, including some which have no ongoing fees, no minimum deposits and ways to manage your business balance flexibly, on the go, and often across currencies. Let’s dive in.
Quick summary: Online business current account
Wise business account: Great for holding 40+ currencies with mid-market exchange rates
Revolut business account: Great for different plans to suit your business needs
Payoneer business account: Great for getting paid by customers and marketplaces
Starling Business Account: Great for low fees, with the option of adding in extra services for a charge
HSBC Kinetic: Great for making cash and cheque deposits in a UK bank branch or Post Office
What is the best online business account?
A range of online business account providers have emerged over the past few years, offering lots of different account plans. Some are specialists in specific services like multi-currency payments, some integrate with a broad range of ecommerce platforms for easier transactions, some have niche markets like tech startups or freelancers. The good news is that with this broad spectrum of providers and accounts, the right one is out there for you somewhere - this guide walks through pros, cons, features and fees for 5 great picks.
Do some research and compare providers to find the best fit. Here are a few things to consider:
Ongoing account fees - especially important if you’re not sure how often you’ll use your account. Try an account with no ongoing fees like Wise Business if you’re just testing the water
International features and costs - for getting paid by overseas customers and paying international suppliers or contractors. Multi-currency functions from providers like Wise or Revolut can cover all your bases here
Debit and expense card availability - for easy spending and withdrawals
UK branch network - especially important if you transact in person and deposit cash or checks. UK bank digital accounts which allow cash deposit at a branch or Post Office, such as those from Starling and HSBC may suit you in this case
Best online business accounts in the UK
The truth is that there is no single best online business account - it depends on how you’ll use your account day to day, what services you value, and what type of business you run. Here we’ve profiled popular non-bank services from Wise, Revolut and Payoneer, plus a couple of UK banks, HSBC and Starling, so you can compare their features and fees. Here’s an overview:
| Services/Provider | Wise Business account | Revolut business account | Payoneer business account | Starling Business Account | HSBC Kinetic |
|---|---|---|---|---|---|
| Account opening fees | 60 GBP | No account opening fee | No account opening fee | No account opening fee | No account opening fee |
| Monthly fees | No monthly fee | From 0 - 79 GBP | 29.95 USD annual fee | No monthly fee | 6.5 GBP monthly fee |
| Minimum balance | No minimum balance | No minimum balance |
| No minimum balance | No minimum balance |
| Transaction fees | Currency conversion from 0.33% |
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| Depositing cash - 3 GBP or 0.7% of value |
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| Business debit cards | Available | Available | Available | Available | Available |
| Best features |
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*Information correct at time of writing - 19th July 2024
Wise business account
Great for: businesses looking to grow internationally, which need to hold, exchange, spend, send and receive foreign currencies with low costs
Wise for business is a multi-currency online account which lets you hold dozens of currencies, and pay invoices around the world. You’ll also get account details like an IBAN, account number and sort code for receiving GBP and foreign currency payments, and can withdraw payments from platforms like Stripe into your account for ease.
Currency conversion with Wise uses the mid-market exchange rate with no markups. There’s just a small per transaction fee which is easy to spot, and can keep costs low overall. You’ll also find there is no monthly fee or minimum balance to worry about, making this a flexible low cost option when you’re starting to grow your business across borders.
Eligibility: UK registered business owners and freelancers - Wise is a global business, so if your business is registered elsewhere you may also be able to open an account in other countries
Best features: Wise business account
Hold and manage 40+ currencies, send payments to 160+ countries
Business debit and expense cards to spend and withdraw in 150+ countries
Receiving account details to get paid by others in a selection of major currencies
No monthly fee or minimum balance to worry about
Bank level security and encryption to keep your money safe
Wise business account fees
Account opening fee of 60 GBP if you open as a UK resident
Send cross border payments from 0.33%
6.11 USD fee to receive a USD wire (ACH transfers are free to receive)
Make some free ATM withdrawals monthly, with low fees after that
| Wise business pros | Wise business cons |
|---|---|
✅ Hold and exchange 40+ currencies ✅ Debit and expense cards available ✅ Mid-market exchange rates ✅ Send and receive low cost transfers ✅ No ongoing fees or minimum balance | ❌ 60 GBP account opening fee ❌ Currency conversion costs from 0.33% ❌ No branch network |
Revolut business account
Great for: 25+ supported currencies plus accounts to suit your specific business needs, with 4 different plans available for customers in the UK
Revolut customers can open a Basic account which comes with no ongoing fees but limited features, or upgrade to Grow, Scale or Enterprise plans. Different account tiers have their own fees and features - Scale plans cost 79 GBP a month, while Enterprise accounts are tailored to business needs.
Depending on your account plan you’ll get no-fee services up to predetermined limits, with low fixed fees after you exceed these. That means you can choose to move to a higher tier of account when your business starts growing, right up to tailored enterprise level products.
Eligibility: UK registered business owners and freelancers - Revolut is available in many other countries, so if your business is registered elsewhere you may also be able to open an account in that location
Best features: Revolut business account
Hold and transact in 25 currencies and get physical and virtual ATM cards
Local account details for GBP, SWIFT details for other currencies
Different account plans for different business size and need
Currency conversion uses the mid-market exchange rate on weekdays, up to your account limit
Revolut business account fees
Monthly fee from 0 - 79 GBP depending on account selected
Currency exchange 0.6% once no fee allowance is exhausted
1% out of hours conversion fee
2% ATM fee
| Revolut business pros | Revolut business cons |
|---|---|
✅ Pick from different account tiers depending on your needs ✅ Accounts with no ongoing fees available ✅ Hold and exchange 25 currencies ✅ Receive payments in GBP and other currencies ✅ Some no fee transactions to plan limits | ❌ Top tier accounts have ongoing fees to pay ❌ 1% out of hours fee for currency conversion ❌ ATM fees apply to all withdrawals |
Payoneer business account
Great for: Businesses looking to combine income from several platforms into one account, and then manage their money directly from Payoneer rather than making withdrawals
Payoneer has solutions for freelancers, ecommerce sellers, small businesses and enterprise customers. As a specialist in business transactions, Payoneer is integrated with a range of freelance and marketplace platforms, so you can get paid through several routes, all into the same account. You’ll also be able to charge clients in multiple currencies and then either manage your money in Payoneer or withdraw to a regular account.
Check out the fees before you sign up - there are markups on currency conversion and fees for some payments and withdrawals.
Eligibility: UK based freelancers and registered business owners
Best features: Payoneer business account
Sell and do business globally and bill in your client’s local currency with receiving accounts in several foreign currencies
Integrate with platforms like Shopify, Fiverr and AirBnB to get paid easily
Make payments to contractors, employees and suppliers, or pay your VAT direct from your account
Fees apply to receive payments - there are also costs wrapped into exchange rates used for currency conversion
Payoneer business account fees
29.95 USD annual fee
Annual account fees may apply depending on usage
0.5% currency conversion fee
Variable fees apply to get paid and withdraw to other accounts
1.95 GBP ATM withdrawal fee
| Payoneer business pros | Payoneer business cons |
|---|---|
✅ Industry specific services and products available ✅ Get paid to local receiving accounts in currencies like GBP and USD for free ✅ Capital advance services available ✅ Invoicing options - fees may apply ✅ Easy to use, including debit cards for eligible applicants | ❌ Variable and fairly complex fees ❌ 0.5% currency conversion fee ❌ Annual fees apply |
Starling Business Account
Great for: Customers looking for a business account from a UK bank which supports cash deposits and has very few fees
The Starling business account is fully digital, but allows you to deposit cash at a Post Office, so it is a good choice for businesses working both on and offline. There are very few fees to pay with the standard account - although depositing cash does incur a fee. Once you have your basic GBP account you can also pay a monthly charge for a USD or EUR account, or for a business toolkit which offers extras like invoicing and accounting support.
Eligibility: UK based registered business owners
Best features: Starling business account
Account from a major UK bank
Deposit cash at a Post Office
No monthly fees for standard account - very few fees in general
Accounts come with debit cards for ease of spending and withdrawals
Add in extra account services, as well as extras like invoicing and accounting support
Starling business account fees
Depositing cash - 3 GBP or 0.7% of value
Add in EUR account - 2 GBP/month; USD account is 5 GBP/month
Business toolkit (optional) - 7 GBP month
Over the counter cash withdrawals - 0.5 GBP
| Starling business pros | Starling business cons |
|---|---|
✅ Very few fees to pay ✅ Add in EUR and USD accounts ✅ Optional business toolkit at a monthly fee ✅ Deposit cash ✅ Secure and reliable, with a UK banking licence and a reputation for excellent service | ❌ 3 GBP or 0.7% of value to deposit cash ❌ Extra fees for USD or EUR capability ❌ 7 GBP/month for business toolkit |
HSBC Kinetic
Great for: UK business owners who want to manage their finances in an app, but still need to deposit cash
The HSBC Kinetic account is marketed as a good product for startups who prefer to work online or in app, but who may need to deposit cash or cheques occasionally. Monthly fees may be waived for the first 12 months, but various transaction fees do apply to this account. There’s a full range of international services available, including incoming and outgoing payments, but fees can be on the high side.
Eligibility: UK based registered business owners with an annual turnover of up to 6.5 million GBP
Best features: HSBC Kinetic
Monthly fees may be waived for 12 months
Cash deposit options in a branch or Post Office
Full suite of banking products available
Full range of international products available, including payments and card spending
Safe and reliable option from a major UK bank
HSBC Kinetic fees
6.5 GBP monthly fee
2.75% foreign transaction fee
International transfers in app cost up to 17 GBP
0.6% local ATM fee
| HSBC Kinetic pros | HSBC Kinetic cons |
|---|---|
✅ Large bank with good branch network ✅ Monthly fee may be waived when you open your account ✅ Cash and cheque deposit services available ✅ Overdrafts available ✅ Secure and reliable | ❌ 6.5 GBP monthly fee ❌ No multi-currency holding options ❌ 2.75% foreign transaction fee |
Best online international business accounts
Businesses working internationally might need cost saving features like multi-currency account functions, local account details in foreign currencies, or cheaper ways to send and receive international payments.
From the 5 providers we’ve looked at earlier, 3 can be especially good for international businesses, here is a summary of their features:
Wise business account: Feature packed multi-currency accounts, offering multi-currency receiving account options, low cost international payments to 160+ countries, mid-market exchange rates and debit or expense cards for global spending
Revolut business account: Hold and exchange 25 currencies, get local GBP details and SWIFT account details for incoming foreign transfers, linked debit cards and lots more
Payoneer business account: Receive payments in a selection of currencies, including from marketplace sites and PSPs, exchange currencies with relatively low fees and send money around the world
When it comes to the 2 bank business accounts we touched on, Starling may still be a good bet if you want to transact in USD or EUR only - but monthly fees apply for these add on services. HSBC Kinetic does not support multi-currency balances, and has pretty high international fees.
Online business account fees
While some business accounts are free to open there may be other factors to consider like minimum deposit requirements or monthly fees. Even with online accounts, there are likely to be transaction fees in some situations - making it crucial to weigh up different options based on account fees before picking the best online business account for your needs. Here’s an overview of the key charges for the accounts we looked at earlier.
| Service fees/Business account | Wise business account | Revolut business account | Payoneer business account | Starling Business Account | HSBC Kinetic |
|---|---|---|---|---|---|
| Account opening fee | 60 GBP | No account opening fee | No account opening fee | No account opening fee | No account opening fee |
| Monthly or annual fees | No monthly fee | From 0 - 79 GBP | 29.95 USD annual account fee | No monthly fee | 6.5 GBP monthly fee |
| Transfer fees | Mid market exchange rate Currency conversion from 0.33% | Mid market exchange rate to plan limit; then 0.6% fee 1% out of hours conversion fee 5 GBP transfer fee once plan allowance is exhausted | Variable fees 0.5% currency conversion fee | Variable fees | 0.24 GBP for SEPA payments 17 GBP for in app payments elsewhere |
| International transaction fees | No foreign transaction fee | No foreign transaction fee | Up to 3.5% foreign transaction fee | No foreign transaction fee | 2.75% foreign transaction fee Cash withdrawals have an additional 1.5% fee |
| Receiving GBP payments | No fee with local details | No fee with local details | No fee with local details | No fee with local details | No fee for most payment types |
| Receiving international payments | 10 CAD fee for CAD SWIFT payment 6.11 for USD wire Other incoming payments free | May vary based on account tier | Transaction fees may vary depending on usage | No fee | Under 100 GBP no fee Above that, 6 GBP |
| Other fees to consider | Some free ATM withdrawals monthly, before fees begin | 2% ATM fee | 1.95 GBP ATM withdrawal fee | Add on services include a monthly fee | Cash deposit fee of around 1.5% of value 0.6% ATM withdrawal fee in the UK |
As you can see, each account has its own fees which are worth considering as you pick the account that will work best for you. Here is a quick summary:
The Wise account has no ongoing costs and offers a very flexible multi-currency service with mid-market rates, making it a good pick for businesses which need to pay and get paid in foreign currencies regularly.
Revolut also has good multi-currency features and lets you pick the account tier that suits your transaction needs - some fees apply to all accounts, such as a 1% out of hours conversion fee and a 2% ATM fee, so whether or not this suits you depends on your specific requirements.
Our last non-bank provider, Payoneer, is best for businesses getting paid in foreign currencies by other Payoneer users, and then using funds to transfer out to Payoneer accounts or to pay suppliers without requiring currency conversion - fees are pretty complex so worth looking at carefully.
If you’d prefer a bank business account, either Starling or HSBC may suit. Both allow cash deposits either in branches or the Post Office which can be handy. As fully licensed banks, they both also offer some services a non-bank alternative may not, such as credit cards and loans.
Best free online business current accounts
No business banking service is really free - usually you’ll run into various charges whether it’s account opening, maintenance or transaction fees, depending on how you use your account. Compare different providers' fee structures, to see which has the best balance of features and fees for you - here’s a quick overview of the free features of the accounts we looked at earlier.
Wise business account: No ongoing account fees, free to receive payments in many currencies, free to spend currencies in your account with your card
Revolut business account: Some accounts with no ongoing fees, no fee to spend currencies in your account with your card
Payoneer business account: Variable fees based on account use, usually free to receive payments using local details
Starling Business Account: No monthly fee, few transaction fees
HSBC Kinetic: Have monthly fee waived for 12 months
Best online business bank accounts with no deposit
The good news is that none of the online business bank accounts we’ve featured have minimum deposit requirements for account opening. That means you can pick based on the other features which matter to you and your business.
How to open a business account online
Different providers and banks have their own processes for account opening, but generally it’s pretty easy to do.
To give an example, let’s look at how to open a business account online with Wise:
Download the Wise app or open the desktop site and tap Sign up
Register by entering your personal details and confirming you need a business account
Follow the prompts to enter your business information and upload the required documents
Once your account is verified you can order a card, and start to transact
Usually you need some key information and documents to open a business account, which can include:
Your name, nationality, birth date and address
Your ID and proof of address
Details of the business including trading name, and registered name where applicable
Your business documentation, based on entity type - business licences, registration numbers, partnership agreements or articles of incorporation for example
Conclusion: Business current account online
Online business accounts can be a great option both for new businesses, freelancers and more established companies looking to manage their finances conveniently and with low costs.
Banks in the UK do often offer digital business accounts, but you may find you can get more features, including multi-currency functions and linked payment cards, from a non-bank alternative like Wise, Revolut or Payoneer. Use this guide to compare your options and get started.
Business banking online FAQs
How long does it take to open a business account online?
Opening a business account online can be done in a few minutes in most cases, by entering your personal and business information and uploading a few documents. Once your account has been checked and verified you’ll be able to start to transact.
What is the easiest business bank account to open online?
There’s no single easiest business bank account, but non-bank options can be a good choice as they’re optimised for digital onboarding and verification. Check out options like Wise and Revolut to see which works best for you.