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5 Business Bank Account Recommendations for 2024


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Our TOP 5 business bank account recommendations


Have you been thinking about opening a business bank account or switching your current business bank account? Here's our 5 recommendations for a business bank account in 2024.


We've evaluated what we believe are the key factors to consider when choosing a business bank account.



Starling Bank


Starling Bank business bank account website screenshot

Monthly Fee

No

Transaction Fees

No

Multi-Currency

Yes (EUR & USD)

Xero & Quickbooks Integration

Yes


Starling Bank offers accounts for both Limited Companies & Sole Traders and with no monthly fees or UK payment charges puts them in pole position as our number one recommended business bank account.


The Starling Bank business current accounts integrate with popular accounting packages such as Xero, Quickbooks & FreeAgent. 


Starling Bank does offer a paid for 'Business Toolkit' at £7 per month, where you can send invoices, calculate your tax liability and record and submit VAT returns.


Personally, we wouldn't recommend using the Business Toolkit over the likes of Xero & Quickbooks who have been big players in the accounting software game for a long time. Accounting software packages typically have a lot more additional features and integrations to help your business run smoothly and allow your accountant to gain access to help and support you in real time.


Starling also offers multi-currency accounts in both Euro & US Dollar and £2 per month and £5 per month respectively.


For more information on Starling Bank business bank accounts, check out their website here.



Tide Bank


Tide Bank website screenshot

Monthly Fee

No

Transaction Fees

Yes - 20p

Multi-Currency

No

Xero & Quickbooks Integration

Yes


At face value, Tide also offers a free business bank account. However, while there isn't a monthly fee to have a Tide business bank account, they do charge you 20p for every transfer in and out of your business.


Depending on the number of transactions and the average value of your transactions that go through your business on a monthly basis, those fees could add up.


Tide Bank does offer a number of paid for accounts including the Plus, Pro & Cash back accounts. With the Pro back account you get unlimited bank transfers at no extra charge. The Pro account costs £18.99+VAT per month.


If you have more than 95 bank transactions in or out of your account each month then switching to the Pro account could save you money on transaction fees in the long run.


For non-VAT registered businesses, you'd need over 114 transaction in and out before you start to see a saving on fees.


For more information on Tide Bank business bank accounts, check out their website here.



Monzo Bank


Monzo Bank website screenshot

Monthly Fee

No

Transaction Fees

No

Multi-Currency

No

Xero & Quickbooks integration

Only with Pro account


Monzo offers a basic business bank account for free and if you need a no-frills bank

account then a Monzo business bank account will fit the bill.


For all the extra add-ons you'll need to upgrade to the Business Pro account which costs £5pm.


With the Pro version you'll get multi-use access, Xero & Quickbooks integration and the ability to raise and send invoices via the Monzo app.


Monzo also offers loans and overdrafts so if managing cashflow is going to be an important consideration for you and your business then it would be worth looking further into Monzo credit facilities.


For more information on Monzo Bank business bank accounts, check out their website here.



Revolut


Revolut Bank website screenshot

Monthly Fee

No

Transaction Fees

Yes - 20p to send & 0.8% + 2p to receive

Multi-Currency

Yes - 25+ Currencies

Xero & Quickbooks integration

Yes


If your business operates internationally then Revolut may be the bank for you. With over 25 currencies available you'll be well placed to do business with your customers across the globe.


Be aware, with a Revolut business bank account, your money is not protected by the Financial Services Compensation Scheme.


That's not to say you shouldn't use Revolut, but you may want to consider having an additional bank account as a back-up where you deposit and save most of your cash and use Revolut as your 'day-to-day' account for business transactions.


For more information on Revolut business bank accounts, check out their website here.


Mettle by NatWest


Mettle Bank website screenshot

Monthly Fee

No

Transaction Fees

Not that we're aware of

Multi-Currency

No

Xero & Quickbooks Integration

Yes


Mettle is part of the NatWest banking group and while we're typically not big fans of the high street banks, we do think Mettle is a strong contender.


Here's one BIG reason to have an account with Mettle. You get FreeAgent accounting software included for free. NatWest owns FreeAgent and as a perk to its customers offers the accounting software for free.


While FreeAgent isn't at the top of our accounting software recommendations, we do absolutely recommend that every business owner uses something to keep on top of their accounting records.


With FreeAgent you can send custom invoices, record your expenses, mileage, VAT and it also has a handy calculator to keep a running estimate of your tax bill. Not bad for a freebie!


Mettle does impose limits on the amount of cash you can hold within your account, for Sole Traders it's £50,000 and for Limited Companies it's £100,000.


You could always have an account with another bank if you were getting close to the limit.


For more information on Mettle business bank accounts, check out their website here.



We hope you found this article useful and has given you some food for thought on what business bank account to choose for your business.


Let us know in the poll below if you already bank with or are thinking of banking with one of our recommended business bank accounts.


Which bank do you currently use or would consider switching to for your business?

  • 0%Starling Bank

  • 0%Tide

  • 0%Monzo

  • 0%Revolut



Duo Accountants can support you with your important business decisions such as choosing a business bank account, forming a limited company or registering for VAT.


For more information on how we can help you please browse our website and get in contact.




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