Small Business Bank Accounts

Whether you're starting up a new business or are thinking about switching your existing business bank accounts over to a new bank, there's much to be gained by shopping around. A number of UK banks offer small business bank accounts with features and benefits that are tailored towards meeting the needs of small and medium-sized businesses. One bank even offers free "day-to-day business banking forever".

Small Business Current Accounts

You can apply online for small business current accounts from UK banks including:

- Barclays Business
- Lloyds TSB Commercial
- NatWest
- Santander Business Banking.

Features, benefits and charges associated with business banking accounts for small businesses can vary significantly between banks and account types, but examples can include:

- free unlimited BACS credits, direct debits and standing orders
- free unlimited bill payments and debit card payments
- free unlimited transfers between small business banking accounts held with the same bank

Current accounts for businesses can also include up to a certain number of free cheque and cash deposits and withdrawals per month, with any further transactions over those limits being subject to charges.

When applying for a business current account, you can often open a linked business savings / deposit account at the same time. This can be done as easily as by ticking a box on the application form for the business current account.

In order to complete a business bank account application online, you will typically need to have the following information ready to enter during the process of applying:

- Company and individual address details (going back 3 years) for all account users;
- Company and individual contact details;
- Business financial details (annual turnover, the date on which your business was / will be established, the value of any business property).

Having applied for a business banking account online, you will usually be contacted by the bank within a short time regarding the progress of your application and to advise of any further information that may be required.