Whether you are starting a small business, company, or you are already well established. Opening a business checking account is a priority. Finding the best business checking account is another crucial responsibility. With a business checking account, you can easily separate your business money from your personal finances. You can pay your suppliers, employees, and partners without having to worry about extravagant expenditures. You get to enjoy free monthly transactions and cash deposits. It's more important since it increases your chances of getting a business loan. You don’t have to spend hours sorting receipts and bank statements or trying to sort your incomes profits and taxable.
What Does Free Mean? Are There Any Charges?
Some business checking accounts don’t charge a monthly fee at all. Others make the charges relatively fair. You can avoid the charges by ensuring you meet minimum deposit requirements monthly.
In most cases, if you have a bank checking account, you are allowed to over a hundred transactions and deposit large amounts of money for free.
Some banks offer free banking for an introductory period and embark on a fee later. It all depends on the companies.
If you are looking for a bank that will help you check your business account for free, here are ten you can consider choosing one of them.
1. Tide Bank.
For a modern approach to business banking, tide bank is there for you. You are not charged any monthly or annual charges for the account checking. You enjoy free card usage, whether you are at home or abroad.
It caters for startup and growing businesses and can give you an instant credit of up to £ 15000. Tide only charges you for non-tide account deposits and withdrawals. And you can make all transactions via Tide app.
2. Revolut Business.
If you trade overseas, you probably should join Revolut Business. They deal with international payments. If you receive money payments in multiple currencies each month, it might be too expensive considering the fluctuations in the exchange rate. Therefore, a bank like Revolt Business which doesn’t charge exchange fees is the best.
It’s an online bank only that doesn’t allow cash or cheque deposits. It’s a good choice for businesses that are primarily run online. You can make instant money transfers here.
3. Starling Bank.
Been a member of starling bank comes with countless benefits. There are no charges for small business. You do your account checking for free. You get to manage your cash flow in real-time, so you never get surprised by possible money mistakes.
It’s one of the few banks that offer you FSCS deposit protection for up to £8500. You can even manage your personal account by a simple tap on the app. They don’t charge any money to send or receive money via faster payments app.
4. Monzo Bank LTD.
Monzo makes your business banking easy. You get to schedule payment for your business invoices and making deposits in no time. You can update all your transactions as they happen in real-time from your phone.
Monzo charges you nothing for day to day transactions in the UK and abroad. There are no added fees whether you are depositing or withdrawing up to £ 200 every month. If you withdraw more, you are only charged 3%.
5. N26 BANK.
N26 is the first mobile-only bank. Its main purpose is to change how you relate to your money. It will make business checking so easy for you right there on your palm. It comes with a MasterCard so you can transact for free across the world.
It helps you see every transaction made on your business in real-time. Whether you are on or off duty, it gives you a monthly overview of your expenditure, so you are always up to date with your money matters.
6. Holvi Bank.
Holvi bank provides you with free business banking services. You find out right away when an invoice is paid. They offer you a free bookkeeping management service.
Holvi bank is ideal for easy selling across all business channels.
7. Bank Of Ireland.
Consider opening a business account in the Bank of Ireland. You get to enjoy free banking for 24 months for a new business. They provide you with a simple pricing plan and a flexible online banking option.
You get to save money to expand your business. It comes with a credit card that can enable you to get a business inventory with no problem.
8. Lloyds Bank.
They have a committed team of business managers to help you through the startup phase. If you are a new business owner, you get the privilege of banking for eighteen months free of charge.
You can make free payments via your debit card. Cash machine withdraws are also free. They provide you with a reliable mobile banking app.
9. Barclays Bank.
If you like to do business transactions online, this should be your choice bank. They offer the best mobile services for SMEs and two very simple pricing plans to choose from.
You can manage your business in real-time on your phone to avoid losses. It even has special criteria for sectors like agriculture and social housing.
10. Hsbc Bank.
Opening a business checking account in HSBS comes with many benefits. You get free introductory banking for 18 months for a new business. You get to network with business specialists across the UK.
They also offer you a face to face business review to get a clear picture of your business trends. All their banking services are freely available through the internet for you to monitor the business in real.
There are many benefits to having a business check account. Your business records are kept organized and up to date. You can accept credit card payments and many more benefits. Whether free or not, consider having a business checking account for your business.