Top 10 free UK business bank accounts part 2 – Part one is here.
Let’s now see what are the best business bank accounts with no credit check in the UK. But first we’ll understand what is a credit check.
Starling Bank offers a wide range of free business account options. And unlike many of the other accounts listed here, their account remains free as long as your business has fewer than 10 employees and less than £1.7m in annual turnover. What’s more, unlike some of the accounts listed below, they are a fully regulated bank, which means that all eligible deposits are protected by the FSCS up to £85,000.
NatWest is a UK-based bank that offers online, telephone, and branch banking services. They offer free business banking on their checking accounts if your business has been established for less than 12 months with a turnover of less than £1 million in 18 months. They also offer free banking to charities and social organizations with an annual turnover of less than £100,000. Fees may apply for some types of transactions.
NatWest’s free corporate bank account also gives you free access to FreeAgent’s accounting software, which you can use as long as you use them. This allows you to better manage your bills, expenses, and your bank account in one place.
HSBC offers both new clients and start-ups a free daily banking period that lasts 12 months for new clients and 18 months for start-ups. All customers at the end of the free banking period upgrade to a fixed price plan which gives 12 months of free transactions (excluding cash deposits over £3,000 per month) with a monthly account fee of £5.50. After this period, you will be switched to one of their two checking accounts.
Lloyds Bank is part of one of the largest banking providers in the UK, Lloyds Banking Group and the group consists of Bank of Scotland, Halifax, TSB, and Scottish Widows.
Lloyds Bank is offering a free introductory daily business account offer for new startups. To be eligible, the person opening the account must be a sole trader, partner, or director of a company.
At the end of the free banking period, you will be upgraded to their standard business checking account plan, which continues to offer free electronic payments, ATM withdrawals, and debit card payments. The monthly account maintenance fee is £6.50 after the free period.
Royal Bank of Scotland offers free day-to-day banking for new transferring customers for 6 months and for new start-ups for 18 months. This includes most transactions. There is a £6.50 account maintenance fee after the free banking period ends, but you still get free e-payments, ATM withdrawals and direct debit payments.
Their corporate bank account has a simple pricing structure and an online calculator to help you calculate how much the account will cost you after the free period ends.
ANNA stands for “Absolutely No Nonsense Admin”. This means you can quickly set up a free account, sometimes in as little as 10 minutes (assuming you have all the documentation). However, keep in mind that ANNA is a business checking account and digital administrator assistant, not a bank.
Revolut Business is an online banking providing a global financial application. They operate in many countries and process up to 150 local currency transactions and offer a simple and transparent currency exchange.
Revolut Business offers two free accounts – a company account registered in the name of a company and a freelancer account registered in the name of an individual. Both types of accounts offer tiered services depending on the account fees. With free accounts, you can get free access for team members (1 or 10 free) and smart cards, which are physical and virtual cards that you can use to track expenses.
To take advantage of Metro Bank’s free banking offer, you need to maintain a daily balance of over £5,000 every day for a month. If your balance drops below £5,000, the standard £5 monthly fee for that month will be applied to your account. With this offer, you will also receive the first 50 transactions for free, although some transactions, such as international payments, CHAPS payments, and balance audit certificate, are subject to a fee.
Yorkshire Bank’s free daily banking offer is available for companies looking to change their checking account or start a new business. To be eligible, you must have a turnover of less than £2 million per year. New businesses must operate for less than 12 months.
Most transactions are free, but there are some that still incur fees, including international and CHAPS payments, and there are some restrictions on cash withdrawals and deposits.
At the end of the free banking period, customers switch to the Business Banking plan, which charges a monthly fee of £5 per month. All transactions are subject to a fee ranging from 30p to £1.30.
Monzo is an alternative to the big banks and is fully regulated in the UK. They offer two business bank accounts, one called Lite, which is always free for sole proprietors and registered limited companies, but there are some transaction fees.
The Monzo Lite account offers basic features and you can upgrade to their Pro account for a small amount each month to get more features. The Lite account provides online account management with simple setup that can be done on your mobile phone. It also includes payment notifications, in-app billing and digital receipts, the ability to pay with Apple Pay and Google Pay, and 24/7 customer support.