June 2021

Top Digital Business Banks – UK

Top Digital Business Banks

UK
UK – June 2021
  • Benefit from no paperwork, fast approval and automated banking & accounting workflows
  • Save money with low or no fees on transactions, transfers & payments
  • Perfect for small businesses & freelancers: Find the best digital banking solution to help your business grow
  • No paperwork, fast approval
  • Save time & money
  • Accounting integrations

Advertiser Disclosure

Top10BusinessBanks is a free online resource meant to help users find the information they need in order to make a confident decision. We spend countless hours of research to find the most relevant content and present it in the most accessible way. However, please don’t view the information presented here as a recommendation from our end.

Please note:

  • All the information displayed in this site is completely subjective. Moreover, we have broad editorial discretion as to the content we publish on the site and due to various reasons, the information you see may be incomplete and/or inaccurate. Please don’t hesitate to double-check the information we provide. It’s okay, we won’t be offended – on the contrary, we would love to hear your feedback!
  • We’re able to offer this completely free-of-charge online resource thanks to the referral fees we receive from our partners (some of the companies listed on this site). While this may affect the location of these companies and the content we feature on the site, it’s not possible to purchase a favorable review or a position on this site.
Business Banks Pricing Card Regulation Main Advantages Score Open an Account
Plans £5+/mo More Info Soldo Corporate Mastercard FCA
  • Spend management platform specially designed for business
  • Customisable company cards
  • QuickBooks for fast expense management
  • Instant & free transfers
9.8

Payments

Account Types
  • EUR, GBP, USD
Automated Payments
  • Bank transfers
  • Direct Debit
Domestic Transfers
  • Free
International Transfers
  • 1% /transfer

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • close-mark-black Invoicing
  • green-check-mark Xero, QuickBooks, Sage

Security Features

  • Fully regulated by the FCA
  • Funds are safeguarded under the UK Electronic Money Regulations from 2017

Account Access

Based on 794 reviews
Plans from £6/mo More Info Pleo Prepaid Mastercard FSA, PCI
  • Smart business cards. Simplifies company spending
  • Available only for UK, DE, ES & IE residents
  • Easily integrates with your existing account
9.5

Payments

Account Types
  • GBP, EUR
Automated Payments
  • N/A
Domestic Transfers
  • Free
International Transfers
  • 2% /transfer

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark Xero, e-conomic, Sage, Fortnox

Security Features

  • Fraud monitoring
  • Online card blocking

Account Access

Based on 224 reviews
Free trial
£50/yr More Info Equals Corporate Mastercard FCA
  • An expense account with multi-currency payment cards
  • 3.5% cashback at 40+ UK retailers
9.1

Payments

Account Types
  • GBP
Automated Payments
  • Direct debits
Domestic Transfers
  • Free
International Transfers
  • Free transactions in 15 currencies

Accounting Tools

  • green-check-mark Expense Management
  • close-mark-black Savings Tools
  • close-mark-black Bookkeeping
  • green-check-mark Invoicing
  • close-mark-black Accounting integrations

Security Features

  • Pause, resume, and cancel cards instantly

Account Access

Based on 10,307 reviews
Free Account
Plans £4.90+/mo More Info
Anna Corporate Mastercard FCA
  • First 6 months – Free
  • 1% cashback on selected purchases
8.8

Payments

Account Types
  • GBP
Automated Payments
  • Recurring & scheduled
  • Direct Debit
Domestic Transfers
  • Up to 2 free transfers/m
Between 2 – unlimited UK transfers, depending plan’s allowance
International Transfers
  • Via 3rd party

Accounting Tools

  • green-check-mark Expense Management
  • close-mark-black Savings tools
  • green-check-mark Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark Quickbooks, Xero

Security Features

  • Real-time updates of transaction history
  • 24/7 support

Account Access

Based on 170 reviews
Free Account
Premium plan More Info
Currensea Mastercard FCA
  • Spend abroad in any currency and save 85%+ compared to your bank
  • Connects with your existing UK bank account
8.5

Payments

Account Types
  • GBP
Automated Payments
  • N/A
Domestic Transfers
  • N/A
International Transfers
  • Real exchange rate

Accounting Tools

  • green-check-mark Expense Management
  • close-mark-black Savings tools
  • close-mark-black Bookkeeping
  • close-mark-black Invoicing
  • green-check-mark Xero, Sage, FreeAgent

Security Features

  • Fraudulent transactions are refunded

Account Access

Based on 233 reviews
£69/year More Info Cashplus Corporate Mastercard FCA
  • No credit check to open an account
  • Deposit cash at local Post Offices
8.2

Payments

Account Types
  • GBP
Automated Payments
  • Direct Debit
  • Standing Order
Domestic Transfers
  • First 3 payments each month free
International Transfers
  • £5.50 plus 2.5% of transaction value

Accounting Tools

  • green-check-mark Expense Management
  • close-mark-black Savings tools
  • close-mark-black Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark Xero, FreeAgent

Security Features

  • 24h fraud monitoring
  • 24/7 support for lost or stolen cards

Account Access

Based on 12,125 reviews
Most Popular
1
  • Spend management platform specially designed for business
  • Customisable company cards
More Info +
2
  • Smart business cards. Simplifies company spending
  • Easily integrates with your existing account
More Info +
3
  • An expense account with multi-currency payment cards
More Info +
4
  • First 6 months – Free
  • 1% cashback on selected purchases
More Info +
5
  • Spend abroad in any currency and save 85%+
  • Connect with your existing UK bank account
More Info +
6
  • No credit check to open an account
  • Direct debit, recurring & bulk payments
More Info +

What Is a Digital Business Bank Account?

Digital business banks, also known as ‘challenger’, neo or mobile/online-only banks, offer businesses a 100% digital banking alternative to the traditional high street banks. Managed via secure mobile and/or web apps, digital business banks allow you to save time and money with lower (or no!) fees on common transactions, automated banking activities, seamless accounting integrations and 24/7 access.

Why Should I Open a Digital Bank Account?

The increased flexibility offered by digital banks such as Pleo and Cashplus makes them the perfect solution for freelancers, sole traders, online/local sellers and SMBs- by simplifying financial management processes and freeing up time to focus on growing your business.

What’s the Difference Between a Digital Business Bank & a High Street Bank?

Setup: High street banks generally require new business customers to complete many complex forms, provide loads of financial reports and then ask you to wait up to a few weeks for approval. Opening an account with a digital bank is simple- there are no paper forms, the application is all done online, and approval is often the same day.

Fees: Traditional banks make money in two ways, by investing your money elsewhere and by charging you excessive fees on every type of transaction you perform. With no physical brick and mortar location, mobile business banks can pass their savings on overheads to you, and therefore only charge minimal fees on transactions, payments and withdrawals. Leading business bank Revolut, for example, offers free domestic and international transfers.

Access: High street banks have restricted opening times (often during your own business hours), limited weekend trading and when you can finally make it to the bank, you are faced with long wait times. With mobile or web app accessibility, your digital bank account is accessible instantly- 24 hours a day, from your office, home or on the go.

Features & Services: Brick and mortar banks offer businesses a full suite of banking features, including account managers and private banking. Digital banks are quickly catching up, offering current and savings accounts, prepaid MasterCards, fast money transfer and payment services as well as integrations with accounting software to assist with financial reporting.

Security & Regulation: Digital banks feel strongly about the security of your funds. The Financial Conduct Authority (FCA) and Financial Services Compensation Scheme (FSCS) cover most UK digital business banks, and the majority of the digital banks don’t reinvest your money, which means it’s always available to withdraw, should something untoward happen.

Digital Business Bank Accounts – FAQs

What Is a Digital Business Bank Account?

Accordeon button

Digital business banks, also known as ‘challenger’, neo or mobile/online-only banks, offer businesses a 100% digital banking alternative to the traditional high street banks. Managed via secure mobile and/or web apps, digital business banks allow you to save time and money with lower (or no!) fees on common transactions, automated banking activities, seamless accounting integrations and 24/7 access.

Why Should I Open a Digital Bank Account?

Accordeon button

The increased flexibility offered by digital banks such as Pleo and Cashplus makes them the perfect solution for freelancers, sole traders, online/local sellers and SMBs- by simplifying financial management processes and freeing up time to focus on growing your business.

What’s the Difference Between a Digital Business Bank & a High Street Bank?

Accordeon button

Setup: High street banks generally require new business customers to complete many complex forms, provide loads of financial reports and then ask you to wait up to a few weeks for approval. Opening an account with a digital bank is simple- there are no paper forms, the application is all done online, and approval is often the same day.

Fees: Traditional banks make money in two ways, by investing your money elsewhere and by charging you excessive fees on every type of transaction you perform. With no physical brick and mortar location, mobile business banks can pass their savings on overheads to you, and therefore only charge minimal fees on transactions, payments and withdrawals. Leading business bank Revolut, for example, offers free domestic and international transfers.

Access: High street banks have restricted opening times (often during your own business hours), limited weekend trading and when you can finally make it to the bank, you are faced with long wait times. With mobile or web app accessibility, your digital bank account is accessible instantly- 24 hours a day, from your office, home or on the go.

Features & Services: Brick and mortar banks offer businesses a full suite of banking features, including account managers and private banking. Digital banks are quickly catching up, offering current and savings accounts, prepaid MasterCards, fast money transfer and payment services as well as integrations with accounting software to assist with financial reporting.

Security & Regulation: Digital banks feel strongly about the security of your funds. The Financial Conduct Authority (FCA) and Financial Services Compensation Scheme (FSCS) cover most UK digital business banks, and the majority of the digital banks don’t reinvest your money, which means it’s always available to withdraw, should something untoward happen.

How Do I Compare & Choose the Best Digital Bank for My Business?

Accordeon button
Banking Features
At the core, check for payment options, local and international money transfer services, corporate cards, account types and currencies available as well as invoicing and bookkeeping tools.
Fees
Look for accounts offering simple & clear-cut plans, minimal or no fees on transfers & payments and free withdrawal options. Note that fees may vary depending on the plan you choose (free plans will often incur higher fees than premium plans).
Corporate card
All digital business banks offer corporate cards for you & your employees – either through MasterCard or Visa. Check how many cards are included for free in your chosen plan & how much each additional card will cost if required.
Security
The banks we compare & review on Top10BusinessBanks.com are regulated by local authorities. Check for regulations such as FCA (Financial Conduct Authority) or the FCS (Financial Compensation Scheme) in the UK & FIN-FSA, BaFin, DNB, ECB & ACPR in Europe.
Accounting tools
Look for built in expense reporting, scheduled/recurring payments & direct debits. Most digital banks also offer seamless integration with bookkeeping & accounting tools. For example, Revolut Business integrates with Xero and FreeAgent.
Account Access
All digital banks offer account access 24 hours a day, 7 days a week. While the majority of providers offer access via both mobile and desktop/web apps, some business banks only offer one or the other so check you have the access you need when selecting your preferred bank.

Who Can Open a Business Bank Account?

Accordeon button

Mobile business bank accounts are available for all organisations from sole traders to larger enterprises, although they are best suited to small to medium businesses (such as local and online businesses), startups, sole entrepreneurs and freelancers.

Unlike high street banks, most digital business bank accounts can be opened and approved within hours, requiring just the company directors’ details and scanned copies of addresses, IDs, and business licences.

Best Business Banks