Business Bank Accounts In Today’s Mad World – Digital Banks

Business bank accounts

Due to the surge in demand for government backed loans, frustratingly almost all high street banks have paused new business bank account applications – This is a particular headache if you’ve formed a new limited company and urgently require a business bank account. 

However, there’s a solution!  A multitude of online banks welcoming new applications – During today’s challenging climate, online banking also has the appeal of allowing you to manage everything digitally, without visiting a branch – Online banking is becoming the ‘new normal’

With easy to use mobile / web based applications, greater flexibility,  virtual card options / money pots and lower fees & no application costs, there are multiple options out there! 

Check out our comparison table to find the best online business bank account for you!

Monthly Fee£0£0 (Pro £5)£0-£100 Package dependent£0
Application Fee£0
Cash DepositYes – Post OfficeYes – PaypointNoYes – Paypoint or Post Office
Cash Deposit Fee£3 under £1000 / 0.3% over £1000£1 per depositN/A£1 – Post Office / 3% – Paypoint
Cash Withdrawal Fee£0.50 per withdrawal3% fee if more than £200 over 30 days2% of withdrawal amount£1 per withdrawal
Business Application IntegrationXero, FreeAgent & QuickbooksXero, FreeAgent & Quickbooks * Only with Pro (£5/m)Xero, FreeAgent, SlackXero, Quickbooks, Sage
Multi-User accessYes – 2 users (PSC)Yes – 3 users * Only with Pro (£5/m)Yes – 2 for free, 10+ on paid plansNo – Can have 35 team cards for spending
FSCS ProtectionYes up to £85,000Yes up to £85,000NoNo
Multiple currencies (hold & exchange)£5/m for USD
£2/m for EUR
NoYes – 28 currenciesYes – 30+ currencies

Need Help Forming a Limited Company – Evenstone can help!

Become a Evenstone client and benefit from our Company Formation service below:

  • You choose the company name – We do the rest!
  • Quick formation process – 24 hour turnaround
  • All company incorporation documents provided
  • Free HMRC registrations (VAT / PAYE)
  • Free accountant banking letter (if required)
  • Free Xero account (retail price £24 plus VAT / month)

Take advantage of our introductory Company Formation offer – 50% discount – £47.50 plus VATContact us here