Business Bank Accounts In Today’s Mad World – Digital Banks
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|
|Cash Deposit||Yes – Post Office||Yes – Paypoint||No||Yes – Paypoint or Post Office|
|Cash Deposit Fee||£3 under £1000 / 0.3% over £1000||£1 per deposit||N/A||£1 – Post Office / 3% – Paypoint|
|Cash Withdrawal Fee||£0.50 per withdrawal||3% fee if more than £200 over 30 days||2% of withdrawal amount||£1 per withdrawal|
|Business Application Integration||Xero, FreeAgent & Quickbooks||Xero, FreeAgent & Quickbooks * Only with Pro (£5/m)||Xero, FreeAgent, Slack||Xero, Quickbooks, Sage|
|Multi-User access||Yes – 2 users (PSC)||Yes – 3 users * Only with Pro (£5/m)||Yes – 2 for free, 10+ on paid plans||No – Can have 35 team cards for spending|
|FSCS Protection||Yes up to £85,000||Yes up to £85,000||No||No|
|Multiple currencies (hold & exchange)||£5/m for USD|
£2/m for EUR
|No||Yes – 28 currencies||Yes – 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 VAT – Contact us here