Fastest and easiest-to-open business bank accounts

In the fast-paced business environment, the speed and simplicity of opening a bank account have become paramount for entrepreneurs and SMEs in the UK. This overview compares the banking solutions that offer the fastest and easiest-to-open business bank accounts. With a focus on digital platforms, we examine the fastest business bank accounts that streamline the application process to get your business financials operational in no time.

Whether it’s an instant need for a digital bank account or access to financial tools, understanding which banks expedite the process without cutting corners on service quality is crucial for modern businesses aiming for agility and efficiency.

Quickest and easiest business bank accounts to open in the UK

Bank	Free account option?	Overdraft available?	Speed
ANNA Money	No	No	Less than 3 minutes
Card One Money	No	No	24 hours
Countingup	No	No	5 minutes
HSBC Kinetic	Yes for limited time	Yes	Within 2 days
Mettle	Yes	No	“in minutes”
Monese	No	No	”Instant” / same day
Monzo	Yes	Yes	Usually same day
Revolut	Yes	No	10 minutes – 1 day
Starling Bank	Yes	Yes	Within 1 day
Tide	Yes	No	10 minutes – 2 days

ANNA Money

ANNA Money offers a business account known as Absolutely No Nonsense Admin, tailored for sole traders and small limited companies. It’s an online-only e-money service, not a traditional bank, so funds held with ANNA are not protected under the Financial Services Compensation Scheme (FSCS). However, customer funds are kept separate from ANNA’s own funds, in line with Electronic Money Regulations.

Time required to open an account

The account setup process is straightforward, typically taking less than 10 minutes. Eligibility requirements include being a UK resident and director of a Non-Limited or Limited Organisation, providing identification and business details.

Details

The account features include creating and sending invoices, real-time access for your accountant, integration with accounting software like Xero, tax reminders, free direct debits, and receipt scanning.

ANNA also offers a mobile app for account management, available 24/7, providing personalised spending reports, invoice services, and other administrative tools. Additionally, customers can earn up to 1% cashback on select purchases.

ANNA has three pricing tiers: ‘Pay as you go’ with no monthly fee, ‘Business’ at £14.90/month or £149 annually, and ‘Big Business’ at £49.90/month or £499 annually.

ANNA’s customer service is notable for its 24/7 availability and quick response times, with a commitment to refund the monthly fee if they don’t respond within 10 minutes.

The app is highly rated for its user-friendly interface and integrated expense and invoice services.

One of the downsides is that it charges for transactions in foreign currency, making it less suitable for businesses with significant overseas transactions.

Further information

Read our ANNA Money review or visit the website.

Card One Money

Card One Money is an e-money institution tailored for UK businesses, especially those unable to pass traditional credit checks. It offers rapid account opening and online banking without the need for branch visits.

Time to required to open an account

Accounts can typically be opened on the same day, offering a quick setup for businesses.

Fees and charges

• £55 one-off application fee
• £12.50 monthly fee
• Additional transaction fees, such as 30p for bank transfers and various charges for ATM withdrawals and international payments.

Pros:

• No credit checks required
• Quick application process
• Cashback rewards programme
• UK-based customer service
• Online and mobile account management

Cons:

• Application fee required
• Monthly fee of £12.50
• No FSCS protection
• No overdraft or credit options
• Charges for withdrawals and transfers.

For businesses seeking a straightforward, no-frills banking solution with a fast setup time, Card One Money could be an appealing choice, especially for those concerned about credit checks or needing rapid account access. However, the lack of FSCS protection and credit facilities, along with the application and monthly fees, are important considerations.

Further information

Read our Card One Money review or visit the website.

Countingup

Countingup offers a digital-based business current account integrated with an accounting package, tailored for small businesses, freelancers, and sole traders. It’s not a bank but operates through an e-money institution authorised by the Financial Conduct Authority (FCA).

Time required to open an account

Opening a Countingup account is quick, with an emphasis on simplicity for freelancers and small businesses, often completed within a few minutes to a few hours.

Key features of Countingup

• Business current account with the ability to send/receive money transfers, make payments, and set up direct debits.
• Contactless Mastercard prepaid card.
• Mobile app with automated bookkeeping, invoicing, expense capture, tax calculations, profit and loss insights, and the ability to share data with accountants.
• No overdrafts or credit facilities.
• Eligibility includes being a sole trader or registered business, a UK resident, and over 18 years old.

Pricing tiers

1. Starter: For incoming funds up to £750 per month, costing £3.
2. Standard: For incoming funds between £750 and £7,500 per month, costing £9.
3. Premium: For incoming funds over £7,500 per month, costing £18.

Additional fees

• Bank transfers: 30p each.
• ATM withdrawals: £1 each.
• Cash deposits: £1 at Post Offices, 3% at PayPoints.
• Foreign currency transaction fee: 3%.

Pros

• Easy application process.
• Free 3-month trial period.
• Built-in accounting tools.
• Good customer reviews on platforms like Trustpilot.

Cons

• App-only with no desktop access.
• Extra charges for basic transactions.
• No savings accounts, overdrafts, or business finance and loans available.
• Accounts not protected by the FSCS.

Countingup is highly rated on Trustpilot and is appreciated for its low monthly fees and smart accounting features. However, it’s noted that extra charges apply for basic transactions and some find other online accounts more user-friendly.

Further information

Read our Countingup review or visit the website.

HSBC Kinetic

HSBC Kinetic is a mobile business banking solution tailored for sole traders and limited companies with a sole director-shareholder structure in the UK. It facilitates finance management directly from a mobile phone, catering to businesses with an annual turnover of up to £6.5 million. Key offerings include a debit card, in-app overdraft application, and exclusive perks from partners.

Time required to open an account

Most Kinetic accounts are opened within 48 hours after submitting an application via the HSBC Kinetic app. The app guides applicants through the process, requiring documentation and details pertinent to the business and its owner.

Fees and charges

• No monthly maintenance fee for the first 12 months; thereafter, a fee of £6.50 per month is applied.
• Overdrafts come with a representative EAR of 16.25%, including a Daily Overdraft Facility Fee of 1.5% of the overdraft limit annually, applicable for limits above £200.

Pros

• Integrated bookkeeping software.
• Overdraft facility up to £30,000 with same-day fund availability upon approval.
• Perks and benefits like discounted broadband and accounting softwar.

Cons

• Lacks features such as multi-user access and cheque books.
• Not suitable for businesses needing foreign currency accounts.

HSBC Kinetic stands out for its digital-first approach, providing UK small businesses a robust mobile banking experience with rapid account setup and management capabilities. The service is particularly appealing for businesses looking for quick access to overdrafts and those who can benefit from the range of perks offered. However, its limitations on account access and foreign currency handling might not meet the needs of all businesses.

Further information

Read our HSBC Kinetic review or visit the website.

Mettle

Mettle, part of NatWest Group, offers a business bank account designed for sole traders and limited companies with up to two owners. It stands out for its no-fee structure, meaning there are no monthly fees or transaction charges.

However, there are some limitations, such as the inability to make or receive international payments and the lack of overdrafts, credit cards, or loans.

Time required to open an account

The account opening process for Mettle is efficient and can be completed within a few hours, primarily managed through a mobile app.

Key features of Mettle

• Free business banking with no monthly fees or transaction charges.
• Access to FreeAgent accounting software, provided you make at least one transaction a month from your Mettle account.
• Capability to create, send, and manage invoices directly from the app.
• Automated categorisation of transactions and digital receipt capture for efficient bookkeeping.
• Eligibility for Financial Services Compensation Scheme (FSCS) protection up to £85,000.
• Availability of FreeAgent integration along with other accounting software like Xero and QuickBooks.
• Convenient features like freezing/unfreezing your card and setting aside money in ‘money pots’ for future outgoings.
• No fees for card usage abroad, with transactions using Mastercard’s exchange rates.

Mettle’s account limits are £50,000 for sole traders and £100,000 for limited companies. The account is managed primarily through its mobile app, with no option for in-branch or telephone banking. Customer support is accessible via in-app chat, email, and phone.

Mettle is particularly well-suited for sole traders and small businesses, especially those at the onset of their business journey. The app is highly rated for its user-friendliness and effective customer service, making it a strong contender among digital business bank accounts.

It’s important to note that while Mettle offers key banking features, it may not be suitable for businesses requiring international payments or higher account limits. Also, only one director can access the account in the case of limited companies with two owners.

Further information

Read our Mettle review or visit the website.

Monese

Monese is a digital-only banking solution designed to simplify financial management for UK-based businesses. It provides an intuitive platform for business owners, allowing them to manage personal and business finances separately yet efficiently within a single app.

Time required to open an account

The process to open a Monese business account is designed to be quick and straightforward, with the ability to complete the entire process directly from your mobile device. There are no credit checks required for the business owner, even if they have a history of bad credit. After completing the digital application and verifying your ID by uploading a picture ID and a video of yourself, Monese typically confirms your eligibility and approves the account usually on the same day.

Monthly fee

£9.95, encompassing a suite of banking services and features.

Features

• A business account that comes with a complementary Monese Classic personal account.
• Initial maximum account balance of £50,000, with the possibility to apply for an increase to £100,000 after three months.
• Free contactless business debit Mastercard, widely accepted globally.
• The app integrates both business and personal accounts for seamless financial tracking.
• Supports local and international transactions with competitive rates and fees. International card payments and foreign currency transfers attract a currency exchange fee of 0.5% of the transaction value (minimum charge of £2 for foreign currency transfers), while receiving international payments is free.
• Offers six free ATM withdrawals monthly, with subsequent withdrawals charged at £1 each.
• Cash deposits incur fees at PayPoints (2.5% with a minimum charge of £1) and are £1 each at Post Offices.

Eligibility

Available to UK-registered businesses and UK residents. The application process is entirely digital, requiring a picture ID and a self-recorded video for identity verification. Approval is typically granted on the same day.

Security and protection

Although not FSCS protected, Monese assures customer fund safety through strict adherence to FCA regulations, requiring that customer funds be kept in segregated accounts. The app incorporates advanced security features like 3D secure, biometric login, and real-time transaction notifications.

Pros

• Quick and straightforward setup without credit checks.
• Dual account management within one app enhances convenience.
• Notable for its competitive international transfer rates and fees.

Cons

• Lacks FSCS protection, which may be a concern for some businesses.
• Service is entirely online, without the option for cheque services or in-branch support.

In summary, Monese offers a comprehensive and competitive banking solution for small and medium-sized UK businesses seeking a digital-first approach to manage their finances domestically and internationally. Its monthly fee is justified by the array of features provided, especially for businesses involved in frequent international transactions. However, businesses in need of higher account balances, physical banking services, or FSCS protection might need to consider alternative options.

Further information

Read our Monese review or visit the website.

Monzo

Monzo is a digital-only bank in the UK, catering to sole traders and limited companies with its innovative banking services. It offers two main account types, Lite and Pro, aiming to simplify banking with a strong focus on technology.

Time to required to open an account

Accounts can usually be opened the same day you apply, offering quick access to online banking.

Fees and charges

• Business Lite: Free
• Business Pro: £5 per month
• Cash deposits: £1 each at PayPoints; cheque deposits free via Freepost
• UK ATM withdrawals: Free; overseas ATM withdrawals: £200 free every 30 days, then 3% charge.

Pros

• FSCS protection for deposits up to £85,000
• 24/7 customer support
• Free instant UK bank transfers
• Free card payments in the UK and abroad
• Integration with accounting software like Xero, QuickBooks, and FreeAgent (Pro only).

Cons

• No management over the phone or at branches
• Cannot receive international payments except in euros
• Business Lite does not offer accounting integrations.

Monzo’s approach to business banking is digital-first, ensuring easy account management through its app. While it lacks a physical branch network, it compensates with robust online features and excellent customer service. The free Lite version serves basic banking needs well, while the Pro version, at a modest monthly fee, provides additional tools beneficial for more comprehensive financial management, including tax pots and multi-user access. However, the limitations on cash deposit amounts and the lack of branch access might deter businesses with higher cash transaction needs or those preferring in-person service.

Further information

Read our Monzo review or visit the website.

Revolut

Revolut offers a comprehensive business account suitable for freelancers, sole traders, and companies, with a focus on global and digital functionality.

Time required to open an account

Revolut offers a swift account setup for businesses, which can be completed within the same day, focusing on a seamless digital process.

Key features of the Revolut Business Account

• Multi-currency accounts: Revolut stands out for its ability to hold, exchange, and transfer money in multiple currencies, making it an excellent choice for businesses operating internationally.
• Expense management and reporting: The account offers advanced features for managing expenses, issuing employee cards, setting spending limits, and detailed transaction reporting.
• Invoicing and billing: You can create and send invoices directly from the platform and integrate with popular payment gateways like Stripe or PayPal.
• No FSCS protection: Although Revolut is authorised as an electronic money institution in the UK, its customers’ funds are not covered by the Financial Services Compensation Scheme (FSCS), but are safeguarded in ring-fenced accounts at licensed UK banks.
• Digital interface: The primary mode of managing the Revolut business account is through its online banking platform or mobile app, both of which are designed for ease of use and quick navigation.

Pros

• Global transactions: Ideal for businesses dealing with international clients or payments, with options for holding and exchanging up to 28 different currencies.
• Flexible plans: Ranging from a basic free plan to more comprehensive plans for larger businesses, each with varying transaction limits and features.
• Integrated financial management: Offers a unified platform for banking, expense management, and invoicing.

Cons

• Limited physical banking: There’s no option for managing your account over the phone or in a branch.
• No overdraft or credit facilities: Revolut business accounts do not offer overdrafts or credit options.
• Cash and cheque limitations: You cannot deposit cash or cheques into your Revolut business account.

Plan details

For freelancers

• Free Plan: Includes basic features with some limitations on free transactions.
• Professional Plan (£7/month): Offers more free local and international payments, business API integrations, and spending oversight.
• Ultimate Plan (£25/month): Further expands the transaction limits and includes additional benefits like a metal Visa card.

For companies

• Grow Plan (£25/month): Suitable for growing businesses, offering a significant number of free local and international payments and business rewards.
• Scale Plan (£100/month): Designed for larger businesses, with even higher transaction limits and multiple metal Visa cards.

Usage and suitability

• Revolut’s business account is particularly beneficial for businesses that require international transaction capabilities.
• The account is easily manageable online and is known for its user-friendly interface.
• However, businesses that deal primarily in cash or need cheque facilities, or those looking for traditional banking services like overdrafts might find Revolut less suitable.

Revolut has been positively reviewed for its customer service and international features, but some users note limitations in transaction allowances in the free account and charge for all ATM withdrawals.

Further information

Read our Revolut review or visit the website.

Starling Bank

Starling Bank offers a business current account designed primarily for sole traders, limited companies, and LLPs. The account is managed through a mobile app, providing a digital-first banking experience.

Time required to open an account

Starling Bank provides a fast account opening experience, typically within 1 to 8 days, through their mobile app, catering to a range of business types.

Key features

• No monthly fees: Starling’s business account comes with no monthly account fee, and no charges on electronic payments, domestic transfers, or ATM withdrawals both in the UK and abroad.
• Debit card: Contactless Mastercard debit card is issued with the account.
• 24/7 support: Customer support is available round the clock through the app, phone, or email.
• Real-time notifications: Instant alerts for every transaction.
• Expense management: Spending insights categorised by type, CSV exports, and integrations with accounting software like QuickBooks, Xero, and FreeAgent.
• Cash and cheque deposits: Cash can be deposited at Post Office branches with a fee, while cheques can be deposited free of charge using the app.

Additional services

• Overdrafts: Available for both limited companies and sole traders with varying limits and interest rates.
• Loans: Business loans are offered for limited companies with specific limits and interest rates.
• International payments: Starling Bank supports international payments with the option to open Euro and US dollar accounts at additional monthly fees. However, the primary business account can only contain British pounds.
• Business toolkit: Available as an add-on, this toolkit assists with invoicing, bill payments, and expense management.

Fees and charges

• Cash deposits: Charged at 0.7% with a minimum of £3 per deposit at Post Offices.
• Euro account: £2 per month.
• USD account: £5 per month.
• Business toolkit add-on: £7 per month.
• International transfers: Charges apply based on the type of transaction and currency conversion.

Eligibility

• Available to sole traders or limited companies with no more than two owners.
• Applicants must be UK residents and have an Android or iOS device.

Starling Bank is known for its excellent customer service and user-friendly mobile app. It’s a strong choice for businesses looking for digital banking solutions, especially those that require integration with accounting software.

However, businesses that deal heavily in cash or international transactions may find some of the fees and limitations a consideration​​​​​​​​​​.

Further information

Read our Starling review or visit the website.

Tide

Tide, another digital-only banking platform, offers a business current account aimed at freelancers, sole traders, and small businesses.

Time required to open an account

Tide’s account opening is streamlined and efficient, usually completed within a few minutes to a few hours, with a digital-first approach to banking.

Key features

• No monthly fees: Tide’s core business account does not come with a monthly fee.
• Digital-first experience: The account is managed through a mobile app or online.
• Card payments: Free in the UK and abroad, but ATM withdrawals incur a fee.
• Expense management: Offers features for tracking and categorising expenses.
• Integrations: Compatible with accounting software like Xero and QuickBooks.
• Invoicing: Ability to create and send invoices directly from the app.

Additional services

• Credit facilities: Tide offers credit options like overdrafts, loans, and credit cards through third-party providers.
• International payments: Available, but with fees and limitations on currencies.

Fees and charges

• ATM withdrawals: Charges apply for all ATM withdrawals.
• International payments: Fees apply, and currency exchange rates are variable.

Eligibility

• Tide accounts are open to a wide range of business types, including sole traders and limited companies.

Tide is praised for its straightforward and efficient digital banking experience, making it a suitable choice for businesses looking for simple and effective financial management tools.

However, the lack of physical banking options and charges for certain transactions, like ATM withdrawals, might be a downside for some businesses.

Further information

Read our Tide review or visit the website.

Instant business bank accounts

Are there any instant business bank accounts in the UK? While the proper answer is no, there are no strictly instant business bank accounts, there are several challenger banks and e-money fintech companies which allow you to open an account almost instantly, within around 10 minutes. These include Tide and ANNA Money.

FAQ for fastest and easiest business bank account opening