Business Deposit Accounts Uk

Business Deposit Accounts Uk – Online-only bank accounts like Revolut, Wise (formerly TransferWise), and QuickBooks Cash aren’t traditional banks—they lack some brick-and-mortar features like FSCS deposit guarantees or phone service.

Interbank rate. No fees up to £10K in the lowest non-free category. Forex is the main selling point. Hold 28+ currencies instantly.

Business Deposit Accounts Uk

Cash Plus doesn’t offer any free range that we don’t like. While their annual fee is reasonable, this fee does not offer any significant advantage compared to other banks.

Compare Our Range Of Business Savings Accounts

However, they are on the cheaper side and depending on your transaction volume, it can all be the same.

For example, Cash Plus offers just three free electronic payments per month, then charges you £0.99 for each one. However, Revolut gives you 100 free payments. At £25 a month for Revolut compared to CashPlus’s paltry £5.75 a month, the pendulum swings strongly in favor of CashPlus if you don’t make a lot of transfers.

Monzo’s prices are even better, with no transfer fees for UK-to-UK transfers, even on its free plan. The same applies to Starling Bank, which allows fast payments of up to £25,000 at no cost.

Voice charges for each outgoing transaction but not for incoming transactions (this varies). Their per transaction fee is slightly higher than Revolut, but the fact is that they come out cheaper because they do not apply paid tiers for higher limits. However, they charge a closing fee for setting up an account for a currency that you don’t currently hold.

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Really, if you don’t do any big forex transactions, leave Revolut and Wise for your daily banking. (And, conversely, you

Deal with a lot of forex—for example, e-commerce business—then skip the other banks and choose Revolt or Vice.)

Revolut is the only service that connects to all of the above accounting tools, although connecting to FreeAgent requires some special setup. (Basically, go to a different page and then click “Connect”.)

Connecting to accounting software is a must for business accounts. Maybe we’re biased, auditors and all. But it cannot be said easily how much time it will save in your daily calculations! According to the price, the connecting bank

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No other feature we’ve seen is as clearly split down the middle as this one. Either company has a company/expenditure card function with real-time card activity reports. Or it is

Monzo and Voice both offer a “team member” function, but team members cannot receive cards. In the case of Voice, it gives team members access to all company finances, which is not a factor in employee cards.

Starling Bank’s “Linked Card” feature looks like a personal account feature, not a business one. It also has a limit of £200 per card. Not very useful for business.

An excellent offer from both Revolut and Cashplus. Both offer employee scorecards with real-time reports and data through their app and website. You can remotely control employee expenses and activate or deactivate cards with just a few clicks.

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In all fairness to the one and two stars in the list above, Forex is not part of their core business model.

Starling does a decent job of offering EUR and USD foreign currency accounts held at a local British bank. The USD account comes with ACH routing details that can be used to transfer payments from US-based banks and Amazon, Stripe and other US companies directly to the USD account.

The Starling feature is, unfortunately, only available to limited companies. And it costs £5 a month. Voice offers its USD account for a one-off setup fee of £16, with no monthly costs. And it’s available to everyone – sole traders, freelancers and limited companies.

Cash Plus gives you EUR and USD “travel cards”, but no account to receive money. You can transfer funds from your account to these EUR and USD cards yourself. They say they offer “competitive rates” but we couldn’t find more information on that, so can’t comment.

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Maybe you’re more comfortable with a “regulated bank” and don’t have a big need for foreign currencies other than EUR and USD. In this case, Starling may be your best option.

As far as Monzo goes, they do not offer Forex services. So, if you need EUR, USD or other foreign currencies, Monzo is not for you.

Three regulated banks on our list offer the FSCS deposit guarantee. This means that, if the bank goes bust, your cash is guaranteed up to £85K.

In our experience, our customers don’t care about this. And financial services companies like Revolut and Wise are still being watched closely by applicable financial regulatory agencies.

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As for overdrafts and cash deposits, only the “real” banks on our list offer them. Starling requires you to deposit money at the post office. So, if you need to go to the bank to do something else, you will have to make an extra trip to the post office. But, really, why would you go to the bank if you’re used to doing everything online! 🙂

Monzo has no business overdraft, which sucks. And Cash Plus’ overdraft is nothing to write home about.

Starling is the clear winner here, offering excellent overdraft capabilities for both personal and business accounts, and is the only five star on our list for traditional bank services.

A special mention must go to Revolut for providing the easiest merchant account to apply for.

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Having a merchant account is a somewhat legacy mechanism for accepting credit card payments online. These days, most people go with a third-party provider like PayPal or Stripe.

But Revolut offers a merchant services account out of the box, allowing you to accept payments directly through their internet at a slightly better rate than Stripe. They also offer the option to integrate payments directly into your favorite e-commerce platform.

If you do a lot of credit card transactions, it will tip Revolut in your favor.

It is impossible to look at the rating table on the website and know for sure if the rating is correct

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For example, while Starling Bank comes out on top when weighted in terms of price and forex, Rivalt and Wise’s forex offerings are miles ahead of Starling Bank.

. But, if you are only looking for a EUR and USD account and not important forex features like interbank rates and low transfer fees, then for sure, Starling takes the cake.

You should watch the fine print and use this article as a guide only.

In fact, the simple five-star rating we use can be broken down into more complex ratings or different weighted ratings.

Managing Your Business

The lines between traditional banks and challenger banks are blurred. While overdrafts and personal service were previously considered bank offerings, many businesses no longer care about these services.

We serve many customers who use Revolut as their primary business bank account and don’t care too much about comfort food with a guarantee of £85,000.

While using brick and mortar (or online) banks for their day-to-day business needs, we serve a large number of clients who use Revault or Vice for their Forex needs.

So, feel free to pick and choose between the above services, sign up for more than one as needed. The beauty of these services is that they don’t cost an arm and a leg, so you do

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We have tried our best to provide a complete and accurate breakdown of each of the key offerings of the top banks and financial services institutions. There was a lot of information and we did our best, but sometimes mistakes happen. If you find any of the above errors, please let us know and we will be more than happy to correct them.

Logos used in this article are courtesy of their respective companies’ LinkedIn profiles and are trademarks and copyrights of their respective owners.

Shoaib Aslam is the co-founder of Pearl Chartered Accountants, a UK-based chartered accountancy firm with locations across London. He specializes in helping start-ups and established businesses with all aspects of growth, strategy, scaling, accounting and tax planning.

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