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Compare Business Current Accounts

September 2020

Too many businesses are being overcharged and underserved by their banks.
Ensure you’re getting the best current account for your business with our quick and simple current account checker.

For a personalised banking report, and access to tailored funding and savings opportunities for your business, simply register here.

Good for

Starling Business Current Account

Open an account in < 1 day

Account Fee

Free

Trust Pilot

4.5

Good for

  • Apply in a few minutes
  • No debit card fees abroad
  • Mobile & online banking

Need to Know

  • No branches
  • No dedicated relationship manager
Anna Money Business Account

Open an account in 10 minutes

Account Fee

From £0.00

Trust Pilot

3.9

Good for

  • Open an account in 10 mins
  • Creates, send & chase invoices
  • Calculates taxes & VAT
  • 24/7 help & support

Need to Know

  • No loans or overdrafts
  • Aimed at startups, small businesses & sole traders
  • No branches
  • No apple pay, Google pay or Samsung pay
Revolut

Open an account in 3.5 days

Account Fee

£0

Trust Pilot

4.5

Good for

  • Local accounts in 28 various currencies
  • Integrates with a number of tools including Xero, Free Agent and Quickbooks
  • Discounts and perks for all customers

Need to Know

  • Initially free but monthly account fee varies depending on business size
  • No Branches
Ulster business bank account

Open an account in 8.5 days

Account Fee

£8

per quarter

Service Quality Score

57%

Good for

  • Free accounting software with Free Agent
  • Apply online
  • Access to anytime banking

Need to Know

  • Not accepting new customers for the time being
First trust business current account

Open an account in 10 Days

Account Fee

£9

per quarter

Service Quality Score

45%

Good for

  • Overdraft and loans
  • Flexible internet banking

Need to Know

  • Can’t apply directly online, you must first speak with a Relationship Manager
Barclays business account

Open an account in 6 weeks +

Account Fee

£6

or £6.50 per month

Service Quality Score

59%

Good for

  • Dedicated team to offer business advice/support
  • First 12 months free banking services
  • Barclays invoicing

Need to Know

  • Your next step will be to create a Swoop Account, and you can then apply for the Barclays account on our platform
  • Due to Covid-19 account applications are currently taking 6 weeks+ to review
Danske small business bank account

Open an account in 3 Days

Account Fee

£12.50

per month

Service Quality Score

63%

Good for

  • Dedicated business advisers in each local branch
  • Tools to help with business development

Need to Know

  • No online application process
Bank of Ireland business current account

Open an account in 10 Days

Account Fee

£15 per quarter

Service Quality Score

50%

Good for

  • An additional current account, a savings account and a business credit card all in the one application
  • Online, mobile and telephone banking

Need to Know

  • Sole traders can apply online but Ltd’s will need to arrange an appointment in order to open an account

For a personalised banking and saving report tailored to your business, simply register and securely integrate your bank account through our Open Banking technology.

As a smart business no doubt you review your regular suppliers to ensure you’re getting the best value and the best service levels possible.

So why don’t more businesses do this with their banks? The truth is that many businesses are being overcharged – approximately £700 per account – and also underserved by their banks, so we’re here to help put that right.

Try our free, quick and simple bank comparison checker. Compare fees and services across all the key banks to ensure you’re matched with the best bank(s) for your business.

When it comes to banking, businesses are reluctant to change, fearing hassle, charges, or interruption to services. The good news is that this is no longer the case, it’s a quick and painless process, and switching bank accounts will soon be as common as switching any other service provider. 

Swoop has access to 72 business current account offerings across 16 banks. This means we can quickly and securely analyse your usage patterns to determine which bank you would be better off banking with, and whether additional accounts to manage specific transactions, for example deposits, would offer you savings. Register here to receive your tailored banking report.

About Business Current Accounts

Why might I switch business bank accounts – or open an additional bank account?

There are two main reasons you might benefit from either switching bank account or opening an additional account.
First – and most obviously – you might be able to find a better deal that will save you money. For example, you might find a find a bank that will offer you a cheaper overdraft or lower fees. Some of the newer digital accounts have no monthly fee (digital – i.e. you can’t use cheques) and some banks will have introductory offers such as an interest-free overdraft, no monthly charges for a limited period, or free accounting software – though you might still need to pay for things like cash deposits or ATM withdrawals.

Switching banks is comparable to switching energy and broadband providers – sometimes the best deals are only offered to new customers!
Second, your business might have grown and your existing provider might not be able to offer the services that you require, for example a larger overdraft facility, specialist support services or better customer services.
Whatever your reasons, there is nothing stopping you from switching business bank accounts at any time.

Are there any advantages to having more than one business bank account? I’m not sure I want to switch entirely…

Multi-banking can certainly save you money if, for example, you open an additional account and move the most expensive transactions to it. Some banks, for example, have specialist benefits for businesses that are more digital.

How long does it take to switch business bank accounts?

It takes a maximum seven working days to switch if you’re a small small businesses covered by the Current Account Switch Guarantee. In other words, your new bank account should be up-and-running fewer than seven days after you notify your bank account provider.

Do I need to go through a credit check to switch accounts?

Yes, any new bank will run a credit check before offering you banking services.

Can I still open a business bank account if I have a poor credit history?

Yes, you can. Some providers (e.g. app-based providers) will let you open a new account if you’ve had credit problems in the past, though it’s unlikely the big, high street banks will accept you.

Is it easy to switch business bank accounts?

Yes. Look at the summary information for the different business bank accounts in our comparison table above. Click on the bank account that most appeals – and the new bank will do almost all the work and walk you through the process. You’d continue to use your old bank account for up to seven days, by which time you’ll have received your new debit card for the new account
Switching business bank accounts is covered by the Current Account Switch Guarantee, which was introduced by the government in 2013 onto help people switch their bank accounts quickly and easily.

What about my direct debits and standing orders?

During the seven day ‘handover’, your old bank and your new bank will work together to make sure that any direct debits, standing orders and other transfers are ported over seamlessly to your new current account.

I’m worried I might miss a payment during the switch?

Rest assured this wouldn’t happen. Your previous bank would redirect any payments linked to your current account to your new bank account – this ensures you don’t miss any payments.

How do I find the most suitable bank account for my business?

If you look at the summary details Swoop has given above for each of our current account banking partners, you’ll be able to see what works for you.

Are there any downsides to switching current account? Is there any small print I should be looking out for?

There’s only one we can think of but it doesn’t apply if you switch banks via Swoop – some banks might not offer new customer all offers immediately, so do your due diligence.

What is the difference between a business bank account and a personal account?

Business bank accounts are aimed at both start ups and established businesses. As with personal bank accounts, you can make deposits and withdrawals, use a debit card for purchases, and apply for an overdraft. The main difference is that for business bank accounts, in addition to monthly or annual fees, most banks will charge you fees per business transaction – so you may have to pay a small fee every time you deposit cash, write a cheque, set up a direct debit or standing order, or make a bank transfer.

How do I know I’m choosing the right business bank account?

First, have a look below at the list of services that business bank accounts usually offer – and see which apply to you:

• Cash in/out
• Paying bills
• Writing and receiving cheques
• Direct debits and standing orders
• Online and telephone banking
• Mobile banking
• Overdraft (limit vary according to provider and your business)
• Links to accounting software (e.g. FreeAgent, QuickBooks or Xero) or proprietary book-keeping software
• Access to support services and business finance.

Second, make sure that the services you want are actually offered by any potential new account before you make the switch or open an additional bank account.

Will it cost me anything if I switch business accounts?

There should be no penalty for switching, but make sure you pay off any debts you have with your existing account provider before you switch (e.g. your overdraft balance or any unpaid bills). It’s also worth double-checking with your provider that there aren’t any circumstances where switches incur a penalty.

Don’t waste time – there are plenty of funding and saving
solutions to help your business grow

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