{"id":36269,"date":"2023-07-10T15:06:58","date_gmt":"2023-07-10T15:06:58","guid":{"rendered":"https:\/\/swoopfunding.com\/na\/?post_type=blog&#038;p=36269"},"modified":"2024-05-27T18:27:19","modified_gmt":"2024-05-27T18:27:19","slug":"best-business-banking-apps","status":"publish","type":"blog","link":"https:\/\/swoopfunding.com\/na\/business-bank-accounts\/best-business-banking-apps\/","title":{"rendered":"Best business banking apps"},"content":{"rendered":"<div class=\"aivoov-player-block\">\n\t<div class=\"read_this\">Read this article to me<\/div>\n\t\t\t<style>\n\t\t\t.plyr__controls .plyr__controls__item:first-child{\n\t\t\t\tbackground:#2e9c8e !important;\n\t\t\t}\n\t\t\t:root{\n\t\t\t--plyr-color-main:#2e9c8e;\n\t\t\t--plyr-audio-controls-background:#f0f2f4;\n\t\t\t--plyr-audio-control-color:#546a7b;\n\t\t\t}\n\t\t\t[data-plyr=\"mute\"]{color:#2e9c8e !important}\n\t\t\t.aivoov-text-color{color:#546a7b}\n\t\t<\/style> \n\t\t<div class=\"audio_player\">\n\t\t<audio class=\"js-player\" controls=\"\">\n\t\t\t<source src=\"https:\/\/monky-voice-over.s3.amazonaws.com\/aivoov\/781640cc-7bc1-4bbf-9492-22dedc19678b\/1e70f7d2-839c-4062-acd9-23e66115421a.mp3\" type=\"audio\/mp3\">\n\t\t\t<source src=\"https:\/\/monky-voice-over.s3.amazonaws.com\/aivoov\/781640cc-7bc1-4bbf-9492-22dedc19678b\/1e70f7d2-839c-4062-acd9-23e66115421a.mp3\" type=\"audio\/ogg\" \/>\n\t\t<\/audio> \n\t\t\t\t <div class=\"powerd_by aivoov-text-color\"><p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/aivoov.com\/?um_source=plugin_powered_by\" style=\"color: inherit;\">Powered by AiVOOV<\/a><\/p><\/div>\n\t\t \n\t\t<\/div>\n\t\t<\/div>\n\n\n\n<p><span style=\"font-weight: 400;\">Modern business is a 24\/7 experience, with many UK SMEs working round the clock, or needing access to their money any time of day. Business banking apps are the digital passport to complete banking freedom, giving account holders control of their cash, anytime, anyplace, anywhere.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Read on to learn more about the UK\u2019s best business banking apps and how they can unlock a whole new world of business opportunities.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><b>What is a business banking app?<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">It\u2019s a digital banking application that operates via your mobile phone or as a desktop version that you can access via your computer. Business banking apps give the account holder real-time access to their money, plus a host of banking services, such as payments, transfers, transaction histories, loans, automatic invoicing, and foreign currency exchange. Business banking apps are operated and provided by two types of financial institution \u2013 the traditional high street banks, and \u2018challenger banks\u2019 who are the newer, digital rivals attempting to revolutionise the way UK SMEs bank. Many of the challengers do not call themselves banks, they prefer to be known as \u2018digital platforms\u2019, but the services they offer often mimic those provided by the old guard such as Santander and Barclays Bank.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><b>Why use a business banking app?<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">In a word, convenience. Since the arrival of true open banking in 2005 it has become much easier for SMEs to access their business bank account, and now, businesses \u2013 limited companies, <a href=\"https:\/\/swoopfunding.com\/uk\/business-glossary\/sole-trader\/\">sole traders<\/a>, freelancers and gig workers \u2013 expect to be able to access their money 24 hours a day. Business banking apps allow account holders to check balances, make payments, exchange currencies, and conduct many other types of transaction with a simple tap and click on their mobile phone from wherever they may be.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><b>Which challenger bank has the best app?<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Challenger banks, (also known as digital platforms) are relatively new to the world of UK banking, but they have proliferated since the early 2000\u2019s and now number in the dozens. Most, if not all, challenger banks offer business banking apps, and they compete against each other and the traditional high street banks by offering fast, easy to use, convenient banking services that work off your phone. Of the many business banking apps offered by these newcomers, which is best for UK SMEs?<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Revolut<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Launched in London in 2015, <\/span><a href=\"https:\/\/www.revolut.com\/about-revolut\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Revolut<\/span><\/a><span style=\"font-weight: 400;\"> are a digital platform operating in more than 200 countries and with more than 500,000 business users. Claiming to be the UK\u2019s fastest growing challenger bank, their services include standard current account features, currency exchange and transfers, free corporate credit cards for client employees, pre-paid debit cards,&nbsp; payroll and expense management, and various perks courtesy of commercial partners such as Deliveroo and Google.&nbsp;<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>Costs:<\/b><span style=\"font-weight: 400;\"> Limited companies can pay up to \u00a3100 per month, or they may negotiate their own terms directly with Revolut. Sole traders, freelancers, and gig workers can pay \u00a3zero per month for the Free account, \u00a37 per month for the Professional account, or \u00a325 per month for the Ultimate account.<\/span><\/li>\n\n\n\n<li><b>Financial Services Compensation Scheme protection:<\/b><span style=\"font-weight: 400;\"> Yes, up to \u00a385,000 for eligible accounts.<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Monzo<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Also in existence since 2015, <\/span><a href=\"https:\/\/monzo.com\/i\/business\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Monzo Bank<\/span><\/a><span style=\"font-weight: 400;\"> are a UK-based digital platform offering the full suite of business services to UK SMEs. Their app also offers a biometric login and the option of splitting your business cash into \u2018pots\u2019 \u2013 convenient sub-accounts within the account where you can store funds for specific purposes, such as paying taxes. Account holders will need the paid-for service if they wish to link their Monzo account to digital accounting systems such as Xero, Quickbooks, or FreeAgent.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>Costs:<\/b><span style=\"font-weight: 400;\"> Monzo\u2019s Lite business account is free. Businesses who prefer the Professional account will pay \u00a35 per month.<\/span><\/li>\n\n\n\n<li><b>Financial Services Compensation Scheme protection:<\/b><span style=\"font-weight: 400;\"> Yes, up to \u00a385,000 for eligible accounts.<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Starling Bank<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Founded in 2014, and now with more than half a million UK business users, <\/span><a href=\"https:\/\/www.starlingbank.com\/business-account\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Starling Bank<\/span><\/a><span style=\"font-weight: 400;\"> was created with the goal of making business banking simpler and more accessible. They have mostly achieved these goals, and now opening and operating a Starling Bank business account is easy and intuitive. Once again, the full spectrum of business banking services are on offer, and you can link your account to Xero, Quickbooks and FreeAgent for free.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>Costs:<\/b><span style=\"font-weight: 400;\"> No monthly service cost. Business users can add a \u00a37 per month \u2018business toolkit for extra functionality, \u00a32 per month for a Euro account, and \u00a35 per month for a US$ account.<\/span><\/li>\n\n\n\n<li><b>Financial Services Compensation Scheme protection:<\/b><span style=\"font-weight: 400;\"> Yes, up to \u00a385,000 for eligible accounts.<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><b>The high street business banking apps<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">As you may expect, as digital offerings from the long-established high-street banking giants, these apps are supported by the full range of business banking services \u2013 current accounts, business savings, currency exchange and transfer, loans, credit cards, and more. With the addition of a physical bricks and mortar presence, high street business banking apps may be the best bet for some businesses, however a mix of legacy operating systems and lower incentives to innovate can hamper some high street options, making them less intuitive, more expensive and less flexible than their challenger competitors.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Santander<\/b><\/h3>\n\n\n\n<p><a href=\"https:\/\/www.santander.co.uk\/business\/support\/ways-to-bank\/mobile-banking\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Santander UK<\/span><\/a><span style=\"font-weight: 400;\"> are a division of the major global banking group Banco Santander. Santander UK have a physical branch network and provide online and mobile banking. Their business banking app provides a solid array of banking services, everything from payments and deposits, transaction search, transfers between accounts, account alerts, and bank\/client messaging options. The app is clear and accessible, with secure login and easy access to the banking services SMEs need most.&nbsp;<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>Costs:<\/b><span style=\"font-weight: 400;\"> \u00a3150 annually, although <\/span><span style=\"font-weight: 400;\">automated payments in and out are free, as are cash and cheque payments in and out.<\/span><\/li>\n\n\n\n<li><b>Financial Services Compensation Scheme protection:<\/b><span style=\"font-weight: 400;\"> Yes, up to \u00a385,000 for eligible accounts.<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Bank of Scotland<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">One of the more affordable high-street business banking apps, the <\/span><a href=\"https:\/\/business.bankofscotland.co.uk\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bank of Scotland<\/span><\/a><span style=\"font-weight: 400;\"> option provides <\/span><span style=\"font-weight: 400;\">all the features you would expect from a major UK bank. Secure biometric login (or three-digit combination from pre-set memorable information) comes as standard, as do balance checking, transferring between accounts, viewing and cancelling direct debits and standing orders as well as resetting passwords. You can also deposit cheques online, which gets them into the bank\u2019s payment system as soon as possible.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>Costs:<\/b><span style=\"font-weight: 400;\"> 6 to 18 months free business banking, then an all-in fee of \u00a378 per year.<\/span><\/li>\n\n\n\n<li><b>Financial Services Compensation Scheme protection:<\/b><span style=\"font-weight: 400;\"> Yes, up to \u00a385,000 for eligible accounts.<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><b>Barclays<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Provided as part of <\/span><a href=\"https:\/\/www.barclays.co.uk\/business-banking\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Barclay\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> business banking services, the app delivers an array of <\/span><span style=\"font-weight: 400;\">features including paying in cheques, international payments, and contactless payments, and foreign currency payments in Euros and US$. The Barclays app also has a real-time business spending tracking, which may be particularly useful for businesses operating with slim margins or high transaction volumes.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>Costs:<\/b><span style=\"font-weight: 400;\"> First 12 months free, then \u00a378 per year. Charges for deposits are extra, but similar to other high street banks.<\/span><\/li>\n\n\n\n<li><b>Financial Services Compensation Scheme protection:<\/b><span style=\"font-weight: 400;\"> Yes, up to \u00a385,000 for eligible accounts.<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><b>How to get the best business banking app<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">To get the best business banking app, you first need to open a new business bank account or switch the business bank account you currently have. Both options can be difficult and time consuming. The paperwork you need and the application forms and processes you must complete will vary from one bank to another. Without expert guidance, SMEs could find themselves forever searching for a business bank account and app that suits their individual needs. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Instead, working with a broker, who can <\/span><a href=\"https:\/\/swoopfunding.com\/compare-business-current-account\/\"><span style=\"font-weight: 400;\">compare business bank accounts<\/span><\/a><span style=\"font-weight: 400;\"> and apps from a wide range of providers is a better way to go. No more cold calls and endless demands for information, just tell us what you need and leave the rest to us.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><b>Get started with Swoop<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Register with Swoop today to discover the best <\/span><a href=\"https:\/\/swoopfunding.com\/compare-business-current-account\/\"><span style=\"font-weight: 400;\">business banking apps<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/swoopfunding.com\/uk\/business-loans\/small-business-loans\/\"><span style=\"font-weight: 400;\">business loans<\/span><\/a><a href=\"https:\/\/swoopfunding.com\/uk\/business-credit-cards\/\"><span style=\"font-weight: 400;\">, business credit cards<\/span><\/a><span style=\"font-weight: 400;\"> and more.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Modern business is a 24\/7 experience, with many UK SMEs working round the clock, or needing access to their money any time of day. Business banking apps are the digital passport to complete banking freedom, giving account holders control of their cash, anytime, anyplace, anywhere. Read on to learn more about the UK\u2019s best business [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":36270,"comment_status":"open","ping_status":"closed","template":"","category":[367,362],"class_list":["post-36269","blog","type-blog","status-publish","has-post-thumbnail","hentry","category-sme-support","category-swoop-guides"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled.jpg",2560,1707,false],"thumbnail":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-300x200.jpg",300,200,true],"medium_large":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-768x512.jpg",768,512,true],"large":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-1536x1024.jpg",1536,1024,true],"2048x2048":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-2048x1366.jpg",2048,1366,true],"image_blog":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-408x252.jpg",408,252,true],"image_blog_full":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-1775x660.jpg",1775,660,true],"image_podcast":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-30x20.jpg",30,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-840x480.jpg",840,480,true],"image_blog_medium":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-1024x500.jpg",1024,500,true],"image_single_banking":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2023\/08\/business-banking-app-featured-scaled-80x53.jpg",80,53,true]},"post_excerpt_stackable_v2":"<p>Read this article to me Powered by AiVOOV Modern business is a 24\/7 experience, with many UK SMEs working round the clock, or needing access to their money any time of day. Business banking apps are the digital passport to complete banking freedom, giving account holders control of their cash, anytime, anyplace, anywhere. Read on to learn more about the UK\u2019s best business banking apps and how they can unlock a whole new world of business opportunities.&nbsp; What is a business banking app? It\u2019s a digital banking application that operates via your mobile phone or as a desktop version that&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/swoopfunding.com\/na\/category\/sme-support\/\" rel=\"category tag\">SME support<\/a>, <a href=\"https:\/\/swoopfunding.com\/na\/category\/swoop-guides\/\" rel=\"category tag\">Swoop guides<\/a>","author_info_v2":{"name":"Chris Godfrey","url":"https:\/\/swoopfunding.com\/na\/author\/chris-godfrey\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/blog\/36269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/comments?post=36269"}],"version-history":[{"count":0,"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/blog\/36269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/media\/36270"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/media?parent=36269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/category?post=36269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}