Co-founder, Chief Customer Officer: Harry Atkinson,Ìý

Website:

About Sensat

Sensat was founded in 2017 with a mission to bring the real world online by creating an intelligent ecosystem that transforms physical environments into a digital version understandable to artificial intelligence. This innovation allows industries to see, plan, and manage projects in a new way, helping to drive a more sustainable and efficient future.

Through its technology, Sensat empowers infrastructure and construction teams to make data-driven decisions that reduce risk, improve collaboration, and enhance long-term project outcomes. In its early stages, Sensat faced the challenge of introducing digital transformation to one of the most traditional and complex industries, construction.

The team had to demonstrate the value of digital twins and advanced geospatial data in an environment often resistant to technological change. By building trust with clients and delivering measurable results, Sensat overcame these barriers and established itself as a pioneer in digital infrastructure management.

Over time, Sensat’s portfolio has grown to be worth more than $250 billion, and the business has expanded its reach across some of the UK’s largest and most ambitious projects, including HS2, Heathrow Airport, and the M25. Its platform enables teams to visualise and interact with project data in a unified digital environment, reducing costly mistakes, improving safety, and accelerating progress. The result is a smarter and more connected approach to infrastructure development, ensuring better outcomes for both people and the planet.

Harry Atkinson, Sensat Co-Founder and Chief Data Officer, has been instrumental in shaping the company’s direction. With a strong interest in construction and technology, Harry co-founded Sensat to revolutionise how infrastructure projects are planned and delivered. His expertise in data management and problem-solving ensures that the information powering Sensat’s platform produces real-world value for clients. Harry leads the data and customer success teams, aligning the company’s intelligence capabilities with customer goals and ensuring measurable impact on every project.

Sensat has grown rapidly from a pioneering startup into a recognised industry leader. Its platform serves as a bridge between the physical and digital worlds, allowing project teams to visualise and understand their work environments in unprecedented detail. This capability has driven significant improvements in communication and collaboration across supply chains, reducing waste and environmental impact while improving efficiency.

Beyond its technical achievements, Sensat continues to shape the future of digital infrastructure. The company advocates for the responsible use of data and technology in construction, helping to create a built environment that supports sustainability and innovation.

As Sensat continues to expand into new markets, it remains committed to its founding mission, to help the world build more intelligently and sustainably by bringing clarity and insight to the complex world of infrastructure.

Check out what 91̽»¨ can do for your business: SEO,ÌýPR,ÌýHR Software,ÌýPayroll Software,ÌýIT,ÌýVoIP.

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Even though we live in the age of instant communication through technology and even next-day deliveries, it appeared that the financial world was behind left behind.

That waiting period is more than just a convenience, it places unnecessary pressure on cash flow. Businesses, both big and small, have to constantly follow up and live in financial uncertainty.

But with the rise of Real-Time Payments (RTP), is the waiting game finally over?

What Exactly Is A RTP?

RTP is a digital money transfer that, you may have guessed, reflects in the recipient’s account instantly. You can make a payment any time of the day, any day of the week, including weekends and holidays.

It’s certainly a one up from cheques and ordinary bank transfers which can take days to deposit and clear. In the UK, the Faster Payments Service is using new technology and infrastructure to make the process immediate and irreversible once the payment has been made.

Account-to-Account (A2a) payments have facilitated the evolution of RTP, allowing money to move directly from one account to another. In fact, Visa was able to recently complete their first commercial Viable Recurring Payment (cVRP) through their A2A service in the UK.

Company	Monthly Fee	Other Requirements	Claim offer
	Trusted by more  than 50,000 companies 3 Month Free Trial	3 Month Free Trial and managed through an easy to use mobile app.
	1 Month Free then £14.90 + VAT per month (or £149 per year)	10 minute sign up, accounting functions and easy to use invoicing tools to get invoices paid faster

How Does RTP Affect Cash Flow?

The most significant impact of RTP is that it frees up a company’s liquidity and cash flow. Since the constant movement of money going in and out is the lifeline of the business, any delays could be financially crippling especially for small and medium-size enterprises (SMEs).

Instant Capital To Work With

As soon as a payment is received, that money can be utilised straight away. That means that businesses don’t need costly overdrafts or short-term loans to be able to cover their immediate expenses.

There’s also zero float risk, meaning owners aren’t burdened with the uncertainty of not knowing when a payment will reflect. This also helps with more accurate financial forecasting long-term.

Better Customer Service

Today’s customers want speed and convenience. If they need a refund, it can be done instantly instead of having to wait 3-5 days. This takes a potential weak point and turns it into a positive interaction, which should boost customer satisfaction and bring them back again in the future.

For insurance companies or lending services specifically, RTP means faster payouts and this will play a huge role in competitor differentiation.

Increased Efficiency

Some businesses need to work around the clock, especially if they operate globally. It’s also often the case with most e-commerce companies. With RTP, these businesses are no longer restricted to banking hours and are able to pay and receive money from customers and partners any time of the day – or night.

The Risks To Be Aware Of

There are clear benefits to RTP but of course, the real-time payments landscape doesn’t come without its own challenges. Here are some of the main issues that may cause concern.

Fraud and security risks: While immediate and irreversible payments are a benefit, it’s equally risky. If a transaction is fraudulent, there’s no time to stop it before it goes through. This would happen in a case where a customer, or even a business, is tricked into making a payment to an illegitimate account or person.

The cost involved: Even though sending a payment instantly is cheaper, banks still have to invest billions. This is to cover the initial set up. Ultimately, they would need to determine a fee structure where they could recover that initial cost.

Upgrading legacy systems: Some banks use computer systems that are incredibly outdated, meaning they can’t handle 24/7 payments. It’s both a challenge and extremely costly to upgrade these systems or invest in new ones.

The Road Ahead For Business Banking

With the shift to instant payments, the future of business banking is set to be far more flexible. It’s expected to become the norm and real-time transfers will be the default expectation for businesses around the world. This way, companies can rely on funds moving immediately, regardless of time or day.

RTP will also give rise to something called invisible payments. As these payments happen smoothly on their own, they’ll eventually start to go unnoticed – think a delivery vehicle paying for its own toll without the driver needing to do anything. These transfers will happen in the background, speeding up business processes and making them smarter than what they were before.

Put simply, RTP will offer businesses the support they need in an always-on global economy that never switches off.

The post How Are Real-Time Payments Reshaping Business Banking? appeared first on 91̽»¨.

However, the experience of each one and the way in which these activities are carried out is very different.

Traditional business bank accounts are usually offered by banks who have physical branches and, in most cases, well established reputations. On the other hand, online accounts operate – you guessed it – entirely online through apps and websites.

Business bank accounts to consider include:

So how do you know which one is right for you? Let’s get into it.

An Overview Of Traditional Business Bank Accounts

These bank accounts are associated with your brick-and-mortar banks where it’s easy for you to go in and receive assistance. They will provide you with the full-service banking experience including business loans and overdrafts, point-of-sale systems and international banking.

Depending on how large your business is, you may even work with a dedicated account manager to provide guidance when you need it.

How Is An Online Account Different?

Platforms like Revolut and Monzo have emerged as online bank account providers, also known as neobanks. You can’t physically visit these banks and all services are done through apps or online dashboards.

What sets these banks apart is their digital convenience. It’s easy to set up an account in a matter of minutes and receive real-time notifications, no matter where you are.

These accounts are also known for having lower fees than traditional banks because they don’t have the same overhead costs, ideal for startup owners on a budget.

Company	Monthly Fee	Other Requirements	Claim offer
	Trusted by more  than 50,000 companies 3 Month Free Trial	3 Month Free Trial and managed through an easy to use mobile app.
	1 Month Free then £14.90 + VAT per month (or £149 per year)	10 minute sign up, accounting functions and easy to use invoicing tools to get invoices paid faster

Traditional Vs Online: Which Is Right For You?

When it comes to choosing a type of business bank account, there is no right or wrong choice. Every business owner will have differing needs and requirements and should choose the one that best caters to those.

However, it is worth knowing how they compare across the factors that most business owners will look at.

Fees And Costs

Traditional banks often come with monthly account fees and transaction charges. But they are better suited to bigger cash deposits and if you have very specific financial needs.

With online accounts, fees are generally cheaper or there may be none at all for some transactions. Even international transaction costs are lower so for those wanting to cut costs, it’s a good option.

Accessibility

Opening a bank account at a physical branch is a bit more tedious. It often involves you physically going to the branch and handing over documentation, then waiting a couple of days for approval. Most of the traditional banks have apps which you can use for online banking, but some services may require a visit in person.

On the other hand, you can set up an account online fairly quickly and usually without paperwork. You can upload supporting documents and verify your identity digitally. Once your account has been created, you can start banking straight away and everything is done online.

Handling Cash Amounts

With traditional banks, you can make deposits or withdraw large amounts of cash without any issues. So for businesses who work with cash transactions like restaurants, this type of banking is highly beneficial.

For online banks, this is definitely their weak point. Without any physical branches, it’s difficult to deposit cash unless they have partnerships with ATMs. It’s possible but it’s not as convenient as just walking into your nearest branch.

Customer Support

Traditional banks have business advisors and if you need financial guidance, their support is invaluable. They offer that one-on-one human support where you have the opportunity to build relationships with them and your bank.

Online banks will offer support through emails or chats. While they have 24/7 availability, it’s not quite the same as a face-to-face interaction.

Security

Some banks have been around for decades and have built up a strong reputation. Given that they have a solid track record of stability and established systems, some business owners may opt to use them instead.

Overall, online banks are fairly secure. Most have encryption and two-factor authentication but since they are new to the game, some users may feel some hesitation.

Can You Use Both Types Of Banks?

It’s actually pretty common for a lot of businesses to take a hybrid approach when it comes to their company’s finances.

Traditional banks are good for credit lines and handing large sums of money given their credibility. On the other hand, online banks are convenient for day-to-day transactions and managing smaller expenses.

This type of approach definitely offers more flexibility as opposed to choosing one over the other. But ultimately, it will come down to your business needs to determine which way forward is the best for you.

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Opening a business bank account can provide exclusive features, access to special support, boost professional reputation, and more. 

Business bank accounts to consider include:

Do Small Businesses Need A Business Bank Account?

If the business is set up as a limited company then a business account is needed to run it. However, sole traders are not legally required to set up a business account but the business can benefit greatly. 

What Is The Difference Between A Business Bank Account and a Personal Bank Account?

Business bank accounts take in business revenue and pay for expenses, while personal accounts are meant for personal income and to pay personal bills. No matter how small the business, every owner should separate their personal and business finances.

Company	Monthly Fee	Other Requirements	Claim offer
	Trusted by more  than 50,000 companies 3 Month Free Trial	3 Month Free Trial and managed through an easy to use mobile app.
	1 Month Free then £14.90 + VAT per month (or £149 per year)	10 minute sign up, accounting functions and easy to use invoicing tools to get invoices paid faster

The Benefits Of A Business Bank Account

As well as making it easier to separate personal and business finances and spending, business bank accounts offer a host of other benefits. These benefits include:

Exclusive Features of UK Business Bank Accounts

There are exclusive features that come with opening a UK business bank account. Opening a business bank account allows access to helpful tools like:

• Invoicing tools built into the account
• Support to upload receipts daily
• Categories to help organise spending
• Easy integration into accounting software
• Support for global payments

Business Loans

Getting a business account can provide the opportunity to apply for a business loan. Business loans can be vital when it comes to growing a business. However, certain banks will not grant a loan or line of credit for business purposes without a separate business account. 

Accurate Tax Returns

Working out the taxable benefits and deductions for a self-assessment tax return each year will be easier with a business account. If business expenses are mixed with personal expenses will cause hours of sifting through personal spending to find the business expenses. 

Business Credit Score

A business bank account can boost the business’s credit score. If the time comes when owners need to secure a business loan or credit card, a good credit score will increase the chance of being accepted. 

Credibility

Using a business bank account to receive payments from clients looks more professional than providing personal bank account details. This will show clients that the business is legit and above board and in turn help to build trust.

What Are The Disadvantages Of a Business Bank Account?

The biggest disadvantage of a business bank account is that it usually comes with more fees. The fees can include one or more of the following:

• Monthly maintenance fees just for having a business account
• Transaction fees. This includes when a deposit, withdrawal, or transfer is made
• Penalties when the business account falls under the minimum balance or if more transactions are made than allowed.
• Charges for extra services like wire transfers, ATM fees for using another bank’s machines, and cash handling fees for big deposits

Make sure to read the fine print like a detective in a mystery novel. Look out for phrases like ‘minimum balance required’ and standard transaction fees.’

What Should I Look For In a Business Bank Account?

There are certain key points to look for before choosing a bank to open a business account. These key points include:

Approved By Regulators

The first crucial key point is to choose a credible bank. Banks are financial service providers and must be authorised by the Financial Conduct Authority (FCA). When regulated by the FCA, banks must meet a certain standard and be honest, fair, and effective in their approach to make sure clients get a fair deal.

If a bank is regulated by the FCA they will state it on their website in the footer with a FCA reference number included.

Online Banking

Many companies and people need to be able to access their bank accounts using a mobile device. If so, be sure the bank offers a dependable, safe, and easy-to-use app that will enable you to conveniently manage the business account from any location. Access to mobile and online banking will facilitate speedy and safe payment approval.

Fees and Charges

Make sure to consider what the monthly service fee is before opening a business bank account, as well as taking into account fees charged for cash withdrawals, overdrafts, transfers and more.

Customer Service

Make sure that the bank’s customer service is easily accessible and available at all times. This will give piece of mind if there’s an issue with the account like an incorrect charge or fraudulent activity. When considering the bank, make sure to check what customer support features they offer. Reading customer reviews is always a good way to get some insight.

Transaction Limits

Find out what transaction limits will be on the business bank account. This will include the number of withdrawals allowed each month and make sure it is enough for the business to function without facing costly fees.

Is It Worth Getting a UK Business Bank Account?

A business bank account builds a clear wall between business and personal transactions. It protects the business from credit rating even if personal finances and credit take a dip. Opening a business bank account also offers various benefits such as building a business credit score, applying for business loans, and getting exclusive features.

The post What Are the Benefits of Business Bank Accounts? appeared first on 91̽»¨.

Some business bank account providers come with no fees, whereas others may charge a monthly fee or perhaps a percentage of the turnover that passes through the bank account. Whichever is best for your business, comparing business bank accounts will allow you to make a much more informed choice.

Discover our pick of the best business bank accounts in the UK for startups, small businesses, SMEs and larger businesses.

Business bank accounts to consider include:

What is a Business Bank Account with No Fees?

A business bank account with no fees does what it says on the tin: it is a separate account for your business finances that has no cost to set up. This allows you to keep your personal finances separate from your business finances.

A bank account tailored towards your business is essential for businesses of all shapes and sizes. Different banks will offer business bank accounts with various requirements and features. While limited companies are required to have a separate business bank account from the owner’s personal account, it is still a good idea as a sole trader to keep your personal and business money separate.

Some business bank accounts may ask you to pay monthly fees or even fees for transactions, however a business bank account with no fees means there are no requirements to pay your bank for using their business account services. This type of bank account allows you to relax about paying fees for your bank account and concentrate instead on spending money to help your business grow.

Company	Monthly Fee	Other Requirements	Claim offer
	Trusted by more  than 50,000 companies 3 Month Free Trial	3 Month Free Trial and managed through an easy to use mobile app.
	1 Month Free then £14.90 + VAT per month (or £149 per year)	10 minute sign up, accounting functions and easy to use invoicing tools to get invoices paid faster

Why Do I Need a Business Bank Account with No Fees?

When you are just starting your business, or in a bad financial position, having a Business bank account with no fees or limited fees allows you to keep one cost down whilst concentrating on other areas of your business. There are some UK banks which will offer you no fees forever, whereas some may offer a period of time where you do not need to pay fees, this can help your company get on its feet or recover from a financially tough time period.

Having a bank account with no fees allows you to establish yourself and your business without having to worry; some banks even offer an account with limited features but with no fees which could be a good short term solution for your business.

Having a business bank account with limited fees and a time period where there are no fees at all can be vital in helping your business grow. For that reason, 91̽»¨ has compiled the best Business Bank Accounts with no additional fees for you to browse and see what is the best fit for your business.

Top 10 Business Bank Accounts with No Fees:

Here’s our pick of 10 of the best business bank accounts with no fees to help your business thrive. Find out more about these business bank accounts with no fees below:

• Tide
• Monese
• Wise
• Cashplus
• Revolut Business
• Curve
• Starling Bank
• CountingUp
• N26 Europe
• Monzo

1. Tide

With no monthly or annual fees as well as no additional charges for card usage both locally and abroad, Tide is a great option for a business bank account with no fees. Tide’s account with no fees allows you to concentrate on your business growth rather than focusing on the additional costs you face because of your bank.

It is incredibly quick to set up a Tide business account and there are no charges when transferring to and from other Tide accounts. Tide allows you to create and pay invoices to the app and offers instant credit up to £15,000 for small businesses.

2. Monese

Monese is a great business bank account to have if you are already with them for your personal account. Monese’s business and personal accounts can be linked seamlessly and you are able to switch between the two with ease. There is a small monthly fee for a business bank account but Monese allows you to make local payments for free.

The app and online banking systems are quick and easy to navigate so are suitable for people with little experience. A free contactless card is included and there is a very small fee for international transfers.

3. Wise

Wise (formerly known as TransferWise) is another bank that offers great deals on your business bank account. A Wise business bank account can be set up for free with no monthly or annual fees to pay in order to have your account running. It also allows you to receive money for no fees, although there is a small transaction fee when sending money.

With Wise, you are able to send batch payments and you will receive a free debit card for setting up a Wise business bank account. Wise allows you to pay invoices both locally and abroad in many different currencies and is designed for businesses of all sizes. It also easily integrates with most accounting software.

Company	Monthly Fee	Other Requirements	Claim offer
	Trusted by more  than 50,000 companies 3 Month Free Trial	3 Month Free Trial and managed through an easy to use mobile app.
	1 Month Free then £14.90 + VAT per month (or £149 per year)	10 minute sign up, accounting functions and easy to use invoicing tools to get invoices paid faster

4. Cashplus

An application to open a business account with Cashplus takes just five minutes to complete, making it a quick and easy business bank account to set up. There is no credit check required to apply for an account and you can manage your account 24/7 using the app or online website.

Cashplus does not require any monthly fees to be paid, just a simple one-off payment of £69 once a year. You are able to deposit £1,000 in cash into your account with no extra fees, as well as paying in or withdrawing from any UK Post Office. Like the other accounts, Cashplus also integrates with most accounting software.

5. Revolut Business

Revolut Business is a great option for your company if you run an international business. Revolut Business bank accounts specialise in sending or receiving money in different currencies as they do not charge a foreign exchange fee – most other banks can charge up to 5% for currency changes.

Like Starling Bank, the business bank account with no fees is run all online and therefore they do not accept cash or cheque deposits. If your business is run online and in multiple countries, Revolut Business is a great option for a business account with no fees. Although a monthly fee is included after 14 days, Revolut Business does not charge an electronic payment fee and has instant money transfers in over 150 currencies.

How Long Does it Take to Open a Business Bank Account with No Fees?

The amount of time it takes to open a business bank account with no fees really depends on which bank account you are trying to open. A high street bank might take weeks in order for you to open a business bank account, however, many non-high street alternatives to banking can take mere minutes in order to open up a business bank account.

Some accounts like Monzo or Revolut can be set up straight from your mobile phone and require no additional checks in order to open. It is very easy to open a business bank account, and with no fees incurred when opening, it is simple and quick to open a business bank account.

Company	Monthly Fee	Other Requirements	Claim offer
	Trusted by more  than 50,000 companies 3 Month Free Trial	3 Month Free Trial and managed through an easy to use mobile app.
	1 Month Free then £14.90 + VAT per month (or £149 per year)	10 minute sign up, accounting functions and easy to use invoicing tools to get invoices paid faster

What Do I Need to Open a Business Bank Account?

In order to open a business bank account, you will need to provide some documentation to the provider. Make sure that you have the following documents to hand before you start the process of opening the business bank account:

• Proof of identification for the company director opening the account
• Proof of address
• Your business details including Companies House registration, registered address and contact details of the business.

6. Curve

A Curve account is extremely simple to set up and can take you just a matter of minutes to open a business banking account with them. Your Curve business bank account will give you an automated expenses report, including receipts as well as a 1% cashback on all of your business purchases.

Curve offers you three tiers, the lowest tier (Curve Blue) is free and will give you some of its features. There are small fees that will be incurred on international payments but Curve offers a “Go Back in Time” feature that allows you to change your payment card for a transaction up to 14 days after you use it.

7. Starling Bank

Starling Bank offers perpetual freedom from monthly fees for small businesses. If you are a business with less than 10 employees then most of Starling Bank’s features will be available for you for free. While there are no in-branch services, support is available 24/7 on the app and by phone.

Applying for the account is easy and can be done in under 10 minutes on the Starling app. Similar to other business bank accounts, your Starling Business Bank account will easily integrate with accounting software such as Xerox and Wealthify. Starling Bank has no additional fees and setting up your account is quick and easy so if you need a business bank account with no fees then Starling Bank’s versatility and ease is a great option for you.

8. CountingUp

CountingUp is a recent addition to the business bank account market, but is perfect for both freelancers and small businesses. With very low monthly fees, CountingUp is an accounting and banking app mixed into one.

With tax filing and profit and loss reports available on your account, CountingUp is a brilliant business bank account for small businesses as it allows limited companies to transfer up to £240,000 – a lot more than most non-traditional bank accounts will.

9. N26 Europe

On its free card with no monthly costs, the N26 Business bank account allows you to withdraw funds for free in its European zone. As well as this, there is a 0.1% cashback on all the purchases that you make.

The N26 business account allows you to make free payments worldwide in any currency and you will be provided with a contactless debit card to spend with. N26 also offers an additional tier of business account that is charged monthly and includes features such as 0.5% cashback and compensation for a curtailed business event.

10. Monzo

Monzo is a very well known personal banking account, but it is also great for setting up a business bank account with no fees. A regulated UK bank, Monzo is trustworthy and they offer a free account with basic features included.

For a small monthly fee you can upgrade to the Monzo Pro business account which will give you access to more features including invoicing and integration with accounting software. You can open a bank account from your phone and Monzo allows you to have free instant bank transfers. This is certainly a solid choice for a business bank account.

How Do I Open a Business Bank Account with No Fees?

Most business bank accounts on this list will require you to fill in a simple form online or on the mobile app. This process can take anywhere between five minutes to a few days in order for the bank to review your application, set up your account and allow you to start depositing money into it.

If you are a limited company, most banks will require you to have your tax registration details as well as the details of the directors and partners of the business.

What are the Benefits of Having a Business Bank Account?

There are many benefits to you and your business in having a separate business bank account. The advantages of having a business bank account include:

• Business transactions are kept separate and allow you to keep your business accounting records organised
• Salary payments can be processed separately through the account
• You can receive card, debit and credit payments to the account
• You can make transactions in foreign currencies
• Often, you will be able to carry out checks on businesses that you work with

How Much Do Business Bank Accounts Cost?

Business Bank Accounts can come with many additional fees that you need to pay: from a monthly fee that some banks charge in order to open the account  or a transaction fee that is added to money being sent from your business account. Because of this, we have brought together some of the best business bank accounts without fees or with very low fees.

Some business bank accounts will charge anywhere between £5-25 per month in order to have the account open. Often costs can incur from sending money abroad or to an account that is not affiliated with the same bank. However, this list has shown that there are many business bank accounts with no fees and that many accounts will not charge you a monthly fee or for international payments.

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Business bank accounts to consider include:

1. HSBC

If you’re looking for a current business account that offers great value and many features, HSBC is worth considering. One of the main benefits of HSBC business banking is that it’s available 24/7 online and via mobile, so you can manage your account anytime, anywhere. Plus, different accounts are available for new businesses, more established businesses, and community organisations. The standard monthly fee is just £6.50, and most account transactions are free for the first 24 months. You’ll also get a standard commercial and debit card and 18 months of free banking if you’re a new customer.

You’ll get 12 months of free banking if you switch to HSBC. And if that’s not enough, HSBC has also been awarded a Moneyfacts 5-star rating for Business Current Account in 2017. Plus, with the Best Tariff Promise, you can be confident that you’re always getting the best deal on your account. And if you ever need to get in touch with customer service, they’re available daily from 8am to 10 pm.

2. Lloyds Bank

Lloyds bank provides 24/7 online and mobile banking services for businesses of all sizes, from start-ups to established enterprises. It offers a range of account options, as well as plugins and integrations with popular software such as Xero and QuickBooks. In addition, Lloyds provides award-winning customer service and a choice of electronic or mixed transaction tariffs. For businesses needing extra support, the bank offers access to borrowing products and a UK-based business management team. With its comprehensive services and competitive pricing suite, Lloyds is an excellent option for businesses looking for a reliable banking partner.

3. Anna

Anna is a mobile business account that helps startups, freelancers, and creatives manage their finances. The account is accessible on their app 24/7, with several features that make it easy to keep track of expenses, invoices, and payments. Accounts are free while your monthly income is below £500—after that, the account fee is linked to your income. Debit cards are available, and you can earn 1% cashback on specific purchases. You can also set up reminders for tax payments and calculate how much tax you owe. Anna is an easy-to-use, affordable solution for managing your business finances.

4. Revolut

Launched in 2015, Revolut is a mobile business account that offers users a convenient way to manage their finances on the go. The account is accessible online and on a desktop, and users can trade in 30+ currencies with no fees. In addition, Revolut offers a virtual debit card that can be used for online purchases and company cards with spending controls. The free version of the app provides limited access, but users can upgrade to the paid version for £7-£100 per month. With the paid subscription, users can oversee their spending in real-time and receive notifications when transactions are made. In addition, the paid subscription integrates with accounting software such as Xero and QuickBooks. Finally, Revolut also offers payroll, loans, and overdraft services.

5. CountingUp

Countingup is a business current account that includes accounting features, bookkeeping and invoicing features, and contactless MasterCard access. The app is suitable for freelancers and limited companies. With Countingup you can manage your account 24/7, open an account in 5 minutes, and enjoy all the usual current account features such as Direct Debits, standing orders, payments, and transfers. The monthly fee for the account is £4.95-£9.95 depending on how much you deposit each month, and there is also a free account available for businesses depositing £500 or less each month. Countingup has received 4.5 stars on Trustpilot.

6. Virgin Money

The Yorkshire and Clydesdale Banks have recently merged with Virgin Money, creating a new combined offering for businesses. As part of this merger, Virgin Money is now offering 25 months free to new or existing businesses who switch to them. The £6.50 per month account fee includes automated credits and debits at £0.30, as well as cash payments at £0.65 per £100. In addition, there are no transaction fees for businesses within the EU. Furthermore, business owners can enjoy 0.35% cash back on debit card transactions and discounts at selected Virgin Money merchants. Finally, the Business Current Account – Business Tariff 2021 has been given a five-star rating by Virgin Money. To switch, simply fill out an online form and provide your current bank details. The whole process takes just seven days. Once you’re switched over, you’ll have access to intelligent Money Management digital tools to help you manage your finances more effectively.

7. Mettle

Mettle is a digital business account for limited companies and sole traders. You can manage your account on the app 24/7 and put aside money in Pots. You can also create invoices by reconciling them and integrating them with accounting software, including FreeAgent, Xero, and QuickBooks. Mettle also provides insights into monthly spending habits through using your card and adding receipts. There are no monthly costs or transaction fees. (This could change, but Mettle will warn you beforehand.) You can also apply for a maximum balance of £50,000 for sole traders and £100,000 for limited companies.

8. Metro Bank

Metro Bank could be a great option if you’re looking for a business bank account with excellent customer service. They offer telephone support Monday to Friday, 8-6 pm, and their branches are open seven days a week. Plus, with the 7-day Switch Guarantee, switching to Metro Bank is easy and hassle-free. Their accounts are available for startups and more established businesses, and they offer a variety of savings and business finance products. In an independent regulatory survey of the 14 largest business banks, Metro Bank ranked 2nd. And their monthly account fee is waived if your balance stays at £6,000+ for the whole month plus 30 free transactions. So if you’re looking for a convenient, customer-focused bank that offers great value for money, Metro Bank could be a good option.

9. Tide

Tide is a great option for businesses needing a reliable and accessible bank. With three different account options, companies can choose the plan that best fits their needs. The Free account is £0 per month, the Plus account is £9.99 per month and the Cashback account is £49.99 per month. All accounts come with a MasterCard debit card that can be used for contactless payments, and businesses can freeze and unfreeze their card on the app as needed. Additionally, bank transfers cost £0.20 or are free as part of the paid plans up to the monthly limit, making it easy to manage finances. finally, the Tide app also allows businesses to create and send invoices, and it can sync with popular accountancy software like Xero, QuickBooks and Sage. With a 4-star rating on Trustpilot, Tide is a well-reviewed option for businesses looking for an online bank.

10. Starling Bank

If you’re looking for a no-frills, low-cost bank account, Starling Bank is worth considering. There are no monthly fees, and you’re only charged for the services you use. You can also manage your account 24/7 using the app. And if you need any help, there’s 24/7 UK support available. Plus, you’ll get instant notifications whenever you get paid. Starling Bank also provides some great insights into your spending and outgoings. Starling Bank was named the Best British Bank, Best Banking App, Best Current Account Provider, and Best Business Banking Provider at the British Bank Awards 2021. Another plus is that your money is fully protected – up to £85,000 – by the Financial Services Compensation Scheme. You can also deposit cash at the Post Office. And if you need an overdraft, they offer up to £150,000, subject to approval. Lastly, Starling Bank integrates with accounting software like Xero and FreeAgent, so you can easily keep track of your finances. Oh, and one more thing – there are no overseas fees for spending and withdrawals!

11. NatWest

Natwest provides 24/7 online and mobile banking for businesses in their first 12 months, established businesses, and not-for-profits. Accounts are available with no minimum monthly charge, only pay for what you use. Automated payments (standing orders, bank transfers, etc.) are charged at £0.35 each. Cash payments in or out cost £0.70 per £100. Debit, credit, and charge cards are available. New businesses get 18 months of free business banking. Access free to FreeAgent accounting software. They were awarded ‘Best Banking App’ at the 2018 British Banking Awards. Savings accounts and borrowing are also available. Natwest is a reliable source for all your business banking needs.

12. Bank Of Scotland

The Bank of Scotland offers a range of business banking services, from startup accounts and switch guarantees to competitive foreign exchange rates for larger businesses. It is ranked 8th in an independent regulatory survey of the 14 largest business banks and offers 12 months of free business banking for new businesses. For existing customers, the Bank of Scotland provides free electronic payments on most accounts and debit, credit, and charge cards. Cash payments are from £0.90 per £100. Foreign exchange, insurance, savings, and finance products are also available. Fees start at £7 per month (depending on the account and annual turnover), with no upper limit.

The Bank of Scotland is committed to providing high customer service, with 24/7 online and mobile banking. This means you can manage your finances at a time and place that suits you. The Bank of Scotland is a trusted name in business banking, and its 7-day Switch Guarantee gives you peace of mind when switching to a new account.

13. TSB

TSB 24/7 online and mobile banking is available for businesses and charities. The account has a £5-£40 monthly fee, depending on the tariff. Free electronic payments are available. The account comes with a free card payment reader from Square. Debit and credit cards are available. Deposits can be made at 300 branches or Post Office branches. The account is ranked 11th in an independent regulatory survey of the 14 largest business banks. As benefit for small businesses is that the account is backed by the Current Account Switch Service guarantee.

14. Santander

Santander is a well-established bank that offers a variety of accounts for both small and large businesses. One of the main attractions of Santander is the low monthly fee, which can be as low as £0-5 a month for 18 months for new businesses and 12 months for switchers. In addition, Santander offers cashback on your turnover of up to £300, making it an attractive option for businesses of all sizes. Credit and debit cards are also available, and Santander has been awarded Moneyfacts Best Business Current Account Provider of the Year 19 years in a row. 24/7 online and mobile banking is another feature that makes Santander a popular choice among business owners. Finally, Santander offers a 7-day Switch Guarantee, which gives you peace of mind when switching to a new account.

15. Royal Bank of Scotland

Royal Bank of Scotland offers a number of different accounts for businesses of all sizes, including start-ups and established businesses. All new businesses can benefit from 24 months of free banking, and there is no minimum monthly fee, so you only pay for what you use. Larger businesses have access to a dedicated Relationship Manager, and all businesses can take advantage of the bank’s Entrepreneur Accelerator programme and local Business Growth Events. In addition, the bank offers a wide range of other products and services, including foreign exchange, insurance, savings, and finance. And with the 7-day Switch Guarantee, switching to Royal Bank of Scotland is easy and hassle-free.

16. Barclays

Barclays offers two simple price plans for businesses – one for accepting cash and cheques and one for online payments. It offers 12 months of free banking for businesses in their first 12 months of trading. UK-based phone support is available 7 am-8 pm, Monday to Friday. Monthly account fees are up to £8.50, but free cash machine withdrawals are available. Cash payments cost up to £1.50 per £100. Extra support is provided for businesses exporting goods and working abroad. Barclays also offers payment-taking services with Barclaycard.

How Do I Open A Business Bank Account?

Before starting the account setup process, gathering everything you need in one place is a good idea. This should include your business’s registration documents, such as your Certificate of Incorporation or Partnership Agreement, and your ID, like your passport or driving licence. Once you have all of this to hand, you can begin filling out the online application form.

Most banks will ask for similar information, but it’s worth checking their requirements in advance to avoid delays. When you’ve completed the form, you should hear back within a few days to a week with a decision on whether or not your account has been approved. Sometimes, they may require additional information or documents before making a final decision.

Once your account has been opened, you’ll be able to start using it straight away. This usually includes setting up online banking so you can manage your account from anywhere in the world. Many banks also offer a mobile app for added convenience. If you have questions about how to use your account, most banks have 24/7 customer support teams that will be happy to help.

What Documents Do I Need To Open A Business Bank Account?

When you’re ready to open a business account, you’ll need to provide your company’s registration number from Companies House. You’ll also need to provide detailed information about your business, such as tax information, turnover, and other capital. In addition, you’ll need to provide identification items for all directors or partners, including name, date of birth, address, and National Insurance numbers. Some banks may require that you already have a current account with them before you can open a business account. By gathering all of this information in advance, you can make the process of opening a business account much smoother.

How Quickly Can I Get A Business Bank Account?

Applying for a business bank account is a relatively simple process but it can take a few days to complete. If you’re applying for a traditional bank account, you’ll need to visit a branch and fill out an application. Once your application is approved, your card will be mailed to you within a week. The process is usually much faster if you’re applying for a neo-bank or an online-only account. In most cases, you can complete the application process in just a few minutes. However, it may take a day or two for your account to be activated. So, if you need access to your account immediately, it’s best to plan ahead. But overall, opening a business bank account is fairly straightforward, and shouldn’t take more than a few days.

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Business bank accounts ]are current accounts that are designed for businesses be it a start-up or a more established. They’re used for business transactions such as paying employees. The core functions of a business account are similar to current accounts except these accounts have some differences related to what is included. 

How To Choose A Business Account 

Different factors should guide your decisions when choosing a business account such as:

Offers– some banks will offer sign-up rewards which can last up to a year e.g. free banking. 

Transaction charges – these are made when money is being moved in and out of the business account and normally includes physical transactions and automated payments (direct debits and standing orders).

Banking charges- some banks charge monthly or quarterly fees which could impact your decision. Some offer free bank accounts.

Interest rates – the higher the interest rate the greater the return on savings. 

Branches– having a business account with a bank that has branches can be beneficial for depositing money from the business. 

Why Do I Need A Business Bank Account As An Entrepreneur?

When embarking on an entrepreneurial career and establishing your own business ensuring that your finances are accounted for properly is essential. 

Separating personal and business finances is even more crucial and there are some important reasons for doing so . The small print in a bank also prohibits opening a second personal account that is used for business purposes – if discovered your account could be closed.

 An exception to this is if you run a general business partnership, you don’t have to have a separate business account in this case.

 Limited partnerships and limited liability partnerships do require separate business accounts due to them both being registered separately with Companies House. 

How Do I Open A Business Account As An Entrepreneur?

After you have picked the bank you would like to open a business account with, the process for opening a business account is simple. They can be opened either in a local branch or online. You may prefer a traditional high-street bank or opt for an app-only bank such as Revolut, Starling Bank or Tide. App-only banks are particularly useful if you’re wanting a free business bank account or if you’re making overseas transactions as they are fee-free. 

The most common documents a bank will ask for are: 

1. Employer Identification Number (EIN)
2. Business license 
3. Ownership agreements 
4. Business formation documents

What Are The Benefits Of A Business Bank Account?

Professionalism- having a business bank account is more professional, having the separation between a business and personal account means your accounting records are organised. The name on the account will also be your business name looking professional to suppliers and customers. 

Tax Reporting- you’re required to file tax returns every year and having a business bank account means you can keep a securer record of business sales and expenses allowing your business to be more organised. 

Credit checks – having a business account will allow you to carry out credit checks on businesses and suppliers you work with. 

Payment processing – you can process salary payments with your business bank account and receive credit and debit card payments. 

How Much Does A Business Bank Account Cost As An Entrepreneur ?

Cost for opening a business account differs some banks have no account fees others will charge monthly fees that could range from £4.90-£49. It’s important to do research on the different fees for business accounts because even business bank accounts that are initially free may charge more after a certain period of time. 

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