By Dom Walbanke on Growth Business – Your gateway to entrepreneurial success From eligibility requirements to software integrations and support, here is a round-up of the best business bank accounts for scale-ups The post Best business bank accounts for scale-ups appeared first on Growth Business.
Dom Walbanke
Whether you’re looking for an account to help scaling internationally, to provide business and support, or just low fees, we’ve rounded up some of the best business bank account offerings for scale-ups.
Scale-ups are often defined as a fast-growing business that has rapidly increased its revenue and operational scope, usually with a global outlook. This means that a standard business account won’t necessarily cover your banking needs.
Key takeaways Scale-ups receiving and sending international payments regularly should look out for multi-currency accounts. Not all business accounts are covered by the FSCS protection. HSBC Business Banking Account
HSBC’s Small Business Banking Account has no monthly account fees and free UK digital banking*, making it a great option for scale-ups looking to switch to a new provider.
Alongside borrowing solutions up to £100K and overdrafts, HSBC’s Small Business Banking Account gives access to a range of training courses run by HSBC’s partners, including Microsoft, UpSkill Universe and Google. They also run free webinars and events to build skills and connections.
There are fees linked to international transfers (inbound and outbound), including 2.75% of the converted amount for non-sterling payments, which may mean scale-ups with an international outlook should look to multi-currency accounts.
(*Free UK digital banking and free bank transfers means day-to-day standard electronic transfers made through Business Internet Banking and HSBC UK Business Banking app are free. Other Charges apply e.g. Cheques and CHAPs. See Business Price List for details. Subject to application, eligibility, credit check, and T&Cs. A full list of prices and charges applicable can be found in HSBC UK’s Business Price List at business.hsbc.uk/legal)
Key features:
No monthly account fees Borrowing solutions available Free day-to-day standard electric transfers made in Internet Banking and app Covered by FSCS Revolut Business
Revolut recently received its banking licence, which means it is now covered by the Financial Services Compensation Scheme (FSCS).
This is great news for SMEs looking for a bank account with a wide range of solutions linked to a Revolut Business account – including expense management, hr software, and a merchant account with linked payments software and hardware.
For scale-ups with a global outlook, Revolut Business’ multi-currency account can hold up to 30 currencies in one place and no-fee currency exchange (dependant on your plan). With the Scale account, you can make 25 fee-free international transfers per month.
In terms of costs, Revolut Business’ Grow account is £30 per month, while the Scale account is from £90 per month.
Key features:
Hold, exchange and transfer currencies with real exchange rate Issue free corporate cards to employees Integrate with accounting software Covered by FSCS
Right now, you can receive £100 welcome bonus by signing up to Revolut Business via Small Business, a sister website of Growth Business. To receive the £100 you must onboard via this link. Offer ends 31/12/2026. Fees, promotional terms, and T&Cs apply.
Allica Bank is designed for established businesses, especially those that have a large amount of company cash sitting idle. With a wide range of business savings accounts, including 12 month fixed-rate, 180-day notice, and easy access, you could earn up to 4.00% AER by opening an account with Allica Bank.
There are no monthly fees linked to the account, provided your balance doesn’t fall below an average of £10,000 in the previous month, and you’ll have a direct line to your relationship manager to help you get the most out of your account.
Allica Bank charges fees for outgoing international transfers and can only receive international transfers in GBP, meaning it might not be the best option for scale-ups with a global outlook.
Key features:
No monthly account fees Dedicated relationship manager Good range of savings accounts Covered by FSCS WorldFirst
WorldFirst’s all-in-one multi-currency account with competitive FX rates means they are a good fit for scale-ups looking to make and receive regular international payments from an online shop.
The account has no monthly account fees or fees to collect funds, and no minimum balance requirements. You can also integrate Xero’s accounting software.
One downside to the WorldFirst account is that it is not covered by the Financial Services Compensation Scheme (FSCS).
Key features:
No monthly account fees Receive funds in one multi-currency account Not covered by FSCS Tide
Tide’s Pro account has many features that make the £24.99 monthly account fee not only competitive, but potentially saving your business a lot of money on other banking charges and business software.
Alongside 0% FX fees for foreign currency card transactions, unlimited free transfers to and from other bank accounts, scale-ups with a global outlook can benefit from 2 free transfers CHAPS per month.
The Pro account also comes with Tide Accounting free, as well as the option to add payroll software at £12 + VAT a month, and a linked instant access saver account up to 3.29% AER.
Key features:
No transfer fee + 0.50% FX fee for transfers to/from foreign bank accounts 0% FX fees for foreign currency card transactions Unlimited free bank transfers to/from other UK bank accounts Up to 3.29% AER instant access saver account. Covered by FSCS (via ClearBank) Monzo
Monzo’s Team account is a great companion for scale ups with big teams. From expense management, bulk payments and international payments, the Monzo Team account has many features that can simplify a sudden onrush of admin.
Monzo allows you to send and receive money in 40+ currencies and 70+ countries in the real exchange rate, with no hidden fees. However, for outbound payments you will need a Wise account which does have fees linked to it.
If you’re looking for a linked instant access account, Monzo’s saver pot (1.30% AER) is bettered by other providers, but it does not have a minimum deposit requirement.
The team account starts from £25 per month.
Key features:
Manage team expenses Financial insights and reporting Invoicing software available from £9 per month Covered by FSCS Equals Money
The Equals Money business current account is an alternative to traditional business bank accounts. It allows users to manage their spending, finances and accounting all in one platform, as well as send and receive money in 38 currencies.
Equals Money is not covered by the FSCS.
Equals Money don’t disclose the costs for opening a multi-currency account, meaning you’ll need to contact the sales team. However, for a cards and expenses platform the Business Plus Tier, which allows users to issue up to 50 physical expense cards and up to 100 free virtual cards, both free to use in up to 21 currencies, costs £350 per year (which includes a 17% discount for paying annually).
Key features:
Send and receive money in 38 currencies Manage expenses and accounting in one platform Zempler Bank
Zempler Bank’s Business Pro account has all the features of the free Business Go account – including UK telephone customer support with humans, 24/7 account fraud protection and cashflow tracking – with up to 500 free payments and transfers a month.
Zempler Bank might not be the best option for scale-ups making or receiving regular international payments as international payments aren’t a free feature. An international inbound payment can cost up to £22 per payment, while outbound payments will incur charges via Wise.
Right now, Zempler are offering a £100 reward for opening a free business bank account. Just incorporate your company, deposit £100 within 30 days, and you’ll be rewarded with £100.
Key features:
UK customer support from real humans 500 free payments and transfers a month Covered by FSCS Santander
Santander offers free business banking for switchers for 12 months (£9.99 standard monthly fee afterwards). This may be ideal for scale-ups looking for a High Street bank that provides insurance, savings, and borrowing solutions.
Santander say you can switch your account to them in 7 days as long as your current bank is part of the CASS guarantee.
Key features:
Wide range of products linked to the business bank account, including borrowing solutions Easy to switch Covered by FSCS Metro Bank
If your scale-up has a £2million turnover, the Metro Bank Commercial Current account may be of interest. Benefits of the account include a dedicated relationship manager, no setup fee or monthly maintenance fees, and integration with Xero.
You will also have access to commercial lending options, including loans, invoice finance, asset finance, and overdrafts.
Key features:
No monthly account fees Covered by FSCS More on business banking
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