- 'Free' accounts almost always cap free transactions and charge for cash handling
- Digital providers win on speed and software integration; high-street wins on cash and lending
- Confirm FSCS protection specifically — not every provider is a full bank
- Model your real transaction volume before comparing on the headline fee
Digital-first vs high-street
Digital providers approve accounts in minutes and integrate directly with accounting software, but usually lack branch cash deposit facilities. High-street banks are slower to open but suit cash-heavy businesses and larger lending relationships.
What a free account usually excludes
Most 'free' business accounts still charge per transaction above a monthly allowance, and for cash or cheque deposits. Model your real monthly transaction volume before assuming free means free.
Accounting software integration
A direct feed into Xero, QuickBooks or FreeAgent removes hours of manual reconciliation every month — check this before comparing on fees alone.
FSCS protection
Confirm the provider holds a full UK banking licence for FSCS protection up to £85,000, rather than being an e-money institution that only safeguards funds.
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