Best Business Bank Accounts: Which Is Right for Sole Traders and Companies?

International clients add another consideration: receiving invoices in EUR, USD or GBP and converting between currencies. I have compared UK business offerings from Starling Bank, Monzo and Metro Bank alongside Wise Business, Revolut Business and Revolut Pro. This is a UK-focused comparison for UK-registered businesses, not a worldwide ranking mixing British and US banking regulations. My recommendations are based on published terms and features rather than claims to have personally tested every app over the long term.

Updated 13 October 2026. UK prices are shown in pounds sterling unless otherwise indicated. Free account maintenance does not imply free cash deposits, every transfer or additional cards. Eligibility depends on your legal structure and business activity. Wise operates as a payments institution rather than a conventional deposit-taking bank; protection of its balances differs from ordinary bank deposit protection. Always check the provider’s latest terms before applying.

Which business account is best?

For a straightforward UK sole-trader or limited-company account, I would start by comparing Starling and Monzo, while Metro Bank deserves attention if branch access and cash handling matter. For overseas invoicing, Wise Business is a useful option to compare. Revolut Business can be attractive for companies requiring employee cards and expense controls, while Revolut Pro is designed for eligible individuals working for themselves.

Provider and plan	Account cost	Best suited to	Key limitation
Starling Business Account	£0 monthly for the basic account	Eligible sole traders and limited companies	Cash deposits and some add-ons cost extra
Monzo Business Lite	£0 per month	Sole traders and eligible small companies	Premium tools not included
Monzo Business Pro	£9 per month	Owners needing invoicing and more tools	Recurring subscription
Monzo Business Team	£25 per month	Teams and limited companies	Higher ongoing cost
Metro Bank Business Account	£0 with at least £6,000 daily balance; otherwise £8 per month	Businesses using cash and branches	Balance requirement and transaction charges
Wise Business	No standard monthly subscription; £50 one-off account-details fee	International invoices and multi-currency payments	FX and some transfers cost extra; not a bank deposit
Revolut Business Basic	From £10 per month	Limited companies and eligible firms	Payment and currency-exchange allowances
Revolut Pro	No additional monthly Pro fee	Eligible self-employed individuals	Not intended for limited companies

My quick shortlist: Starling is a strong place to start if you want a traditional bank business current account without a monthly maintenance fee. Monzo Lite is worth considering for a simple app-led account, while Pro and Team may be useful if you will actually use their extra features. Metro Bank appeals to businesses with a practical need for branches. For international invoices, I would compare the final amount received using Wise.

How I compared business accounts

I assessed the overall cost and practicality of using each account for the relevant business structure. The comparison includes monthly fees, domestic transfers, cards, cash deposits and withdrawals, digital banking, accounting exports, user permissions and international payments. I also distinguish bank deposit protection from the safeguarding arrangements used by payment institutions.

• Business eligibility: Is it available to a sole trader, partnership or limited company?
• Monthly charges: Are they permanently free, promotional or dependent on a balance?
• Transactions: What do domestic payments, cash deposits and withdrawals cost?
• Access: Can an accountant or staff member have separate permissions?
• Digital services: Are invoices, cards and accounting integrations supported?
• Foreign currencies: What is the amount received after exchange rates and fees?
• Future needs: Will the account still work if the business grows?

I have not assigned a fabricated numerical rating to products that I have not tested under identical conditions. The right business account depends on what your business needs to do, not on a supposedly universal winner.

Best business accounts compared

A freelancer working with online invoices has different requirements from a shop taking daily cash payments or a limited company employing a team. Below I explain what each UK product is intended for, where extra charges may arise and when I would consider an alternative.

Starling Bank: Free everyday business banking

Starling offers an eligible UK business current account without a monthly account maintenance charge. The product is intended for suitable sole traders and limited companies and provides a debit card, UK bank account details, app-based account management and electronic payments. It can be a sensible starting point when predictable basic banking costs are more important than a temporary bonus.

Some additional services, including cash deposits and optional tools, are charged separately. Check eligibility, how you intend to receive customer payments and the availability of the functions you require. I recommend it for: eligible sole traders and small UK limited companies with mostly electronic payments. Main limitation: free core banking does not mean unlimited cash handling or every feature is included.

One important distinction is that Starling is a licensed bank rather than merely a payment institution. Eligible deposits may be protected under the applicable UK deposit-protection arrangements, subject to the relevant rules and limits. This legal difference is worth considering when comparing Starling with Wise Business.

Monzo Business Lite: A simple free account

Monzo Business Lite costs £0 per month and covers the essentials of an app-led UK business account. It offers payment management and banking tools for eligible sole traders and smaller companies without requiring a paid subscription. If your business sends and receives relatively straightforward payments, this may be enough.

Lite does not include all of the advanced invoicing, bookkeeping and team capabilities of Monzo’s paid plans. Card use, cash deposits and selected extras may have separate terms. I recommend it for: businesses wanting simple UK payments and minimal fixed charges. Main limitation: the more advanced administration tools require an upgrade.

Monzo Business Pro and Team: Extra tools for growing businesses

Monzo Business Pro costs £9 per month, while Business Team costs £25 per month under the published UK plans. Compared with Lite, the paid tiers provide additional functions that may be valuable for invoicing, bookkeeping or managing a larger business. The Team plan is the option to examine when multiple people need to work with business finances.

At £9 per month, Pro costs £108 over a full year; Team at £25 costs £300 over a full year, assuming no change in plan or price. Those figures should be weighed against the time saved by the included features. I recommend them for: active businesses that will actually use the upgraded tools. Main limitation: recurring fees make less sense if you only need basic transfers.

Metro Bank: A business account with branch access

Metro Bank’s published UK business account has no monthly maintenance fee when the required daily balance of at least £6,000 is maintained; otherwise the monthly charge is £8. Unlike purely app-led providers, Metro Bank is worth considering for companies that value in-person service and cash operations.

A balance-related exemption is not the same as unconditional free banking. If your business routinely runs below the threshold, the normal fee could amount to £96 over twelve months before transaction charges. I recommend it for: businesses using branch services and maintaining the qualifying balance. Main limitation: cash operations and other transactions may have separate charges, so check the full price list.

Wise Business: Multi-currency payments and overseas invoices

Wise Business helps eligible UK sole traders and companies hold supported currency balances, receive international payments and transfer money abroad. Its exchange-rate and fee information is displayed before a transfer, making it easier to compare the actual amount a client or supplier will receive. This is especially relevant if you invoice customers in USD or EUR while keeping business books in GBP.

Wise lists a £50 one-off fee for access to its international business account details under the relevant UK pricing. There is no standard monthly account subscription, but foreign-exchange conversions, certain incoming payments and other services may incur separate transaction fees. The total cost depends on currency, payment route and amount.

I recommend it for: international consultants, online retailers and UK limited companies with overseas customers or suppliers. Be aware: Wise is not a conventional bank and ordinary Wise payment balances are not protected in the same manner as bank deposits. Wise uses regulated safeguarding arrangements for relevant customer funds. If you deposit cash or need business lending, retain an appropriate UK bank account as well.

Revolut Business: Cards, currencies and team spending

Revolut Business provides accounts for eligible companies and registered businesses needing virtual or physical company cards, multi-currency transfers and expense permissions. It can help owners allocate spending limits, review payments and give staff access to selected finance tools without sharing the owner’s login.

Revolut’s UK Business Basic plan starts at £10 per month; higher plans provide expanded transfer, foreign-exchange and operational allowances. Beyond the plan’s included activity, extra charges may apply. Features for accepting customer payments may also have a separate pricing structure. I recommend it for: eligible limited companies and teams with international business spending. Main limitation: subscription fees, usage limits and a different approach to cash handling from a branch-based bank.

Revolut Business should not be confused with Revolut’s personal account referral programme. A personal invitation link does not automatically qualify as a tracked Revolut Business partner link or guarantee a commission for opening a business account.

Revolut Pro: For eligible self-employed people

Revolut Pro is a business-oriented feature in the personal Revolut app for eligible self-employed individuals. It can separate work-related funds and transactions, offer a dedicated card and support ways to accept customer payments. There is no additional monthly Pro subscription fee, although payment acceptance and certain other operations may be charged.

I recommend it for: freelancers and sole traders with relatively simple needs, subject to provider approval. Main limitation: Pro is not designed to serve as the registered business account of a UK limited company with multiple officers or an accounting team. If that is your situation, assess Revolut Business or a suitable UK company account instead.

Best business account for international payments

For recurring invoices in EUR, USD or GBP, I would compare Wise Business and Revolut Business alongside a UK bank account. Wise is particularly useful to evaluate for transparent one-off currency transfers. Revolut Business adds team cards, permissions and spending controls that may be useful as a company grows. Your main bank account can still handle payroll, everyday UK payments and any cash deposits.

Neither provider is automatically the cheapest for every transfer. Compare the complete amount received after fees and conversion, the transfer’s timing and the supported currencies. A provider that is ideal for one exchange route may be less competitive on another. Also ensure the statements and supporting documents meet your accountant’s requirements.

Best business account for sole traders

I would shortlist Starling Business and Monzo Business Lite for UK sole traders who mainly receive invoices and make digital payments. They offer straightforward core banking without monthly account-maintenance subscriptions for eligible customers. Monzo Pro may be worthwhile if its invoicing and administration features save enough time to justify the fee.

• Simple digital payments: Starling Business or Monzo Lite.
• Additional invoicing and financial tools: Monzo Pro, if its features are needed.
• Regular cash deposits: Compare Metro Bank and other branch banks.
• Foreign-currency client invoices: Wise Business alongside a UK account.
• Small-scale solo activity: Revolut Pro, if eligible.

A sole trader should still check the provider’s permitted business types. An account advertised to self-employed people is not a licence to use a personal account for any commercial activity; the relevant contract and the nature of the work matter.

Best company account for a limited company

A UK limited company needs an account accepted for its registered legal entity, with appropriate director and employee permissions. Starling Business and eligible Monzo Business plans deserve consideration for straightforward operations. For businesses with frequent cash deposits, Metro Bank or another suitable high-street provider could be more practical. Revolut Business may help with team spending, while Wise Business can supplement overseas transactions.

Check whether the provider can verify all required directors, beneficial owners and authorised users. Do not assume that an individual sole-trader product, such as Revolut Pro, is suitable for company money merely because one director controls the company.

Free business accounts: What still costs money?

A £0 monthly plan may still charge for cash handling, foreign payments or specialised features. Starling and Monzo’s free plans can have separate charges for particular transactions and add-ons. Metro Bank’s zero monthly charge depends on its daily balance rule. Wise has conversion fees and a one-off charge for certain account details, while Revolut Business uses paid tiers and allowances.

Calculate the cost of a typical month using your real transaction pattern. A business paying £8 monthly would spend £96 over a full year before other charges. A paid plan could still be good value if its included features replace separately priced services; an unused subscription is simply an avoidable business cost.

HMRC, Making Tax Digital and business accounts

UK business tax and accounting rules must be assessed locally, not copied from Slovakia’s financial transaction tax rules. Sole traders and limited companies have different record-keeping and reporting obligations. Depending on the business, HMRC requirements, VAT records and Making Tax Digital may affect which accounting integrations and exports you need.

A separate business account can make it easier to reconcile invoices, suppliers and tax payments. For a limited company, keeping company and personal finances properly separated is particularly important. Overseas payment accounts do not remove UK tax obligations; ask a qualified accountant to check any uncertainty about the use of foreign account details.

What should you check before choosing an account?

The main risks are selecting the wrong legal-entity product, misunderstanding introductory fees and overlooking transaction charges. You should also check the service’s authorisation, deposit protection or safeguarding arrangement, approval workflows, accounting compatibility and practical handling of cash. All of these can matter more than a short-term joining offer.

• Eligibility: Does the provider accept your exact type of UK business?
• Pricing: Which fees apply after any introductory period?
• Transaction allowances: Are transfers, cash deposits and extra cards charged?
• Team access: Can your accountant and employees have distinct permissions?
• Integration: Can you export data to your chosen accounting software?
• International transfers: What arrives after exchange-rate and payment charges?
• Protection: Are funds held as bank deposits or under payment-institution safeguarding?

How to open a business account

To apply, you will normally need identity documents and details of your business; companies may also need information about directors and beneficial owners. Some applications can be completed online, but the provider may request further verification depending on ownership, industry and transaction patterns. Make sure that all account details match the legal entity receiving customer payments.

1. Identify whether the applicant is a sole trader, partnership or limited company.
2. Compare the standard plan and its transaction charges.
3. Prepare proof of identity and relevant business-registration details.
4. Apply through the provider’s supported channel.
5. Set up payments, user permissions and any employee cards.
6. Connect your accounting software and verify a test payment.

UK businesses may use accounting platforms such as Xero, QuickBooks or FreeAgent. Before selecting a provider, verify that the specific bank feed or import functionality is available for your chosen account type and accounting plan.

Tip: Keep customer payments, tax reserves and personal spending clearly separated. If your business receives foreign currencies, compare the complete transfer cost rather than choosing solely on a headline exchange-rate claim.

Conclusion: Which business account would I recommend?

For a simple UK sole-trader business, I would start by comparing Starling and Monzo Lite; for a limited company, compare the eligible company plans and consider a provider with appropriate team access. Metro Bank may be worthwhile when branches and cash are essential. Wise Business is a useful candidate for international invoices and Revolut Business for employee cards and spending controls.

There is no single winner for every business. Legal structure, transaction volumes, cash handling, currency needs and accounting workflows should guide the decision. Check ongoing fees before relying on an introductory promotion, and avoid paying for tools you do not need.

Frequently asked questions

Common questions concern free business banking, eligibility for limited companies and whether fintech accounts provide the same protections as banks. The answers below relate to UK-based businesses and UK financial services, not similarly named products sold in other countries.

Which bank offers a free UK business account?

Starling offers a business bank account without a standard monthly maintenance charge for eligible customers, and Monzo Business Lite is also £0 per month. Both can have charges for certain services. Other providers may waive fees only when balance or other conditions are met.

Does a sole trader need a separate business bank account?

A sole trader is not necessarily subject to a blanket legal requirement to pay for a separate business account, but provider terms and record-keeping requirements still apply. A dedicated account usually makes it easier to track income, expenses and tax obligations. Limited companies should keep their company money properly separate from the directors’ personal funds.

Which account is suitable for a limited company?

Compare eligible Starling and Monzo company products, a branch-based bank such as Metro Bank and Revolut Business for team spending. Choose a plan that supports your ownership structure, authorised users and required payment types.

Can a limited company open Revolut Pro?

No. Revolut Pro is intended for eligible self-employed individuals, not as the company’s own account for a separate legal entity. A limited company should assess Revolut Business or another appropriately supported company account.

What is the difference between Wise Business and Revolut Business?

Wise focuses on multi-currency balances and international transfers, while Revolut Business also offers extensive team cards and business expense controls. Pricing depends on the transfer route, currency, monthly plan and actual usage.

Are Wise Business balances protected by bank deposit insurance?

Not as ordinary bank deposits. Wise is a regulated payments provider and uses safeguarding rules for relevant customer money rather than conventional bank deposit-protection arrangements. Check the current regulatory disclosures for your account.

Does Slovakia’s financial transaction tax apply to UK accounts?

Slovak tax rules should not be used to describe UK banking or UK tax obligations. UK businesses need to follow the rules applicable to their own tax position, including HMRC reporting and relevant VAT or Making Tax Digital requirements.

Is a business debit card always free?

No. Some plans include a basic card but charge for replacement, additional or employee cards. Virtual cards, cash withdrawals and foreign transactions can have separate conditions. Check the relevant plan’s pricing before relying on a free-account claim.

How was this comparison prepared?

I compared UK pricing and product information for Starling, Monzo, Metro Bank, Wise and Revolut available on 13 October 2026. This is an editorial comparison of published terms, not a long-term first-hand test of every product.