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Here Are Some Free Business Banking In The UK

Banks provide financial and advisory services to small and medium businesses as well as larger corporations. These services are tailored to the specific needs of each business. These services include deposit accounts and non-interest-bearing products, real estate loans, commercial loans, and credit card services.

Matt Robinson
Feb 24, 202210 Shares658 Views
Free businessbanking in the UK is when some banks offer free banking service in the UK. The goal of this article is to find out what free business banking UKis and give our readers a lot of information about free business banking.
It's one of the first things to do when you start a new business. You'll need to open a business bank account. What does "free" mean, and what should you look for when you open a business account?
Many of the biggest UK banks give new businesses a chance to start without paying transaction fees for the first few months, as well as a lot of free software and guides.
You might get free accounting software, business planning software, business guides, books, help lines, and seminars from a bank when you start a new business. These freebies are meant to help you get your business off the ground and to get you to open a new business bank account with the bank.
You will usually find that offers are best for businesses that have just started to trade.
Existing businesses that have been in business for more than a year or two are more likely to get more "standard" bank terms.
When you open a new business account, be sure to find out what "free" banking periods are for. Do they cover all transactions, or will you be charged if you make a lot of transactions each month?
Check with the bank to find out what happens when the free banking period is over. Whether or not you'll get a chance to get a discount on your banking fees again, you'll have to decide.
You should also expect to have a single point of contact from the start. This person will be your business relationship manager. As a business of any size, having a relationship manager to help you with any questions or needs you have is very important.
Organizing your small business banking: These are some of the things you should think about when you start. Online and telephone banking, borrowing, savings, and interest rates are some of the things you can do with your money. If you're still not sure about the account you're going to open, you don't have to worry. You can usually change your business account without too much trouble, but if you do a little research, there's no reason you should have to make many changes later on.
There are some things that should come with your small business banking:
  • Insurance for card abuse
  • Travel accident insurance is a type of insurance that will pay for
  • Invest in protection.
  • Extending the warranty
  • Protecting yourself from fraud is called fraud defense.
  • Discounts and other deals from other businesses
It could be a big help to your small business if you took advantage of these benefits.

Banks That Offers Free Business Banking In UK


Barclays offer free business banking UK for up to 2 years (T&Cs; apply), and free automated transactions when your free business banking period ends. Other free services include free data backup services, debt recovery help and access to business seminars. The Barclays business bank account is perfect for all types of businesses and offers completely free banking for small business customers. It's also one of the few banks where you can open your account online. This account is recommended for new business owners or existing businesses looking to switch and cut costs. You get:
  • Fee free day to day banking for up to 2 years
  • Free online internet banking and telephone banking
  • Free &Credit; Focus& to help recover bad debts and late payments
  • Free advice from accountants, solicitors and marketingprofessionals
  • Free secure business data backup service
  • Apply online or over the telephone
Barclays have been running their fee free banking offer for many years now and this offer is available for new businesses and existing businesses wishing to switch their account.

Lloyds TSB

Lloyds TSB offer 18 months free day-to-day banking, free Sage business planning software, a free book, 'Getting Started in Business', and a wide variety of start-up support and resources.

Alliance And Leicester

Alliance and Leicester Commercial Bank Free Small Business Banking with No Catches
-No Fees - completely free and unlimited
  • Free Cash Deposits
  • Manage your account online, by telephone or even through mobile internet
  • Competitive interest rates
Although all Partnerships and Limited Companies need to have small business banking; your options are not overly limited. Besides which it generally makes financial and managerial sense to open a new banking system for your business, and keep your personal accounts separate. There are often particular benefits that come as standard with small business banking.

Santander Free Banking Account

The Santander Group took over the Abbey and Alliance and Leicester banks and they also offer a free business banking Uk account. It operates in a similar manner but also pays a massive 5% AER on credit balances. The main elements of their offer are:
  • Unlimited direct debits, standing orders and bill payments
  • Unlimited debit card payments
  • Unlimited automated BACS credit
  • Unlimited transfers between linked Abbey accounts
  • 100 cheque deposits per month
  • 100 cash and cheque withdrawals per month
  • £3,000 in cash deposited per month
  • 5% AER interest on balances up to £2,500 per month Charges for non standard services such as overdrafts and stopped cheques

Other Major Banks

The other main banks also offer free banking banking UK but for a limited period and then after that will make various charges. The free period offered varies as shown below:
  • HSBC - 18 months
  • NatWest - 24 months -Co-operative Bank - 18 months
  • RBS - free if you don't need to use a branch (i.e.: operate your account via telephone or the internet)

Other Options For Obtaining Free Business Banking In The United Kingdom

If you approach the banks directly, you will receive the above-mentioned offers; however, if you are a member of various business clubs and associations, they may be able to provide a better deal. These are as follows:
  • Federation of Small Businesses (FSB) - provides free business banking for life through the Cooperative bank - no fees as long as you are an FSB member and apply through their website. Membership in the FSB starts at £170 per year for 1-4 employees and comes with a slew of other perks, so it's well worth a look.
  • Operate online and via the telephone - If you never need to use the facilities of a branch network, HSBC and RBS offer free business banking UK if you interact with them over the phone or the internet. There are also no monthly fees.
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