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Business bank account checklist: 10 things to check before opening an account

Nov 15, 2026 Just now

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# Business bank account checklist: 10 things to check before opening an account

Choosing a business bank account? Use our 10-point checklist to compare fees, features and services, plus five business banking providers to consider

12 Min read • Published on November 6, 2026

by: Henry Williams

Securing an overdraft as a small business can help with cash flow

Business bank accounts come with very different fees, features and services. While some offer free everyday banking, others charge a monthly fee for the use of additional tools, support or transaction allowances.

The cheapest monthly account price isn’t necessarily the best value option for your business.
If you regularly pay in cash, make international transfers or process lots of payments, additional charges can end up costing a lot.

Before you apply, use our business bank account checklist to work out what you need and compare your options. We also look at five business bank accounts you can open today, including:

HSBC
Countingup
Tide
Zempler Bank
WorldFirst

### Business bank account checklist

Here are 10 questions to ask before choosing a business bank account.

1. Is there a monthly fee?

Some business accounts are free, while others charge a monthly subscription. Check whether any free banking offer is permanent or just an introductory promotion, and what you get for a paid plan.

How much will transactions cost?

Look beyond the headline monthly fee. Are bank transfers, Direct Debits and standing orders free? If there’s a monthly transaction allowance, how much will you pay when you exceed it? Even small charges can add up if you make lots of payments.

Can you pay in cash and cheques?

If you run a shop, café or another cash-handling business, check how and where you can deposit your takings. Some providers let you pay in cash at Post Office branches or PayPoint locations, but charges can vary considerably. Also check that you can deposit cheques.

4. What are the charges for international payments?

If you buy from overseas suppliers or sell to international customers, compare foreign exchange fees, exchange rate margins and transfer charges.

You could save money with an account that lets you hold and receive payments in multiple currencies.

5. Does it work with your accounting software?

An account that connects to Xero, Sage or your existing accounting software could save you hours of manual bookkeeping. Some providers also offer built-in invoicing, expense categorisation, tax estimates and receipt capture.

6. How can you access and manage your account?

Can you bank through an app, online, over the phone or in a branch?

If employees need access, it’s useful to be able to issue additional debit cards, set spending limits and give different team members permission to make or approve payments.

7. Can you access an overdraft or business finance?

An overdraft could help you manage short-term cash flow gaps, but not all providers offer one. If you plan to rely on borrowing to support your growth, compare options, eligibility requirements, interest rates and fees.

8. How is your money protected?

Eligible deposits with UK-authorised banks are generally protected by the Financial Services Compensation Scheme (FSCS), up to £120,000 per eligible depositor, per authorised institution.

Accounts provided by electronic money institutions use safeguarding arrangements instead and don’t have FSCS deposit protection.

9. What support will you get?

If something goes wrong, you want to be able to speak to someone quickly. Check whether the provider offers telephone support, in-app messaging or access to a business banking specialist. Dedicated relationship managers are usually only offered on the higher-tier plans.

10.

Will the account still suit you as your business grows?

You might only need a basic account today, but when you start growing your team, trading internationally or processing more payments, you might need more advanced features and allowances. Check whether you can upgrade your plan or add services without having to move your banking elsewhere.

### Can you switch business bank accounts?

If you’re unhappy with your current provider, you don’t have to stick with them.

The free Current Account Switch Service can move your payments and balance to a new participating bank in seven working days. It’s available to your business if it has fewer than 50 employees and annual turnover of no more than £6.5 million.

Not all providers participate, so check before applying.

Ultimately, the right account comes down to how you use it. Work out roughly how many payments you make each month, how much cash you handle and which additional services you’d actually use.

Then compare the total monthly cost rather than simply choosing the account with the lowest fees.

For more information about the application process, read our guide to opening a business bank account.

### Five business bank accounts to consider

Once you’ve worked out what you need from a business bank account, it’s time to compare your options. Here are five providers offering different features, services and pricing structures.

### HSBC

With HSBC, you get the convenience of digital banking alongside access to branches, Post Office cash services and specialist business support. Its Small Business Banking Account has no monthly fee and includes free standard UK digital transfers, making it a competitive option for everyday banking.

There’s also room to grow. Eligible businesses can apply for borrowing of up to £100,000, while sole traders can access bookkeeping and tax tools through HSBC’s My Business Finances service, powered by Sage.

Pricing:

Monthly fee: Free
Standard UK digital transfers: Free
Cash deposits and withdrawals: Charges apply – check HSBC’s current price list

Get started with HSBC

### Countingup

One of the biggest advantages of Countingup is that it brings your banking, bookkeeping and tax management together in one app.
Transactions are automatically categorised, and you can capture receipts, send invoices, track your tax liability and submit VAT returns without needing separate accounting software.

You can also automatically set money aside for your tax bill, earning 1.2% AER variable interest on your savings in the process.

Pricing:

Monthly fee: £5, £12 or £20, depending on monthly deposits
Free trial: Three months
Transfers and outgoing Direct Debits: Three free qualifying transactions per month, then 27p each

Get started with Countingup

### Tide

You don’t need to commit to a monthly subscription to start banking with Tide. Its free Lite account covers the basics, including bank transfers, invoicing and connections to accounting software.

As your business grows, you can move to one of three paid plans with larger transfer allowances and additional features. Tide also offers tools for managing employee expenses, taking customer payments and accessing business finance.

Pricing:

Lite: Free, with five bank transfers per month included
Smart: £12.49 per month, with 30 transfers included
Pro: £27.49 per month, with unlimited transfers
Max: £69.99 per month, with unlimited transfers and additional benefits

Get started with Tide

### Zempler Bank

If you regularly need to deposit takings, Zempler Bank lets you pay money into your account at participating Post Office branches across the UK. It’s a fully regulated UK bank, with eligible deposits protected by the FSCS.

Alongside everyday banking, you’ll find practical tools for invoicing, capturing receipts and tracking cash flow.

Zempler offers a free account for businesses with relatively few transactions, while its two paid plans give you higher payment allowances and cashback on eligible card spending.

Pricing:

Business Go: Free, with three outgoing payments or transfers included, then 35p each
Business Extra: £9 per month, with 20 payments or transfers included
Business Pro: £19 per month, with 500 payments or transfers included
Cash deposits: 0.55%, minimum £4

Get started with Zempler

### WorldFirst

If you’re buying or selling internationally, exchange rates and transfer fees can make a noticeable difference to your bottom line. WorldFirst specialises in helping businesses manage payments across borders, particularly those trading through international ecommerce marketplaces.

Its World Account lets you receive and hold funds in more than 20 currencies, so you don’t have to convert every overseas payment into pounds as soon as it arrives. You can then use those balances to pay international suppliers or convert them when you need to. Unlike a conventional business bank account, WorldFirst is an electronic money service, so your money is safeguarded rather than protected by the FSCS.

Pricing:

Monthly fee: Free
Local transfers: Fees vary by currency and payment route
International payments: Charges depend on the destination and currency
Currency conversion: Up to 0.5% FX margin, with an introductory 0.3% rate for eligible new customers

Get started with WorldFirst

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