The Best Business Bank Accounts For Your Mobile
Just in the same way that the UK retail banking sector has seen a massive shift with the advent of so called challenger banks offering mobile-only accounts, the business banking industry is now going through a similar transformation.
The best business bank accounts
We're now seeing a number of Fintech companies offering sophisticated business bank account functionality via easy to use mobile apps. Opening accounts can take just minutes and the business owner and freelancer can digitally set up their business banking requirements with the same ease that the retail consumer currently enjoys.
Here's a look at some of the more well-known business banking account apps together with their features:
Founded in 2014 by Anne Boden, a leading banking industry entrepreneur, Starling offers both personal and business accounts. They have recently passed their one million customer milestone and have amassed £1 billion in deposits.
They offer business accounts for limited companies, contractors, freelancers and sole traders. Companies can either use the mobile app or their desktop to manage their money.
- Connect with QuickBooks, Xero & FreeAgent
- 24/7 support in-app or phone
- Flexible overdraft
- Multi-director accounts
- Instant payment alerts
- Cash deposits via Post Office
ANNA stands for Absolutely No Nonsense Admin and is an app, a card and a business account that helps creative small businesses and startups with their financial admin.
According to ANNA they are made up of design, marketing and tech experts from across the world and see a future where ideas, creativity and innovation are encouraged and running a business is fun.
ANNA was co-founded by digital entrepreneurs Eduard Panteleev, Boris Dyakonov and Slava Akulov. They say ANNA was created to provide businesses with timesaving tools, enabling them to spend more time doing what they love.
- FREE for 3 Months - When you sign up with PocketRate
- Give co-workers their own ANNA debit card with limits
- Instant transaction alerts
- Free direct debits
- 1% cashback using your ANNA debit card
- Connect other business and personal accounts
- Free money transfers and ATM withdrawals
Within a year of launching in 2016, 1 in 12 business accounts were being opened with Tide. Today, Tide says it now has over 130,000 small-business owners using their mobile platform for business current accounts and financial administration services.
The Tide focus is on the SME sector, which it says has been vastly under-serviced by the more established banks. Where traditionally it could take weeks to open an account and require a mountain of paperwork, most accounts are now approved in just minutes via the Tide app.
- Get £50 PLUS year of free transfers - use code POCKETRATE when opening an account
- Automated categories for income & expenses
- Multiple accounts
- Easy card management
- Create and pay invoices
- Access via mobile, laptop or desktop
- Connect with Xero and QuickBooks
- Support in the app - dedicated team
Known for their explosive growth in gaining European retail banking market share since their launch in 2015, they now have over 8 million customers using their mobile app. However, Revolut also offer a business account solution that has already been taken up by 250,000 companies.
Their strap-line of 'Start local, scale globally' refers to a business account that you can use for both domestic and international payments without any hidden fees.
- Company and Freelancer options
- Hold and exchange 28 currencies
- Local accounts in GBP and EUR
- IBAN for global transfers
- Prepaid debit cards
- Mobile app for cardholders
- Virtual cards
- Connect with Zero, FreeAgent & Slack
- Open API