What Is The Best Online Business Bank?

[Bob12345]

Hi everyone,


I'm currently in the process of setting up a new business and one of the things on my checklist is choosing the right online business bank. With so many digital banking options out there now—from traditional banks with online services to fintech startups offering fully online accounts—I'm finding it hard to decide which one is the best fit.


I'm looking for something that offers:

• Easy setup (preferably with minimal paperwork)
• Low or no monthly fees
• Good customer service
• Solid integrations with accounting tools (like QuickBooks, Xero, etc.)
• Mobile-friendly with a clean interface
• Multi-user access for future team members
• Strong reputation for reliability and security

I'd love to hear from fellow entrepreneurs, freelancers, and small business owners:
Which online business bank do you use and why?
Have you had any particularly good or bad experiences?


Any tips or red flags to look out for would also be much appreciated!


Thanks in advance.

 

[Byzantium]

I have an account with Starling but they would not allow an account for another almost identical business.

Support is like dealing with children and wanting video messages and constantly wanting updates under threat of losing access to the account.

You simply cannot run the risk of dealing with people who you cannot hold accountable and who are "working" from their kitchen table on a small screen laptop with their kids in the background. You need to be working with professionals.

 

[Bob12345]

I have an account with Starling but they would not allow an account for another almost identical business.

Support is like dealing with children and wanting video messages and constantly wanting updates under threat of losing access to the account.

You simply cannot run the risk of dealing with people who you cannot hold accountable and who are "working" from their kitchen table on a small screen laptop with their kids in the background. You need to be working with professionals.

Thanks, that’s an interesting point.

Does anyone else have any positive or negative experiences with online-only bank accounts?

 

[fisicx]

They are ok if you just want to use them for transfers and payments. I wouldn’t use them as a primary business banking account.

 

[Mark T Jones]

Fintech - ' a lot more tech than fin'

Fine for standard electronic transfers, rubbish for anything else.

 

[apricot]

Starling, without a shadow of a doubt, is brilliant. You only need to remember one password, and there’s practically nothing you can’t do within the app— many other banking apps that still require you to log into the website for various tasks but with Starling, you don't need to.

If you’re dealing with foreign currencies, I highly recommend Wise. Starling offers great exchange rates too, but Wise is by far the best for international transactions.

 

[ash799]

Tide, is goot also Revolut, but like mentioned just for transfers only, anything else (i.e Cheques) and they're not too good.
/
I would avoid Anna and Starling personally, you'll spend more time sending them proof of incoming deliveries pictures of stock and invoices.

 

[Paul Norman]

I guess this is one of those things where there will be as many opinions as there are options.

I am one of those dull people who have had multiple business accounts, and personal accounts, with the same High Street bank since around 1993.


I have been content with that. It is Lloyds. I am certain, however, that should I wish to start a new business I would have to shop around, and it seems so often to be that new businesses have to go with whoever is willing to take them on.

But there are some to avoid. I hear horror stories around some of the online only options, with the probable exception of Starling.

None of which is that helpful. But the truth is new businesses often have few choices here.

 

[Paul Kelly ICHYB]

Whilst most of the new challenger banks will do what you want and are OK, multi user will probably be an issue.

 

[DontAsk]

I have been content with that. It is Lloyds.

Similar situation here, although only 20 odd years. Started as sole trader with Alliance and Leicester who were taken over by Santander, then transitioned to Ltd under Santander. Phone (especially) and on-line chat have always been helpful and I have had zero issues in running multiple personal and business accounts with Santander.

 

[fisicx]

NatWest for me. Similar stories to the above.

I also have a starling account plus wise and revolt but almost everything is done via NatWest

 

[Byzantium]

I should perhaps also add that I wanted a commercial mortgage to buy a property I trade from which unexpectedly came to the market and buying it would protect me from 2 x overdue rent increases and frankly it is a mathematical no brainer.

Except that I didn't just have £400k+ lying around under the bed.

I bank with Barclays but I threw the net out a little, perhaps more than a little. Natwest were superb, back within 24 hours, offer inside 48 hours and margins over base were circa 1.75%. LTV to 75%.

Metrobank were also good but wanted circa 4% above base and in a pinch, you'd take it and then refinance. LTV to 75%.

Allica were very good, old fashioned relationship but they wanted to understand all my businesses and all my tax strategy which is well beyond this remit, so we could not get a deal, though I think we could have.

Barclays plodded a bit and we changed relationship managers but they made an offer, it got kicked back asking for 1.5% over base and it came back just a little over that with reduced fees and up to 80% LTV. Fixed rates at decent spreads over base too but not right now I think as rates should go down.

So in the end, the "adult" relationship with a real bank came through and I think it sets in place a proposal for future deals. I have zero confidence the children running the challenger banks could have got a deal on the table truthfully.

 

[BusterBloodvessel]

Why does this post smell fishy to me? Is it just me?

 

[DontAsk]

Why does this post smell fishy to me? Is it just me?

You need to wash more often?

Context will help. Are you referring to the OP or the most recent post?

 

[BusterBloodvessel]

You need to wash more often?

Context will help. Are you referring to the OP or the most recent post?

OP doesn't read as someone who genuinely wants to open a new business bank account.

Maybe I'm having a cynical day...

 

[AmazonGeek]

I have accounts with Starling, Monzo and Tide for different businesses. All are pretty good but my more recent clients are reporting that it is getting harder and harder to open new accounts (it used to take 5 minutes). There is a lot KYC now than ever and certain things can get you red-flagged and the application rejected (mentioning buying from China for example).

 

[Pish_Pash]

I've literally just moved to Allica...the move was smooth as silk & many benefits over the HSBC that I left

 

[Byzantium]

I've literally just moved to Allica...the move was smooth as silk & many benefits over the HSBC that I left

Though I couldn't get a deal done with Allica for the commercial mortgage, I liked their approach and would seriously consider them for the future.

 

[AlexanderEste]

If you’re just looking for a solid online business bank in the UK, the short answer is yes, the newer digital banks usually make more sense than high street ones. We switched from a traditional bank to an online account last year mainly because of fees and slow support, and the difference was noticeable pretty quickly: onboarding took a day instead of weeks, payments cleared faster, and monthly costs dropped to roughly £0–£10 depending on extras. What worked for us was using a main digital bank for day-to-day ops and keeping a secondary account purely as a backup, because freezes can still happen with any provider. I’ve also seen people here mention Wise and Revolut for international payments, which matches our experience, especially if you invoice outside the UK.

 

[AlexanderEste]

If you’re comparing options for a best company bank account and want something that also makes sense for digital-asset related setups, I came across Kea when researching alternatives. Their statements are actually a useful feature there, and it worked more as a reference point than a one-size-fits-all solution.