From idea to reality – startup founders make impossible things possible. On this journey, they need a reliable tool for managing finances, and we have collected some in this article. Read on and explore the best business bank accounts for startups in Europe and the UK.
Specifics of a business account for small businesses
Digital and neobanks
Best banks for startups in Europe
Best banks for startups in the UK
FAQ – Best business bank accounts for startups
Specifics of a business account for small businesses
The key idea of business accounts for small businesses is to keep the company’s income separate from your personal funds. It makes it easy to track and control. Some specific features may include:
- Quick business credit
- Accounting tools for businesses
- Invoicing integration
- Multi-user access
- Little to no fees, especially for the fresh businesses
- Cash flow trends
Basically, business bank accounts for startups are an upgraded version of personal ones, tailored to business needs. It’s not something every company needs, but opening one is definitely a level up.
Tip for the reader: To avoid high bank fees and send money abroad faster, you may want to join Profee, an online service for transfers from Europe and the UK to over 90 destinations. Simple to use and fully secure, it's a great tool for your business or you, personally.
Digital and neobanks
Depending on your needs, you may prefer digital or traditional banks. While the first are more flexible and easy to open, the latter are known for better security and reliability. Here, we’ll cover four digital options offering the best business bank accounts in Europe and the UK.
Revolut Business
Revolut Business is a great choice for global operations and flexible banking with 25+ currencies supported. It has four subscription plans:
- Basic for £10/month
- Grow from £30/month
- Scale from £90/month
- Custom – one of the best business bank accounts for startups.
The better the plan, the more perks you have. Features themselves are quite diverse: scheduled payments, expense management, BillPay, analytics, portable card reader, Limit and Stop orders, accounting and HR platforms and more.
Read more: Revolut rewards – pros and cons, reviews of the programme.
Wise business
Wise has an easy-to-open business bank account. There are no monthly charges, but you need to pay an activation fee – the amount varies between countries. Plus, extra charges apply for ATM withdrawals, sending and receiving international payments, and more. That’s the case for every business account for small businesses, so compare offers carefully.
Besides the basic sending and receiving features, Wise offers a couple of extra services:
- Integration with accounting tools like Xero, QuickBooks, Zoho Books and others.
- Team access and customisation.
Bunq Business
Similar to Revolut, Bunq offers four types of plans:
| Bunq Free Business for freelancers | Bunq Core Business | Bunq Pro Business | Bunq Elite Business | |
|---|---|---|---|---|
| Monthly fees, € | — | 7.99 | 13.99 | 23.99 |
| Free transactions per year | — | 100 | 250 | 500 |
| Number of credit cards | 1 | 2 | 28 | 28 |
| Number of bank accounts | 3 | 5 | 25 | 25 |
| Employee cards | 0 | 0 | 3 | 10 |
| Exclusive deals | Yes | Yes | Yes | Yes |
| Tap to pay | Yes | Yes | Yes | Yes |
| Unlimited zero FX | No | Yes | Yes | Yes |
| Team access | No | Yes | Yes | Yes |
| Accounting software integration | No | Yes | Yes | Yes |
| Discount on personal plan | No | No | Yes | Yes |
| Travel insurance | No | No | No | Yes |
| Free data (4×2GB) | No | No | No | Yes |
When it comes to variety, Bunq is one of the best banks for business accounts.
These are three digital banks activating the best small business bank accounts. N26 also has one, but it’s designed more for freelancers and self-employed people, not companies. Check the N26 website if you’re interested.
Best banks for startups in Europe
Now, let’s explore European traditional banks and their business accounts for startups. Yes, they are stricter with application requirements and may offer fewer benefits compared to the digital banks. However, their security is proven by years of experience – and safety is what every business needs.
ING
ING is the Dutch banking group operating across Europe. Currently, it’s one of the best banks for business accounts. Why? Because the first six months of the Startup package are completely free. After that, you’ll be automatically switched to the Entrepreneur package, costing €9.90 per month.
What’s included in the Startup package:
- Current account and debit cards.
- Free digital EUR transactions.
- Accounting software integration.
- Free liability insurance for the first half year.
In the Entrepreneur package, core features remain the same, but you can also add two legal representatives and enjoy additional smart features, such as setting aside VAT.
Nordea
Nordea works specifically with businesses from Denmark, Finland, Norway and Sweden. The offers vary for each country, but you may expect the fee to be around €13-15 monthly for holding their business account.
The list of potential perks includes the account itself and business cards (as always), as well as cash management, automation, in-store and online payments, access to foreign currencies, an investment plan, market analysis, and counting.
Nordea is a strong player on the Nordic market with advanced digital solutions, so it may benefit your startup well.
Santander
Santander is a global bank founded more than 160 years ago. Nowadays, it offers one of the most cost-effective solutions – you pay 0 fees if you’re self-employed or your company’s annual revenue is less than €2 million. Keep in mind that terms vary from country to country and change over time, so always clarify the conditions with a bank representative.
Of course, the bank couldn't leave its customers without something extra. At Santander, you'll enjoy lending, commercial vehicle financing, account management, alerts, investment opportunities and beyond. It's worthy of being on the list of the best business bank accounts for startups.
Best banks for startups in the UK
Check these three best business bank accounts in the UK:
HSBC Business
HSBC is a solid option if you’re just getting started. Their Small Business Banking Account comes with free banking, a huge perk for early-stage companies that are watching their expenses. After a specific period of time, standard fees may apply depending on how you use the account.
What you can expect:
- Easy online banking and intuitive app
- No minimum balance
- Access to business lending, overdrafts and credit cards
- Support tailored specifically to small businesses.
More about banking in the UK:
Lloyds Business
Lloyds offers one of the most straightforward business accounts for new companies. For the first 12 months, you’ll enjoy free everyday business banking, which helps keep costs low while you build momentum. Afterwards, a monthly fee of £8.50 will apply.
Key features include:
- Full digital banking and spending insights
- Free electronic payments during the intro period
- A wide selection of financing tools (loans, overdrafts, asset finance)
- Guidance from business specialists whenever you need it
NatWest Business
NatWest stands out for its digital tools and long introductory period. If your startup meets the criteria, you can benefit from 24 months of free banking – one of the most generous offers on the UK market.
Here’s what’s included:
- Smooth account setup and a user-friendly app
- FreeAgent accounting software at no extra cost
- Instant payment alerts and smart cash-flow tracking
- Access to various lending options as your business grows
These were some of the best business bank accounts in the UK. Take time to explore the market, and we’re sure that you’ll find the perfect match for your startup.
FAQ – Best business bank accounts for startups
How to open a business bank account in the UK?
Each bank’s process is unique, but some major steps are:
- Choosing a bank
- Checking your eligibility with this bank.
- Gathering documents (personal ID, company registration or other proof of its existence, proof of address and some legal details).
- Applying online or at a branch.
- Getting verified.
- Setting up your account.
In most cases, you may need to provide extra proof of identity, explain your business activity or visit a branch, so it’s always best to check requirements directly with the bank.
Which bank is best for a business account in the UK?
Revolut, Wise (for digital banking), HSBC, Lloyds and NatWest are some of the most popular choices.
Can I open a bank account in the Netherlands if I don't live there?
Some banks open non-resident accounts, but their functionality can be limited.
Which online bank account is best in Europe?
N26, Monzo, Revolut and Wise are often used in Europe.
Is it hard to open a business bank account?
Generally, no, if you provide all the required documents. Most banks let you apply online, and the process is usually quick as long as your business information is clear and up to date.
