Best Bank For Profit First UK

Best Bank For Profit First UK

Best Bank For Profit First UK

Profit First requires multiple bank accounts to operate, therefore which UK bank is best for Profit First is a question that we are often asked.

Traditional high street banks

We have clients that have successfully used a variety of the high street banks including:

  • HSBC
  • Santander
  • Natwest
  • Lloyds

This biggest issues with these banks can be that some charge a flat fee per bank account and with multiple accounts with Profit First, you can end up paying £5-£10 per month per account, which starts to add up when you have 5/6/7/8 bank accounts. 

However, not all traditional banks charge for savings accounts, and most Profit First bank accounts should be set up as savings accounts. 

The set up that we recommend is:

  • Income - current account
  • Operating Expenses - current account
  • ALL other accounts - savings accounts.

Then as you need to make payments from the savings accounts, you just pass those in and out through the Operating Expenses account.

Challenger banks

Challenger banks can make more sense with Profit First, when you make use of their pots/spaces features.

The best two challenger banks for Profit First are Starling and Monzo Business. 

However, there is a downside to Monzo business, that you have to upgrade to a paid account to link to your bookkeeping software (Xero or Quickbooks) 

It is for that reason, that when looking at the challenger banks, we overall would recommend Starling.

Starling has no bank charges, and you have as many “spaces” as you want to use for Profit First purposes.

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About the Author

Annette Ferguson 

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.