The Best Challenger Bank Accounts for Business

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A new financial service to aid your business ordeals has come into town. Challenger banks not only offer to store and safely keep your money—they go the extra mile.

 

They are providing individuals with the best services, specializing in the areas that big, established banks neglect. But which one is the perfect fit for you?

 

Choosing the right one depends on the kind of service your organization requires. With millions of up-and-coming challenger banks out there, you need some help in navigating its busy industry.

So, here are the three best challenger bank accounts for your business.

 

1. Cashplus

Issuing millions of prepaid cards since 2005, Cashplus offers both personal and business banking services. They are the UK’s first challenger bank to launch an instant approval online company bank account.

Whether you are a corporation, an independent contractor, or a startup, Cashplus is your go-to. They guarantee a 100% approval rate in any business account, even those with bad credit—just verify your company name and address, and you’re good to go.

They charge a flat rate of £69 per year, with a free card and £5.95 for additional ones.

Other features include:

  • Free bank transfers, no UK purchase transaction fees, and free euro and dollar currency cards.
  • A £15,000 business cash advance.
  • Easily manage business cards (even employees) via their online system. Track expenses, transfer funds, restrict transactions, and block accounts.
  • Offers iDraft—a fixed credit limit (up to £2,000) attached to your company account. 

2. Revolut

Revolut, the largest challenger bank in the UK, managed to garner 400,000 businesses across the globe.

Create a free account, sign up within minutes, and start applying for a business account tailored to the size of your company income. For earnings of less than £100,000, £25/month is due to pay for their services. For those with more than a million of revenue, then a fee of £1000/month is expected.

  • Free international payments and money transfers between Revolut business accounts.
  • Features a multi-currency account, allowing you to do transactions in over 28 currencies.
  • Seamless integration of accounting software such as Xero and Quickbooks.

3.  Starling Bank

Free electronic payments, monthly account fees, domestic transfers, and ATM withdrawals? Look no further because Starling bank got it for you.

Enjoy these free deals as long as you have less than ten employees and an annual turnover of less than £1.7 million. The only thing you are going to pay for is their cash depositing services in any UK post office branches (£3).

Limited companies can enjoy a hassle-free, mobile-only sign-up process. Just provide company information, personal details, and finish the verification process, then you are all set up.

Features include:

  • A flexible overdraft with a 15% interest to give your company the financial boost it needs.
  • Real-time payment alerts and a 24/7 local support system.
  • World-class security deposit protection of up to £85,000 by the Financial Services Compensation Scheme.
  • Seamless connection with accounting tools and integration with Starling’s Business marketplace.

Conclusion

The growing fintech industry allows you to do banking in the simplest way. Find out what features suit you, and sign up with one of the best challenger banks in the UK.

In line with that, you may appreciate having an expert assess your current financial systems. Contact Annette & Co. for a friendly chat about what you can do to improve your business gains even more! For more quick tips as well you can follow us on Instagram.

 

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Annette Ferguson

Annette Ferguson

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

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