The easiest bank to open a business account will depend on your personal needs. You may find a bank that has both online and in-person branch options, like Chase or Capital One, is the easiest for you. Conversely, you may find that an online-only bank, like Azlo or Novo, is the easiest option for you.
7 Best Banks for Small Business
| Bank | Checking Account Options | Best For |
|---|
| Wells Fargo | 4 | Branch accessibility |
| Chase | 3 | Business credit cards |
| Capital One | 2 | High volume deposits and monthly transactions |
| BlueVine | 1 | Digital, no-fee business checking with interest |
Although it can take 15 minutes to apply for an account online, it will normally take up to 4 weeks to complete the process of opening a new company bank account.
Most business owners start by opening a business checking account. They must decide between an online checking account or accounts with traditional banks. Online accounts are designed for businesses that don't need cash deposits and typically charge low-to-no fees.
Although it is possible to use your personal bank account for your small business, it is better to separate the two. Doing so will allow you to clearly distinguish between your business and personal expenses. This will make accounting for your transactions easier, especially during tax return periods.
The Best Banks for Small Businesses
- Best Overall: Chase.
- Best Credit Union: Navy Federal Credit Union.
- Best for Online-Only Checking: Axos Bank.
- Best for Number of Branches: Wells Fargo.
- Best for Business Analysis: M&T Bank.
- Best Fee-Free Brick-And-Mortar Checking: US Bank.
For sole traders, business bank accounts are not a legal requirement. Using your personal bank account for business transactions is fine as far as HMRC are concerned, as personal and business income is treated as one.
Top 5 Options to Open a Business Checking Account Online
- BlueVine.
- OZK.
- Bank of America.
- Axos.
- Chase.
If you are running a small business and just need decent technology and an account to send and receive payments then this is a good option but you may have to consider paying for the extra services or looking at Starling or Revolut if you will regularly need customer support.
To open a Start Up business account with HSBC, you can complete the application form online, call to talk to customer services, or visit a branch.
Traditional banks
| Bank | Eligibility | Cash transaction limit |
|---|
| TSB | Open to sole traders, partners and directors | N/A |
| RBS / Natwest | Over 18s who have a right to be self-employed in the UK | N/A |
| Lloyds / Bank of Scotland | New businesses who have an anticipated turnover of up to £3 million for the Business Current Account | N/A |
Profits at Lloyds Banking Group collapsed in the first quarter, crashing 95% after the bank was forced to take a £1.4bn charge to cover a surge in bad debts linked to the Covid-19 outbreak.
Open a Current Account Online | UK Bank Accounts | Lloyds Bank. The current lockdown means our branch opening hours have changed. Please check our branch locator if you need to visit for the latest information. The safest way to bank with us right now is from home either using our app or through Internet Banking.
The top three traditional business bank accounts for those with poor credit histories.
- Santander start-up business account – Good value account, but terrible app.
- NatWest foundation business account – See below of more details.
- Barclays – Still one of the quickest and easiest to open.
Apply for a Business Checking Account Online | Santander Bank.
Can I open a bank account without a proof of address? You can not open a bank account with Lloyds without providing your identity document, but Lloyds does say that sometimes one document is enough, or that they might be able to verify certain information electronically².
1.Choose a Bank or Credit Union with $0 Deposit Req's
- Barclays Online Savings.
- Chime.
- Discover Online Banking Cashback Debit.
- Credit Unions.
- Wells Fargo Opportunity Checking®
- BBVA Compass Easy Checking.
- Radius Bank Essential Checking.
First off, you need to bring at least one form of photo ID. Some banks may require two forms of identification. These forms can be a state ID, Social Security card, passport or birth certificate. You will need to provide personal information like your date of birth, physical address and phone number.
You can open a basic bank account in branch, or sometimes online or over the phone, depending on the bank. As well as filling in an application form, you'll be asked to show some ID, and proof of address.
Best and worst UK banks for service
| Ranking | Bank | |
|---|
| 1 | Monzo | 86% |
| 2 | Starling Bank | 84% |
| 3 | First Direct | 83% |
| 4 | Metro Bank | 81% |
If you're new to CommBank and applying for a credit card or opening a bank account online for example, you might be able to save yourself a trip to the branch by completing your ID check online. For those who do not have Australian ID, you will need to visit a branch.
You'll need to bring in your ID (passport, national identity card or birth certificate) and your parent or guardian will need their ID and proof of address, such as a UK bank statement or utility bill.
A lot of people seem to think you can only have one bank account at a time. But you can actually have multiple current accounts with various banks. Having more than one bank account should not affect your credit score, unless you try to open loads of new ones in a very short space of time.
It's easy to open a joint account. You can apply online or in branch, and each account holder will need to: Complete an application form with their personal details. Provide proof of address, such as a utility bill or other bank statement.
You'll need to bring in your ID (passport, national identity card or birth certificate) and your parent or guardian will need their ID and proof of address, such as a UK bank statement or utility bill. They can't use the same document for ID and address.
