You’re on the hunt for the best business bank in the UK? Well, in 2023, choosing a bank for your business is kinda like picking a partner for a long-term relationship. You want someone who gets you, has your back, and won't charge you an arm and a leg for the "pleasure" of being with them. Let's dive into everything to know about banking in the UK this year.
What to Look For
When it comes to opening a bank account, you gotta think about a few things:
- Branch Network: If you need to physically go to a branch, a high street bank with locations everywhere like Lloyds or NatWest might be your best bet.
- Fees and Charges: Everyone loves free stuff. Some banks let you have free banking for a year, while others will slap you with monthly fees. Lloyds, for instance, goes free for a year, then charges £8.50 a month.
- Customer Support: You want to be able to actually talk to someone when things go south. NatWest offers free access to some accounting software, so it’s not just about money but also support.
- Extra Services: Some banks provide loans, overdrafts, and nifty tools for accounting. Lloyds has a Business Finance Assistant package, which might be gold for some businesses.
The Top Contenders
- Lloyds: 1,195 branches, free digital banking for 12 months, then £8.50 a month.
- NatWest: 750 branches, free banking for 18 months, no monthly charge.
- Barclays: A big branch network, free banking for start-ups, £8.50 monthly for e-payment plans.
High Street Banks vs. Fintechs
When you compare the best business banking accounts, you're looking at two worlds: high street banks and fintechs.
High Street Banks
They've got everything: checking accounts, loans, and foreign exchange services. But they come with a price, and that price is often fees. Plus, their digital experience can be clunky.
Fintechs
On the other hand, you've got fintechs like Revolut or Cashaa, who are all about convenience and low fees. But, you won't find many branches if you need to go in person, and there might be some trust issues due to lower regulation.
Crypto-Friendly Banking
Now, let's talk about crypto. UK banks are slowly getting into crypto-friendly banking, but it’s a bit of a mixed bag.
- RBS: Let you buy crypto, but with limits.
- Barclays: Allows payments to crypto exchanges, but they've had their moments of hesitation.
- Challenger Banks: Are all over it. Revolut lets you buy crypto directly, and Cashaa is built for crypto businesses.
Challenges Ahead
High street banks face a mountain of challenges with crypto. From regulatory headaches to the tech side of things, it's a tough gig. The volatility of crypto is another nail in the coffin.
There you have it. The best business banking services in the UK are out there, but you'll need to weigh your options carefully.
