You are likely to already run most of your business in the cloud, so why not your banking? Banking solutions have significantly changed over the last few years with traditional banks no longer always being first choice. There are advantages of both types of banking arrangement depending on what suits your business and with a multiple of banking options available, we can help you with the right solution.
We have a partnership with Revolut and Tide, who are similar in that they are growing "challenger banks" and they offer some benefits over the traditional high street banks such as very competitive foreign exchange rates. We also work with Starling Bank, an upcoming competitor of the main high street banks, who offer a lower charging model. They are more established than Revolut or Tide as they are licensed to operate as a fully-fledged bank and therefore can offer all the additional services of a traditional bank.
You then have the traditional high street banks (Lloyds, HSBC, Barclays, Metro, NatWest, etc). The bigger banks, although harder to get an account with potentially, do offer further services in terms of higher interest savings accounts, overdraft services, financing, etc. With these banks we would recommend you have a look around at the best offers. Money Supermarket have a good comparison table.
Let us know what you are looking for and we can help you make the right decision.
Revolut for Business is an account platform supporting domestic and international business payments.
The accounts are multi-currency and you can issue an unlimited amount of instant, virtual corporate cards, as well as physical cards, allowing for easy management of expenses.
Integration with accounting tools like FreeAgent and Xero, bulk payment options, the setup of reoccurring payment, and set up of spending limits or payment approval rules are also included as some of the other benefits to having a business account with Revolut.
The Tide business bank account has been designed to save small businesses time and money. The account is fully managed within the app and integrates with your accounting software.
You can also set up multiple accounts to manage your money, for example you may want to keep your tax payments, or marketing budget separate to your available cash. Tide also has an invoicing feature, enabling you to create and pay invoices in minutes.
As with other similar accounts you are also able to set up categorisation of payments in and out and manage the card within the app.
Starling Bank offer a free business bank account with multiple features to help business owners manage their money as smoothly as possible.
Some of the benefits include no monthly fees, business marketplace integration, access from desktop and mobile. You can also manage your money in real time with instant notifications of money in and out.