Plenty of UK business accounts promise no monthly fee, but many still charge for extra transfers, cash deposits and international payments. We compare the main free accounts, what each really costs and how to pick a set-up that grows with your business across borders.
Jump to:
• What counts as one of the best free business bank accounts in the UK?
• Best free business bank accounts and fintech providers in the UK
• What free business accounts still charge for
• Free business accounts and international payments
• Free vs paid business accounts: when it’s worth upgrading
• How to choose the best free business account for your business
• Why consider OFX (on its own or alongside your bank)
• FAQs about the best no fee business bank accounts
What counts as one of the best free business bank accounts in the UK?
The best free business bank accounts in the UK charge no monthly fee and keep pay-as-you-go costs low for the way you bank. That means checking transfer allowances, cash fees and international costs, as well as the headline price.
A business account with no fees on any activity is rare. Most free business account offers simply drop the monthly charge.
- Plans with no monthly fee from OFX, Starling, Monzo Business Lite, Tide Free, Zempler Business Go, Mettle, HSBC, Virgin Money M6 and Co-operative Bank7
- Plans free only with conditions, from Allica Business Rewards and ANNA
- Plans free for a set period, from NatWest, Barclays, Santander and Co-op Business Directplus
The shift is broad. According to the Financial Conduct Authority, the share of UK consumers using non-bank payment accounts rose from 1% in 2017 to 12% in 20245. Over the same period, UK e-money firms safeguarded around £26bn in 2024, up from about £11bn in 20215. Businesses are following the same path.
OFX Global Business Account
Receive, hold, convert and send funds across a wide range of currencies, reduce costs and gain greater control over your international payments.
Do you need a business bank account?
Limited companies must have a business bank account, but sole traders and ordinary partnerships aren’t legally required to, according to business.gov.uk8.
A separate account makes incoming payments easier to track. That matters, as late payments close 38 UK businesses a day, according to the Department for Business and Trade9.
See gov.uk’s record-keeping guidance for limited companies and the self-employed.
Best free business bank accounts and fintech providers in the UK.
Here’s how the main options compare, paid tiers included.
| Provider | Monthly fee (all tiers) | UK transfers | International costs | Protection | Best for |
|---|---|---|---|---|---|
| Starling Bank | £010. Add-ons: Accounting Plus £711 (until April 2027), EUR account £212, USD account £512 (closed to new applicants) | Unlimited free Faster Payments. CHAPS £2013 | Send: £5.5014 SWIFT or £0.30–£0.9014 via local networks. Conversion: 0.4%14. Receiving foreign currency into the GBP account: 2%15 margin | FSCS up to £120,00016 | Everyday UK banking |
| Monzo Business | Lite £0, Pro £9, Team from £25 17 | Unlimited free UK transfers | Send: fixed fee up to £918. Variable fee: 0%–1.80%18. Card FX: £019 Monzo fee | FSCS up to £120,00020 | App-based admin on a free plan |
| Tide | Free £0, Smart £12.49, Pro £27.49, Max £69.99 1 | Free: 51 a month, then 20p2. Smart: 301, then 20p2. Pro and Max unlimited | EUR SEPA send: £121 on Free, plus 1.50%21 markup. Card FX: 2.75%2 on Free, 0%2 on paid plans | ClearBank-held: FSCS up to £120,00022. E-money accounts: safeguarded | Low volumes and plan flexibility |
| Zempler Bank | Go £0, Extra £9, Pro £19 23 | Go: 324 free sends, then 35p24. Receiving free | Send: check Zempler’s pricing page. Conversion: not disclosed. Card FX: 2.99%24 on Go, free on Extra and Pro | FSCS up to £120,00023 | Approval-friendly free banking |
| Mettle (NatWest) | Mettle £0, Mettle+ £4 25 | No transaction charges | Receive: £425 (over £1025), plus 1.5%25 if converted | FSCS up to £120,00026 | Sole traders and two-owner companies |
| HSBC | Small Business Banking £0, Business Banking Account £10 after 12 months3 | Standard digital transfers free. CHAPS £173 online | Send: SWIFT £173 online, SEPA 24p3. FX margin: not disclosed. Non-sterling payments: 2.75%3 (per HSBC’s price list) | FSCS up to £120,00027 | High-street support with no monthly fee |
| NatWest | Free everyday banking for 2 years28 for eligible start-ups and switchers | After the offer: automated payments 35p29 | Send: non-EUR £1530, SEPA 50p30 via Bankline. FX margin: not disclosed. Card: 2.75%29 | FSCS up to £120,000 | Free banking for a fixed period |
| Virgin Money M Account for Business | £0, no conditions (turnover under £1m6) | Free Faster Payments. Manual items £0.9531 each | Send: SWIFT £17.5032 online, SEPA free. FX margin: 2.50%32 on smaller amounts. Card: 2.75%31 | FSCS up to £120,0006 | Free banking with no conditions |
| Wise Business | £0, one-off £5033 account details set-up fee | 52p59 per bank transfer to other uk banks | Conversion: fee per conversion. SWIFT receiving: £2.1634 (GBP), US$6.1134 (USD), €2.3934 (EUR) | E-money, safeguarded, not FSCS | Occasional currency conversion |
| OFX Global Business Account | £0 Standard (Cards and unlimited users, fair use). Full Suite £75 a month including 5 users, £10 a month per extra user. Custom plans available. 4 | Standard: 50 a month, then 20p, Full Suite: 150 a month then 20p. Free receiving via FPS4 | Free receiving via SEPA4. SWIFT: £54 per payment sent, receiving fee free4. Competitive exchange rates. Corporate Cards with no international transaction fees5 when spending from held balances | Regulated by the FCA (details below) | Growing businesses that pay and get paid internationally |
Starling Bank Business Account: best for everyday UK banking with no transfer caps.
Starling suits limited companies and LLPs10 making lots of UK payments, with a separate sole trader account35.
Monzo Business Lite: best for app-based admin on a free plan.
Monzo Lite runs from an app, with fast international payments. When you get paid in another currency, Monzo converts it to pounds18.
Tide Free: best for low-volume businesses that want plan flexibility.
Tide Free suits a handful of transfers a month, with easy upgrades as you grow.
Zempler Bank Business Go: best for approval-friendly free banking.
Zempler accepts limited companies, sole traders, partnerships and charities36.
Mettle by NatWest: best for sole traders and small two-owner companies.
Mettle suits businesses with up to 226 owners and has no transaction charges28.
HSBC Small Business Banking Account: best for high-street support with no monthly fee.
HSBC adds branch access. Check HSBC’s tariff for cash fees.
NatWest start-up and switcher accounts: best for free everyday banking for a fixed period.
The offer has turnover limits, and international payments are excluded from free banking28.
Wise Business: best for occasional currency conversion without a monthly fee.
Wise is an e-money institution, so it safeguards customer funds37 instead of offering FSCS cover.
OFX Global Business Account: best for growing businesses that pay and get paid internationally.
Pay suppliers and get paid like a local. The OFX Global Business Account gives you Multi-currency accounts with local account details in GBP, EUR, USD and CAD4. Send to 180+ countries5 in 30+ currencies5 at competitive exchange rates.
The Standard plan is £04, with Cards and unlimited users (fair use). Full Suite is £75 a month4 including 5 users, plus £10 a month per extra user4, and Custom plans are available.
The Standard plan covers everyday payments, receipts and currency balances, so it works as a business account in its own right. Corporate Cards and Xero and QuickBooks Online bank feeds back it up, with spend management, Accounts Payable (AP) automation and approvals as you grow.
You also get 24/75 human support from our FX specialists.
Other options: free with conditions, or free for a limited time.
These accounts are free only with conditions or for a set time.
- Allica Business Rewards is £038 if last month’s average balance was £10,00038 or more, or you hold an Allica loan. Otherwise it’s £2538 a month.
- Virgin Money M is free with no conditions for turnover under £1m6. International payments sit outside free banking, with an FX margin of 2.50%32 on smaller amounts.
- Co-op Business Directplus is £0 for 30 months39 with a balance above £1,00039, then £739 a month. Co-op’s FX margin is up to 4%40.
- ANNA Free charges 0.95%41 on incoming payments over £1,00041 a month. Revolut Business has no free plan42.
- Barclays is free for 12 months43, then £8.5043 a month. Santander Classic is £9.9944 a month after 12 months44 free.
- Airwallex’s Explore plan is £045 only with £10k45 deposited or held, otherwise £1945 a month plus VAT.
See our guide to the best business bank accounts in the UK for more.
What free business accounts still charge for.
Even a business bank account with no fees each month has a price list. Costs usually sit in four areas:
- Transfers beyond a monthly allowance
- Cash and cheque handling
- CHAPS and other same-day payments
- International payments and card spending in other currencies
Transfer allowances and what happens when you go over.
Starling, Monzo, HSBC and Mettle don’t charge for standard UK transfers. Tide Free, Zempler Go and Revolut Basic charge after a cap, as this illustrative example of 50 UK transfers a month shows:
- On Tide Free, 51 transfers are free, then 45 × 20p2 = £9 a month
- On Zempler Go, 324 transfers are free, then 47 × 35p24 = £16.45 a month
- On Revolut Basic, 1042 transfers are free, then 40 × 20p42 = £8, plus the £1042 Basic fee = £18 a month
- On Starling or Monzo, transfer fees come to £0
This leaves out cash, CHAPS and international costs, so use your own volumes.
Paying in cash and cheques.
Starling charges £3 or 0.7%10, whichever is higher, for Post Office deposits. Zempler charges £424 minimum or 0.55%24, and Mettle £2.7525.
NatWest charges £0.95 per £10029 and Virgin Money £0.90 per £10031. Wise says it can’t accept cash46, and Allica’s account doesn’t take cash deposits47.
Free business accounts and international payments.
International payments are where a free business bank account can get expensive, as send, conversion, SWIFT, receiving and card fees add up.
The Department for Business and Trade found 17%48 of SME employers exported in the last year and 23%48 directly imported.
The Financial Stability Board’s 2025 progress report puts the global average cost of a cross-border B2B payment for smaller businesses at 1.6%49. FX costs are the largest part of that cost.
What free accounts typically charge to send and receive abroad.
Starling charges a 0.4%14 conversion fee plus £5.5014 by SWIFT. Payments received in a foreign currency are converted into its GBP account with a 2%15 margin. Monzo charges up to £918 plus 0%–1.80%18.
HSBC and NatWest charge £173 and £1530 respectively and don’t disclose their FX margins. Mettle charges £425 to receive.
Where banks do publish their FX margins, they range from up to 2%50 at Barclays to up to 4%40 at Co-op.
In its review of international payment pricing for retail customers, the FCA found that fees charged by intermediary banks “were often not displayed up front”51.
Read the monthly fee and international transfer costs together, especially if you pay overseas suppliers often.
Pairing a free UK bank account with a free global business account.
Some businesses also choose to pair a free traditional bank account with a free global business account. Many OFX clients keep a bank account for legal or borrowing needs, using OFX to save time and money on financial operations and currency transfers.
Receive in multiple currencies, pay overseas suppliers and hold balances on the OFX Standard plan, which has no monthly plan fee4. Your team can use Corporate Cards with no international transaction fees5 when spending from held balances.
Free vs paid business accounts: when it’s worth upgrading.
Paid tiers usually add more free transfers, accounting tools, team cards and lower card FX fees. The best free business bank account keeps costs low while you’re small.
Signs you’ve outgrown free banking:
- You regularly go over your free transfer allowance
- Several team members need cards, spend limits and approvals
- You pay or get paid in other currencies each month
- You report across more than one entity
OFX Full Suite adds approvals and spend management for teams, at £75 a month4 including 5 users, plus £10 a month per extra user4.
How to choose the best free business account for your business.
A free business bank account UK owners can rely on should fit how you bank:
- Your monthly transfer volume
- How often you pay in cash or cheques
- How much you send or receive in other currencies
- Your accounting software, such as Xero, QuickBooks Online or FreeAgent
- How many people need access and cards
Eligibility: sole traders, limited companies and UK residency.
Most providers ask for UK-based owners or directors and a UK business address. Some free offers cap turnover, such as Virgin Money M at under £1m6 and NatWest at £1m28 for start-ups.
Is your money protected? FSCS vs safeguarding.
FSCS deposit protection rose to £120,00053 on December 1, 202553. It applies per person, per authorised firm54, so brands sharing one licence share one limit.
E-money and payment firms aren’t directly FSCS-protected. They safeguard client funds instead, under new FCA rules from May 7, 202655.
Tide’s ClearBank-provided accounts are FSCS-protected, while its PrePay Technologies e-money accounts are safeguarded22. For Revolut, coverage depends on the entity holding your money56.
In the UK, OFX is regulated by the Financial Conduct Authority as an electronic money institution. OFX is not a bank, and so you are not protected by the Financial Services Compensation Scheme when you send money with OFX52.
OFX monitors transactions for suspicious activity with sophisticated technology.
Learn more about how OFX keeps your money and information secure.
Why consider OFX (on its own or alongside your bank).
OFX offers two plans designed for different needs.
- Standard is £0 a month4 with no minimum balance, and includes a Global Business Account and Corporate Cards. Send payments to 180+ countries5 in 30+ currencies5, with local account details in GBP, EUR, USD and CAD4.
- Full Suite is £75 a month4 including 5 users, plus £10 a month per additional user4. It adds approval workflows, spend management and AP automation for finance teams, and a 30-day free trial4 is available.
Both plans offer competitive exchange rates and local payment rails4, with 24/75 human support.
OFX works on its own for digital-first businesses that don’t need branch access. It also works alongside a bank account: keep the bank for cash handling, and use OFX for payments, Corporate Cards and foreign exchange.
See our business pricing page for more details.
Frequently asked questions about the best no fee business bank accounts:
What is the best free business bank account in the UK?
Starling and Monzo suit high UK transfer volumes, Zempler suits approval-friendly banking and HSBC suits branch users. For international business payments, add the OFX Global Business Account’s Standard plan at no monthly cost4.
Are free business bank accounts really free?
They have no monthly fee, but charges can apply for extra transfers, cash, CHAPS and international payments.
Do free business bank accounts charge for international payments?
Usually, yes. With OFX, receiving is free via FPS and SEPA4, and SWIFT fees apply.
Can I open a free business bank account as a sole trader?
Yes. Zempler36, Mettle26, Monzo18 and Tide22 accept sole traders, and Starling offers a separate sole trader account35.
Is my money safe in a free business account?
Banks protect eligible deposits through the FSCS up to £120,00053. E-money firms safeguard client funds55 instead.
How do I switch business bank accounts?
The Current Account Switch Service (CASS) suits businesses with turnover up to £6.5m57 and fewer than 50 employees57. A switch takes 7 working days58.
What do I need to open a business bank account?
You’ll usually need photo ID, proof of address and business details. Limited companies also need their Companies House registration number.
Free banking covers your day-to-day UK needs. For the international side, see our guide to the best multi-currency accounts in the UK.
Sign up for an OFX account to start sending money internationally.
Looking for an alternative to your bank?
References
- https://www.tide.co/pricing/
- https://www.tide.co/support/joining/what-is-tide/how-much-does-tide-cost/
- https://www.business.hsbc.uk/-/media/media/uk/pdfs/regulations/business-price-list.pdf
- https://www.ofx.com/en-gb/business/pricing/
- https://www.ofx.com/en-gb/business/global-business-account/
- https://uk.virginmoney.com/business/current-accounts/m-account-for-business/
- https://www.co-operativebank.co.uk/business/products/bank-accounts/startup-small-business-account/
- https://www.business.gov.uk/support/accounting-tax-cashflow/getting-a-business-bank-account/
- https://www.gov.uk/government/news/largest-crackdown-on-late-payments-in-over-25-years-as-landmark-bill-enters-parliament
- https://www.starlingbank.com/business-account/
- https://www.starlingbank.com/business/accounting/
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- https://www.starlingbank.com/business-account/multi-currency/euro-business-account/
- https://monzo.com/business-banking/plans-pricing
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- https://www.tide.co/features/international-payments/
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- https://www.zemplerbank.com/business/current-account/business-go/
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- https://www.mettle.co.uk/fee-information-document/
- https://www.natwest.com/business/bank-accounts/mettle-mobile-account.html
- https://www.business.hsbc.uk/en-gb
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- https://www.natwest.com/content/dam/natwest/business/current-accounts/documents/natwest-business-account-charges.pdf
- https://www.natwest.com/business/support-centre/making-and-accepting-payments/electronic-payments/international-transfers.html
- https://uk.virginmoney.com/downloads/pdf/business/business-banking-tariffs/m-account-for-business-tariff-guide.pdf
- https://uk.virginmoney.com/business/business-banking-payments/
- https://wise.com/gb/pricing/business
- https://wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift
- https://www.starlingbank.com/sole-trader-bank-account/
- https://www.zemplerbank.com/business/current-account/eligibility/
- https://wise.com/help/articles/4IusAofIppsIGPcs7sEIXI/how-our-uk-entity-wise-payments-ltd-safeguards-customer-funds
- https://www.allica.bank/fees/rewards-account-fees-and-limits
- https://www.co-operativebank.co.uk/business/products/bank-accounts/business-directplus/
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- https://anna.money/pricing/
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- https://help.revolut.com/help/accounts/what-does-the-uk-bank-licence-mean-for-my-account/question-now-that-revolut-is-a-bank-in-the-uk-how-is-my-money-protected/
- https://www.currentaccountswitch.co.uk/common-questions-business/
- https://www.business.hsbc.uk/en-gb/products/small-business-bank-account
- https://wise.com/gb/business/send-payments
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In the UK, OFX is regulated by the Financial Conduct Authority as an electronic money institution. OFX is not a bank, and so you are not protected by the Financial Services Compensation Scheme when you send money with OFX. Your money is still well looked after, backed by advanced transaction monitoring, a risk-averse payout model and 25+ years of experience.
Learn more about how OFX keeps your money and information secure.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.
