Can I use an online-only business bank account?

0

Hi, we are running a new IT consultancy that is based all over the country. We are small, but my partners and I are operating in four separate cities. We’re trying to keep everything paperless so that everybody is in the loop at all times, and we would like the same rule to apply in terms of online banking. Do any of the big banks have online-only business accounts?

Answers

0

There are a few banks that offer online-only business bank accounts, some of which you may not be familiar with because they are not visible on the High Street - e.g. CardPlus, CardOneBanking and Metro Bank. There is a new bank called Atom that is set to launch in 2016. It will be the UK’s very first digital-only bank.

However, all of the major retail banks enable businesses to manage all aspects of their banking needs online, so you don’t need to restrict yourself to an exclusively online-only account. You could just set up a regular business bank account with Lloyds, Barclays, Santander, Halifax, HSBC, TSB, Natwest, RBS, Bank of Scotland, Yorkshire Bank, Co-operative, Clydesdale or anyone else you prefer and handle all of your banking online from wherever you are.

As long as you name each partner as an authorised account signatory and additional cardholder, you will all be able to access and manage the bank account online. You can arrange to receive online bank statements rather than paper ones, thus enabling all partners to access to the same information at the same time.

a year ago
 

Your answer

 

Browse other questions tagged #business-bank-account #bank-account or Ask a new question