What sort of fees do business bank accounts have?



I have been looking into finance options for my limited company, and am keen on a business bank account. But I am not wanting to take on an account with a lot of fees. Do you know, generally, what sort of fees I should expect where business bank accounts are concerned?




Most business bank accounts have monthly fees, but not all of them. There are also a lot of banks that provide fee-free banking for up to 1-2 years.

The standard monthly fee for a lot of business accounts is around £5 - £10. This includes the Clydesdale, Yorkshire Bank, RBS and Natwest; however, RBS do not charge a monthly fee for their Startup Business Account.

Santander and Barclays both offer accounts with fee-free banking for up to 12 months. Lloyds Bank provides a fee-free business account for up to 18 months, after which time you will pay a monthly fee of £6.50.

Accounts with no, or low, monthly fees tend to charge fees for removing cash and paying in cash or cheques after a certain limit has been reached, so be sure to look at the small print to check what you will and will not be charged for.

There are plenty of options so you should do some research and take a look at some comparison sites to see what account suits you best.

a year ago

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