Business bank accounts for a new limited company
Six UK business accounts that open online, compared on what matters to a new limited company: the monthly fee, how your money is protected, and who can open one. Every figure links to the provider's own page.
General information, not financial advice. Check each provider's terms before you apply. No provider pays us to appear here. See how we're funded.
At a glance
| Account | Monthly fee (cheapest plan) | Type | Your money |
|---|---|---|---|
| Tide | Free | Bank-backed | FSCS protected via ClearBank |
| ANNA | Free | E-money | E-money, safeguarded, not FSCS protected |
| Starling | Free | Bank | FSCS protected (Starling is a bank) |
| Monzo Business | Free | Bank | FSCS protected (Monzo Bank Limited is a bank) |
| Mettle by NatWest | Free | Bank-backed | FSCS protected (provided by NatWest) |
| Wise Business | Free (£50 one-off set-up) | E-money | E-money institution; safeguarded, not FSCS |
"Bank-backed" means the provider isn't a bank itself, but the account is provided by one: ClearBank for Tide and NatWest for Mettle.
The accounts in detail
Tide
- No monthly fee on the standard account; you pay per use.source Paid plans start at £12.49 a month.source
- Accounts are provided by ClearBank, so eligible deposits are FSCS protected.source Some older Tide e-money accounts are safeguarded rather than FSCS protected.source
- For limited company directors over 18 with a UK-based business; no hard credit check.source If you live abroad you need a UK residential address and a UK phone number.source
- Tide also registers companies for £14.99, with the account included.source
ANNA
- The Free plan has no monthly fee.source Incoming payments are free up to £1,000 a month, then ANNA charges a commission.source
- On any plan, there's no monthly fee for a month you don't use the account.source
- The main account is e-money: safeguarded, not FSCS protected.source A separate ANNA Savings account, from Griffin Bank, is FSCS protected.source
- You must live in the UK to open an account.source ANNA registers companies for £19.source
Starling
- No monthly fee.source Invoicing is free.source
- Starling is a bank, so eligible deposits are FSCS protected. Business account deposits count as one depositor.source
- For limited companies and LLPs registered at Companies House.source Every director with access must live in the UKsource, and every PSC must be a UK-resident individual, so no corporate shareholders.source
Monzo Business
Monzo Business plansMettle by NatWest
- No fee to open or maintain the account.sourcesource FreeAgent accounting software is included while you make at least one transaction a month.source
- The account is provided by NatWest, so eligible deposits are FSCS protected.source The limit is shared with NatWest, NatWest Premier, Ulster Bank and NatWest Boxed.source
- For limited companies with up to two owners, and only one of them can use the account.source The business must be registered and trading in the UK.source
Wise Business
- No monthly fee or subscription.source A one-off £50 fee sets up account details to receive money in 22 currencies.source
- Wise is an e-money institutionsource: it safeguards your money rather than it being FSCS protected.source
- Open to limited companies.source Best suited to companies that pay or get paid in other currencies.
Bank or e-money account?
This is the biggest difference between these accounts, and it's about what happens if the provider fails.
- Banks: eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000 per eligible person, per bank.source The limit rose to this on 1 December 2025.source Starling, Monzo, Tide (through ClearBank) and Mettle (through NatWest) are in this group.
- E-money institutions: the provider holds an equal amount of money in a separate safeguarding account to protect customers if it becomes insolventsource, but the FSCS doesn't cover it.source ANNA's main account and Wise work this way.
If the company will hold large balances, FSCS protection may matter more to you than a lower fee. If you mainly need to send and receive payments, an e-money account can be enough.
Which account suits your company?
- A director lives outside the UK: Starling and Mettle need UK-resident directors, and Monzo needs a UK-based business. Tide accepts directors with a UK address and phone number.
- A company owns shares in yours: Starling won't open the account, because every PSC must be an individual.
- More than two owners: Mettle is for companies with up to two owners.
- You'll invoice clients: Starling includes invoicing free; Monzo includes it on Pro.
- You'll be paid in other currencies: Wise gives you account details in 22 currencies.
- You want FSCS protection: choose Starling, Monzo, Tide or Mettle rather than an e-money account.
- You haven't registered yet: Tide and ANNA can register the company and open the account together.
Frequently asked questions
Which business bank account is best for a limited company?
There isn't one best account for everyone. It depends on where the directors live, who owns the company, whether you need FSCS protection, and whether you invoice clients or get paid in other currencies. The table on this page shows how each account handles those.
Can I get a business bank account with no monthly fee?
Yes. All six accounts here have a plan with no monthly fee, though you still pay for some things you use, such as certain transfers or cash. Wise also charges a one-off £50 to set up account details for receiving money.
Is the money in a business account protected?
In a bank, or an account a bank provides, eligible deposits are protected by the FSCS up to £120,000 per bank. E-money accounts, such as ANNA's main account and Wise, are not covered by the FSCS: the provider safeguards your money instead.
Can I open a business account if I live outside the UK?
It's harder. Starling and Mettle need directors to live in the UK, and Monzo needs the business to be based and tax resident here. Tide accepts directors of a UK-registered company who have a UK residential address and a UK phone number. Check each provider's rules before you apply.
Can I open the account when I register the company?
Yes, with some providers. Tide registers a company for £14.99 and includes a business account. ANNA registers companies for £19. See how to register a limited company.
Sources
- FSCS: Banks, building societies and credit unions
- Tide: Business current account
- Tide: Plans and pricing
- Tide: company registration
- ANNA: Business account pricing
- ANNA: Limited company business account
- ANNA: Register a company
- Starling: Business bank account
- Starling: FSCS protection
- Monzo Business: Plans and pricing
- Monzo Business: Eligibility
- Mettle: Fee Information Document
- Mettle: Check your eligibility
- Mettle: FSCS key information
- Mettle by NatWest: Home
- Wise Business: Home (GB)
- Wise Business: Receive money pricing
- Wise Help Centre: How Wise keeps your money safe
- Wise Business: Fees and pricing
- Wise Help Centre: Can my business use Wise?
Facts last checked 1 November 2026. See all sources.