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The best business bank accounts by country — online banks, traditional banks, and why opening one is the first thing you should do once your company is formed.
Many online banks offer free accounts. Traditional banks often charge £5–25/month.
You need to see every payment the moment it hits. Essential for cash flow management.
Xero, QuickBooks, FreshBooks — your bank should sync automatically.
You'll be paying contractors regularly. Free bank transfers matter at volume.
If you plan to scale into multiple countries, Wise Business is the clear winner here.
Online banks open in hours. Traditional banks can take 1–3 weeks. Time matters when you're launching.
Haven't formed your company yet? You'll need your registration number to open most business accounts.
Company Formation Guide →Select your country
Opening a business account with your existing personal bank is often the easiest and fastest route — especially for a new LLC. Your identity is already verified, your banker knows you, and you can often walk in and open one the same day. The downside is higher monthly fees and fewer modern features compared to online-only banks. Use this route if you value speed and simplicity over fee savings.
Built specifically for small businesses and growing service companies. No monthly fees, up to 20 sub-accounts for budgeting, team expense cards, and direct integrations with QuickBooks and Xero. The best all-round option for P83 operators.
Clean, minimal banking built for startups and growing businesses. No fees, excellent UI, API access and solid integrations. Popular with tech-forward operators. Slightly more startup-focused than service-business-focused.
If you're planning to expand internationally or pay overseas contractors, Wise Business is unmatched. Hold, send and receive in 40+ currencies at the real exchange rate. Also works perfectly as a US domestic account.
America's largest bank and a solid choice if you already bank with Chase personally. The Business Complete Checking account has a $15/month fee (waivable) but gives you access to 4,700+ branches, cash deposits and a trusted brand your clients recognise.
Opening a business account with your existing personal bank is perfectly valid and often the easiest starting point. The big four UK banks all offer business accounts, and your existing relationship can speed up KYC verification. The trade-off is higher fees and slower opening times versus online-only banks like Starling or Tide.
The best business bank account in the UK for service businesses. Genuinely free, excellent mobile app, instant payment notifications, built-in expense categorisation and direct Xero/FreeAgent integration. Opens in under 10 minutes for most applicants.
Purpose-built for small businesses and sole traders. Fast to open, great for invoicing (built-in invoice tool), and comes with cashback on spending. Some features require a paid plan. Good secondary account for expenses.
If you'll be operating in multiple countries or paying international contractors, Wise Business is essential. Hold GBP, USD, EUR, AUD and 40+ more currencies. Send at the real exchange rate with minimal fees.
The most business-friendly of the UK high street banks. Free for the first year for new businesses, branch access, cheque deposits, and access to Barclays business loans and merchant services if you need them later.
The Canadian Big Five are all solid options for business accounts and your existing relationship makes opening one quick. Business banking in Canada tends to have higher fees than the UK or US, so online-only options like Relay and Wise Business can save you significant money as you scale.
Now available in Canada, Relay offers the same fee-free, multi-account banking that's made it the go-to for US service businesses. No monthly fee, team debit cards and solid accounting integrations. Ideal for P83 operators launching in Canada.
Strong option for Canadian operators who may expand to the US or UK. Hold CAD, USD, GBP and 40+ currencies. Great for paying US-based software subscriptions at the real rate and managing international contractor payments.
RBC is Canada's largest bank and offers solid business accounts with good branch coverage. The Digital Choice Business Account has no monthly fee for the first year and includes unlimited electronic transactions. Best if you already bank with RBC personally.
Australia's Big Four all offer business accounts and your existing personal banking relationship can make opening one straightforward. CommBank and ANZ are particularly popular with service businesses due to their merchant facilities. Online banks like Airwallex are worth considering alongside a Big Four account.
Australia's leading fintech bank for businesses. No monthly fees, multi-currency accounts, physical and virtual expense cards, and excellent accounting integrations. Particularly good for P83 operators who may expand internationally. Opens in under a day.
Ideal if you'll be dealing with international payments or scaling to the UK, US or Canada. Australian BSB and account number included. Hold and transfer in 40+ currencies at the real exchange rate.
Commonwealth Bank is Australia's largest bank and the most popular choice for new service businesses. The Business Transaction Account has no monthly fee on the basic tier, EFTPOS merchant facilities available, and excellent mobile banking. Fast to open if you're already a CommBank customer.
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