Business banking for small businesses in the UK

Soldo lets you do more with your business bank account. Find out how.

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Your business account’s perfect partner

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Unlimited Flexibility

You don’t need to pass a credit check to get started. Complete an application online then get up and running the same day.

Effortless Expenses

Simplify expenses with the intuitive web and mobile apps. Download as CSVs any time for easy imports into accounting software.

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Soldo is a prepaid solution, so there’s no need for credit checks. You can get up and running in as little as one working day.

Business banking for small businesses in the UK

It goes without saying that banking is one of the key considerations when it comes to being a business-owner. Regardless of your company’s size, you need to make sure that the books are in order. But business banking can be a minefield of choice, with countless companies vying for your attention. Because of this, everyday banking can become something you want to avoid, and it can be hard to know which methods of banking are best for your business.

In this guide we’ll run through everything: from why you want a business current account over a personal one, to choosing the right provider for you, and finally optimising your business finances so you’re getting the most out of your bank.

Business vs personal bank accounts

If you don’t already have a separate business bank account for your company, that should be your first step. There are a number of benefits to this. For one, keeping your personal finances distinct from those of your business means that your own money never becomes entangled with your company’s, so you’re never personally at risk.

On top of this, if your business is registered at Companies House, meaning it’s a separate entity to you, then the law requires that you use a business bank account to carry out your professional transactions. Find out more about the differences between personal and business accounts. Opening a business bank account is the best way to effectively manage your cash flow, but how do you apply for one?

Opening an online business account

These days, business banking is far more digital than it once was, it is easier to set up your business bank account online  and more importantly, you’ll be able to monitor your account from anywhere with no need to go into a physical branch.

With online banking, you’re able to:

  • Digitally pay invoices and accept payments
  • Easily keep company costs separate from personal ones
  • Identify deductible expenses and file taxes more easily

You can also order business credit cards or debit cards and allocate them to members of staff or individual departments. This does mean, however, that they’ll have direct access to your bank account – so you’ll need to think carefully before you decide who you want to share cards with.

Which business bank account is the best?

There is such a wide range of options on the market that it can be quite daunting to commit to any one provider. It’s not just choosing between similar banks either, recently there have been an increasing number of challenger banks, which have taken advantage of the deregulation of Open Banking to offer unique benefits to customers. Find out more about the differences between traditional high street banks and challengers.

When trying to find the best online business banking account for your needs, you’ll want to pay attention to the fees and charges you may have to pay, added perks you can get, and specific eligibility requirements. Most providers offer similar capabilities, but you should align a provider’s features with your particular business goals.

Soldo brings extra functionality to your online business bank account that enables you to do more: including real-time tracking, automated expenses and siloed spending.

Who can apply for an online business account?

Any company can apply for an online business bank account, although you’ll want to check the eligibility criteria of a particular provider first. Also, you’ll probably need to provide documents such as ID and proof of address for every company director, your Companies House number, and possibly proof of your financial situation. If your account includes a credit facility then you may have to pass a credit check.

However, with Soldo there’s no need for a credit check, and our quick application process takes no time at all.

Switching business banking accounts

If you already have an existing account but want to switch banks, there are a few steps you need to take. You’ll need to apply with a new provider and let them know that you’re moving from an existing business account. Your new and old providers should then communicate and let you choose your switchover date.

If you’re moving bank accounts because you’re frustrated with your current provider, switching accounts may not be enough. To improve your business banking, you may want to consider enhancing your existing bank account with Soldo prepaid card instead.

What are the best business banking apps in the UK?

There’s no doubt that the business banking app that comes with your account is now a key consideration. The app is no longer just a means of checking your account. The best are powerful online tools that help you intelligently manage your business banking online more efficiently.

What features should I expect from a good digital banking app?

Standard features should include the functionality to:

  • See all your accounts in one place
  • Give you real-time updates for instant clarity on the state of your finances
  • Get instant notifications of payments and other transactions
  • Let you freeze and unfreeze company debit cards right from the app
  • Let you create invoices from the app
  • Integrate with a host of complementary services, like expense management, accounting, payment service providers and many more
  • Transfer money between accounts
  • Pay new and existing payees

How can I manage my accounting?

There are plenty of accounting softwares out there that complement your business bank account and ease the workload of finance teams. Two of the most popular ones are Xero and QuickBooks Online. These services offer useful administrative support to your business’ finances, and better yet, they can be fully integrated with Soldo. Follow these links to see how Soldo works perfectly with both Xero and QuickBooks Online.

How does Soldo Prepaid Card work with business banking apps?

Soldo provides online expense accounts that sit alongside your business bank account, instead of replacing it. You can use your Soldo cards to silo staff spending from your main company funds, as well as accessing powerful new features that aren’t available with any banking provider.

You’ll also be able to track card payments in real time, with every transaction linked to an account. So you’ll never have to ask around to identify a mystery payment again. And you can take a closer look at outgoings with comprehensive reporting tools.

Soldo prepaid card is the perfect companion to your business bank account, optimising your day-to-day finances. Join Soldo today and supercharge your business bank account.

Supercharge your business bank account

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Control spend on prepaid cards

Empower employees to spend; set budgets and track spending in real time, from anywhere.

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Automate all expense admin

Send transactions, receipts, and other data to accounting software through smart integrations.

Capture receipts and VAT fast

Prompt employees to photograph receipts, add VAT and categories on the Soldo mobile app.

“When we switched to Soldo, it became obvious that it was quicker and more efficient. There’s a greater feeling of security; we have more confidence in Soldo than the traditional corporate credit cards.”

Mark Taylor
Director of Finance at Plymouth College of Art

“Petty cash and reconciling credit cards took a total of 6 days a month. Now it takes me half a day. It’s saving us time! It’s got great flexibility and it makes my life a lot easier”

Sandra Curran
Purchase Ledger Coordinator at Making Space

Let’s find the right Soldo plan for you and your business bank

Choose a plan that fits the way your company spends. Apply in minutes, get going in as little as one working day, and cancel anytime.

Lock Bank-level security – FCA regulated & PCI compliant
A basic plan giving you a taste of the Soldo platform.
FreeUp to 3 users and cards.

Features include:

What’s included?

Get added flexibility to control funds and manage company spending.
£6per user/month
Minimum of 3 users

All of Start, plus:

What’s included?

Best for growing businesses
Get increased visibility, control and support for multiple currencies.
£10per user/month
Minimum of 3 users

Every feature from Pro, plus:

What’s included?

For medium and larger businesses, that need customisation, flexibility and dedicated support.
Custom pricing Unlimited users and cards

All the benefits of Premium, plus:

What’s included?

These prices exclude VAT.

The Soldo software platform is operated by Soldo Software Ltd. The emoney business account and payment services are provided by Soldo Financial Services Ltd and are subject to additional fees such as, card issuance, cash withdrawals and others. See all the financial services fees here, and the typical limits here.

Business Banking Insights