The best business banking apps in the UK

Discover what you should expect from a business banking app and how to choose the right one for your business.

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Managing business finance

Managing your business’ finances is naturally one of the most important aspects of running a company. If your business is registered with Companies House, you probably have a business current account, and are looking for the best way to manage it. The natural solution is a business banking app.

An app is the most simple way to manage your finances in one place. These days, banking apps also host numerous features that complement and enhance the standard functions associated with expense management. But deciding between them is no easy task. There are a lot to choose from and it can be difficult to know which one will best suit your business.

In this guide we’ll run through the basics of business banking apps and explore alternatives to traditional high street banks.

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Soldo Software Ltd software services plan prices exclude VAT.
Soldo Financial Services Ltd fees are available here, and typical limits are available here.

*No monthly fees for first virtual card for 12 months, standard monthly fees apply to all additional cards. Card issuance fees apply.

Business banking basics

If you have a limited company, wherein your business is a separate entity to yourself, then the law states you must have a business bank account for business purposes. As well as this being a legal requirement, there are a number of benefits to separating personal and professional finances. The most obvious advantage is that, should your business ever run into financial problems, these will not be tied to your own personal savings.

A business account also allows you to build credit history for your business, which can be beneficial if you want to apply for a business loan or business credit card further down the line.

What you want from a banking app is likely to be reflected in what a particular provider offers in their business accounts. If you’re a small business owner, some packages will be more suited to you than others. You might be looking to keep an eye on those small expenses that can add up, so you may want an app that lets you easily manage transactions in real-time, and in turn you might apply for a business account that has a low monthly fee, for example.

There are a number of downsides that come with business bank accounts, however, and these will also depend on the provider. One example is there can be limits on the amount of cash per month that you spend, with a fee added onto anything above that. Also, if you have a business account with a traditional bank, you may be sharing one physical payment card amongst your employees, which can make it tricky to track who’s spending what.

Another thing to consider is your credit rating, as many high-street banks won’t offer you an account if you have bad credit. But that doesn’t make it impossible to get going, as there are numerous other options out there. Many providers have simplified the process so you can fill out an application and be up and running very quickly.

Further eligibility considerations include the fact that there are a number of documents you may need to have a business bank account approved. For example, ID and proof of address of every company director, your Companies House number and possibly proof of your financial situation as well.

Before you go comparing app ratings, you’ll want to think about these aspects of your company’s banking processes too.

There are services such as Soldo that can negate these cons of business bank accounts, acting as a complementary service to traditional high street bank accounts.

Spend some time considering the development of your business and which business account could help you to grow efficiently.

Business banking apps

With online business banking becoming increasingly popular in recent years, high street banks and other providers have been competing to create the app that offers the greatest functionality. But what is it that business banking apps need to do in order to best serve their users?

For starters, you’ll want it to be extremely user-friendly, with accessible UI and an intuitive design. It sounds obvious, but it’s possible to fall at this most basic hurdle, and you don’t want to waste valuable time trying to remember how to use a certain app’s functions.

Other things you’ll want to keep an eye out for are features that will be useful for how you like to run your business. For example, you may want custom notifications so you can be notified whenever particular expenses are processed, or you might want the ability to transfer more funds to a specific individual on the go.

Some further features you should expect include:

  • The ability to create invoices from the app.
  • Integration with complementary services, like expense management, accounting, and payment service providers.
  • Pay new and existing payees.
  • See all your accounts in one place.

Whatever you want your banking app to do, you’ll want to think about what it is that your business needs from an app.

Alternatives to high street banks

Recently, there has been a surge in business banking apps that differ from those of traditional high street banks. They’re known as third-party providers (TPPs) and, although they aren’t banks in the traditional sense, they offer similar services to their more established competitors. By complementing and expanding upon the functions of high streets banks, these TPPs can make cash-flow management much easier for your business.

The introduction of Open Banking within the last five years, in which banks and TPPs can exchange data in order to benefit users, has led to this change in the market. The UK is considered a world leader in Open Banking, and you can take advantage of this to streamline your finances.

There are differences between TPPs that you’ll want to consider. For example, monthly fees vary between platforms. Some of them have a tiered payment system depending on your income per month, and some have no monthly fee at all, unless you want to pay for a premium version.

TPPs can also include features not available with high street banking apps. From virtual cards to multiple currency support, and even cryptocurrency investment functions, TPPs are doing their best to stand out from the crowd. So it’s worth researching these providers to see if they can offer something you can’t get anywhere else.

This increase in TPPs however, does mean there are now even more options to choose from when deciding which app to use for your business banking.

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Which is the best business banking app?

The sheer volume of choice in the market makes for a daunting experience when it comes to deciding which one to manage your finances with. And of course, it’s not just about the app itself, the business account you set up with a particular institution will be influenced by your business’ particular requirements as well.

Some providers suit particular business types, for example some accounts are better if you do a lot of overseas trade or deal with international payments, and some are more suited to businesses with a higher income.

Not only do you need to consider which provider is right for you, you’ll also need to think about whether you’re right for them. Each one will have a different set of eligibility criteria, and you should check to make sure your business is able to fulfil these criteria before you begin setting up an account.

Ultimately, whichever app you choose will need to integrate with the way you run you business. Choose a provider that works for you, not the other way around, and you can increase the efficiency of your business spending.

Soldo’s app will streamline your finances

Clearly, there’s lots to think about when considering a business banking app. Whatever your particular business needs, Soldo can help you optimise your business banking experience. Soldo isn’t a business bank account, but it does everything you want a banking app to do.

Soldo’s intuitive app is user-friendly and packed with useful features, including transferring money to users on the go, capturing receipts, and locking and unlocking cards in a click. And with Soldo there’s no need to worry about security, as the Soldo tech infrastructure meets the highest standards of security, integrity, and stability.

With Soldo’s helpful app, you can see what’s being spent in real-time. And with the pre-set budgets that you establish, there will be no overspending or mystery payments. Soldo even integrates with accounting software such as Xero and QuickBooks Online, which saves you a lot of time when it comes to the monthly reconciliations.

Soldo makes it simple to set up an account. Some high street banks can take a number of weeks to process an application. With Soldo, it’s easy to get started. No need for a credit check or a long processing period. You can apply for an account and be up and running the very same day.

Our Mastercard® prepaid cards send transaction and vendor data to the Soldo web console in real-time, and you can use your Soldo cards to silo staff spending from your main company funds and empower those employees to spend without giving them direct access to the business bank account. This increases the security and transparency of your finances.

With Soldo, you’ll be able to find a package that suits your business. You can even get in touch to tailor your package so that it’s unique to you and your business’ needs. With Soldo you can say goodbye to slow processes, inaccurate data, and poor visibility.

All Soldo plans include

Soldo Mastercard® cards

Get as many cards as you need for employees and departments. Our contactless cards are accepted by millions of merchants worldwide.

Web-Konsole und mobile App

Web console and mobile app

See spending in real time on the web console. View balances, capture receipts and manage cards on the employee app.

Accounting integration

Export transaction data to every major accounting software, in two clicks. Connect expenses to Xero and QuickBooks.

Kostenlose und unbegrenzte Transaktionen

Free & unlimited transactions

Soldo Mastercard® cards have no fees for domestic transactions and our foreign exchange fee is fixed at just 1%.

No charge for deposits

It’s free to add funds, and money is available to spend instantly. Allocate funds to cards when your team needs it.

Individuelle Unterstützung

Dedicated support

Need a hand? Our friendly customer success team is at your service, providing support whenever you need it.

Discover Soldo’s potential
Soldo Uno
FREE

limited to one card
(plastic or virtual)
Get started
Manage spending and expenses with the core features. Limited to one card.
 
Soldo Pro
£6

per card
per month
1x FREE
VIRTUAL CARD
for 12 months*
Get started
Orchestrate spending with enhanced control. Up to 20 plastic and virtual cards.
 
Soldo Premium
£10

per card
per month
1x FREE
VIRTUAL CARD
for 12 months*
Get started
Advanced controls, reporting and functionality complete the Soldo experience.
Soldo Software Ltd software services plan prices exclude VAT.
Soldo Financial Services Ltd fees are available here, and typical limits are available here.

*No monthly fees for first virtual card for 12 months, standard monthly fees apply to all additional cards. Card issuance fees apply.

“We’re a caring company and always look after each other. With Soldo I know I’ve always got my drivers’ backs and the best bit is that I don’t need to do loads of work (or miss out on VAT claims) at the end of the month.”

Karen Green
Operations Manager at Titans Group

“Since we started using Soldo, it’s been such a relief not to have to regularly email or phone the banks to ask for our credit card limits to be raised. I love Soldo’s flexibility – it’s so easy to maintain and everything is in real time.”

Dennis Koehler
Head of Payments and Fraud at GetYourGuide

Business Banking Insights