Business Bank Accounts
When choosing a business bank account provider it is important to consider what is on offer and even more importantly what it will cost? That is why SFS have done the research for you. We currently recommend Barclays for those looking for a high street bank account. Alternatively, we’ve teamed up with Zempler Bank to give you access to their business bank account. Over 650,000 businesses have already chosen Zempler.
All limited companies require a business bank account to be opened in the name of the business. This allows the business to make and receive payments in the name of the company and also separates the company's finances from the owners or directors of the company. We have setup a referral system to speed up the account opening process and the following provides a run down on the features of each product and bank.
A brief overview of the benefits of the three business bank accounts we can offer
Barclays Business Bank Account
Fast opening through our referral service
Free banking for 12 months (charges apply after free banking period)
Manage the account online, by phone or at a branch
Zempler Bank Business Account
Fast sign up – apply in minutes online and start taking payments
No monthly fee
Easy in-app and online banking
Detailed Comparison of the bank accounts we offer
Barclays Business Account
12 months free banking*
- Barclays Business Account for new start-ups and existing small businesses. The first year is free then monthly and per transaction charges will apply.
How to apply for the account
- Request a referral from us and we will ask Barclays to contact you to arrange a meeting at your local branch to open the account
- CONTACT US FOR A REFERRAL
Features of this account
- Apply in branch
- 12 months free digital banking
- FSCS protection up to £85,000
- 24/7 business support
- Branch based banking
- Mobile phone and in-app
- Over 900,000 businesses bank with Barclays
- Free invoicing and accounting software
*Please note the above fees and services are subject to change. Please check the exact fees and services being offered to you if you decide to apply for this account through our referral service. The supplier reserves the right to change or withdraw a product or offer alternative products at any time.
Zempler Bank Business Account
No monthly fee*
- Zempler Bank is for sole traders and those just starting up. And for small businesses with growth on their minds and less time than they’d like.
How to apply for the account
- Fast sign up –
apply in minutes online and start taking payments - APPLY NOW
Features of this account
- Fast sign up – apply in minutes online and start taking payments
- No monthly fee
- FSCS protection up to £85,000
- 24/7 fraud monitoring, plus instant card freeze if you lose your card or something doesn’t look right. Unfreeze it just as easily at any time
- Easy in-app and online banking
- UK telephone customer service support
- Pay in cash at any of the UK’s 11,500 Post Offices
- Cashflow tracking tools like spending insights and set aside pots
- Integrated accounting tool that connects directly to your chosen accounting software
*Please note the above fees and services are subject to change. Please check the exact fees and services being offered to you if you decide to apply for this account through our referral service. The supplier reserves the right to change or withdraw a product or offer alternative products at any time.
So which account do you choose?
There is very little difference between these accounts but the key points are -
The Zempler Bank account incurs no annual charges
The Barclays account provides a 12 month period of free banking
The Barclays account gives you the ability to issue and receive cheques while The Zempler Bank Account option does not offer this facility
The Barclays account is free in the first year but incurs annual charges from year two moving forward, the Zempler Bank Account has no annual charges
The Zempler Bank Account can be applied for instantly online
How to apply for a bank account though Simple Formations
Online while forming your company
When you form your company with us we will offer you the available bank accounts. This is done towards the end of the formation process, before you checkout. Simply tick the relevant box when offered and we will arrange for the bank to contact you as soon as possible once the new company has been registered.
Email us
If you have not formed your company with us we can still offer you a bank account through this free service. Simply send us an email using the email address on our contact page. Please send us your company name, company number, your contact details and the details of the bank account you are interested in.
*References to free banking mean the usual monthly fee for the account is not charged during this free banking period. Other charges may still apply, further details are available during the application process prior to committing to opening the bank account
**References to Instant opening/same day account opening only if the addresses supplied can be verified and the company name and number match Companies House records.
Please note Simple Formations are unable to guarantee any application with one of our partners will be successful. If your business plans rely on a successful application we recommend you apply for the relevant account and await the outcome before making further business decisions.
