Challenger Banks

You won’t find these startup banks on the high-street, instead they’re seeking to transform the banking industry from the palm of your hand.

This section specifically focusses on the business accounts and services, rather than personal banking.

Revolut

Key Features:

Multiple team members / administrators (cap is based on subscription plan, see below)

Strong integration with Xero, Slack, and various other apps

Accounts available in up to 28 currencies

Prepaid cards to help monitor employee spending and card balances

Drawbacks -

Not suitable for businesses that receive a lot of cash (cannot deposit cash into account)

ATM withdrawals incur a fee

How much does it cost?

Revolut’s business account has multiple pricing options depending on how big your business is and how much you use the account.

Basic free plan - No monthly fee, but only a handful of features are included. Money transfers in the UK cost £0.20 each after the first 5; international money transfers are £3 each, plus a 0.4% fee that applies to all foreign exchanges

Subscription plans - Monthly fee, but get a higher number of free transactions

£25 a month, 100 free transfers in the UK, 10 free international transfers and a £10,000 allowance of free foreign currency exchange at the real exchange rate;

£100 a month, 1,000 free transfers in the UK, 50 free international transfers and a £50,000 allowance of free foreign currency exchange;

£1,000 a month - unlimited.

Starling

Key Features -

Very responsive lending facilities

How much does it cost?

It’s free! Starling won’t charge fees on electronic payments, domestic transfers, monthly account fees or ATM withdrawals.

Monzo

Summary -

Key Features -

Tide

Summary -

Key Features -

Monese

Summary -

Key Features -

Supermarket Banks (M&S, Tesco, Sainsburys)

Summary -

Key Features -

Want to print your doc?
This is not the way.

Try clicking the ⋯ next to your doc name or using a keyboard shortcut (

CtrlP

) instead.