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Best free bank accounts for UK limited (ltd) companies 🇬🇧

As a founder of a limited business, managing your company's finances efficiently is paramount to success. In this article, we delve into the world of business banking, highlighting some of the best free options available to streamline your financial operations without breaking the bank. Whether you're a startup or an established enterprise, finding the right business account can make all the difference in optimising your company's financial health.

Here's a look at 3 of the best free business banks for limited companies, here in the UK.

Best Bank Free Accounts for Ltd Companies in the UK

Anna Money

Best account for freelancers

Anna Money offers tailored banking solutions designed with Ltd's in mind, providing a seamless banking experience that aligns with the unique needs of self-employed individuals. With Anna accounts, limited companies gain access to a range of features and tools aimed at simplifying financial management and optimising productivity.

Tide Free

Best account for freelancers

New tide customers can get a £50 voucher from Tide, by joining via the Pluto link. Get your £50 voucher here.

Tide's user-friendly mobile app allows limited companies to manage their finances on the go, while its transparent pricing and low fees ensure cost-effective banking solutions. Furthermore, Tide's intuitive platform integrates seamlessly with popular accounting software, streamlining financial processes and saving you valuable time.

Wise Business

Best account for freelancers

Wise offers versatile borderless accounts that cater to the needs of limited companies operating on a global scale. These accounts empower you to send, receive, and hold money in multiple currencies with competitive exchange rates and low fees. The only draw back is a one-off account activation fee of £45, after which there's no monthly fee.

What limited companies should look for in a business bank account?

Flexibility and Accessibility

You require banking solutions that offer flexibility and accessibility to accommodate any and all of your diverse financial needs. Look for bank accounts that provide easy access to online and mobile banking platforms, allowing you to manage finances conveniently from anywhere, at any time.

Low Fees and Charges

Minimising fees and charges is essential for business owners who aim to maximise their earnings. Seek out bank accounts that offer low or no monthly maintenance fees, transaction fees, and ATM withdrawal fees. Additionally, consider accounts that provide fee-free or discounted international transactions for businesses who work with clients globally.

What's the best bank accounts for UK freelancers?

Tools for Financial Management

Effective financial management is paramount for businesses to track income, expenses, and tax obligations efficiently. Opt for bank accounts that offer robust budgeting tools, expense categorisation features, and integration with accounting software to streamline financial tracking and reporting processes.

Overdraft Facilities

Given the variable nature of business income, having access to an overdraft facility can provide a financial safety net during lean months or unexpected expenses. Look for bank accounts that offer flexible overdraft options with competitive interest rates and reasonable terms to manage cash flow fluctuations effectively.

Customer Support

Reliable customer support is crucial for businesses who may encounter banking issues or require assistance with their accounts. Choose banks that offer responsive customer service channels, including phone support, live chat, and email, with knowledgeable representatives who understand the unique needs of limited companies.

Want to browse more of the best business accounts for limited companies?

Head over to our business bank accounts comparison table here to see more account types from providers we've mentioned, such as Tide and Anna, and more here.

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