{"id":220012,"date":"2022-05-31T15:54:00","date_gmt":"2022-05-31T14:54:00","guid":{"rendered":"https:\/\/www.pearlaccountants.com\/?p=218080"},"modified":"2023-05-22T14:34:36","modified_gmt":"2023-05-22T14:34:36","slug":"best-online-banks-uk-2021","status":"publish","type":"post","link":"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/","title":{"rendered":"5 Best Online-Only UK Business Bank Accounts in 2021"},"content":{"rendered":"<style>\n.featured-image {\n    display:none\n}\n.et_pb_post .entry-content {\n    padding-top: 0px;\n}\n<\/style>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"802\" height=\"2560\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/What-to-Look-For-in-an-Online-Only-Bank-for-Your-UK-Business-01-scaled-1.jpg\" alt=\"5 Best Online-Only UK Business Bank Accounts in 2021\" class=\"wp-image-218615\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/What-to-Look-For-in-an-Online-Only-Bank-for-Your-UK-Business-01-scaled-1.jpg 802w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/What-to-Look-For-in-an-Online-Only-Bank-for-Your-UK-Business-01-scaled-1-94x300.jpg 94w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/What-to-Look-For-in-an-Online-Only-Bank-for-Your-UK-Business-01-scaled-1-321x1024.jpg 321w\" sizes=\"(max-width: 802px) 100vw, 802px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Online-only bank accounts such as Revolut, Wise (previously TransferWise), and QuickBooks Cash are not traditional banks\u2014they lack some of the brick-and-mortar traits such as an <a href=\"https:\/\/en.wikipedia.org\/wiki\/Financial_Services_Compensation_Scheme\">FSCS<\/a> deposit guarantee, or even a phone service.<\/p>\n\n\n\n<p>But the staggering growth of these companies proves unequivocally that their benefits far outweigh any perceived cons.<\/p>\n\n\n\n<p>Still, there are also online-only banks that <em>do<\/em> provide these guarantees, as well as cash deposits.<\/p>\n\n\n\n<p>We compared 5 top online-only business financial service providers to see how they competed against each other.<\/p>\n\n\n\n<p>We looked at (in alphabetical order)t:<\/p>\n\n\n\n<ul>\n<li>Cashplus<\/li>\n\n\n\n<li>Monzo<\/li>\n\n\n\n<li><a href=\"https:\/\/www.pearlaccountants.com\/services\/revolut-accountants\/\">Revolut<\/a><\/li>\n\n\n\n<li>Starling Bank<\/li>\n\n\n\n<li>Wise (previously TransferWise)<\/li>\n<\/ul>\n\n\n\n<p>(We did not look at N26 because it is <a href=\"https:\/\/n26.com\/en-us\/press\/press-release\/n26-announces-exit-from-uk-banking-market\">no longer available in the UK<\/a>.)<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/#Day-to-day_business_banking_fees\" title=\"Day-to-day business banking fees\">Day-to-day business banking fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/#Integration_with_accountancy_apps\" title=\"Integration with accountancy apps\">Integration with accountancy apps<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/#Employee_Cards_and_Expense_Management\" title=\"Employee Cards and Expense Management\">Employee Cards and Expense Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/#Forex\" title=\"Forex\">Forex<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/#%E2%80%9CTraditional%E2%80%9D_Bank_Services\" title=\"\u201cTraditional\u201d Bank Services\">\u201cTraditional\u201d Bank Services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/#Bonus_Merchant_Services\" title=\"Bonus: Merchant Services\">Bonus: Merchant Services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/#Overall_ranking\" title=\"Overall ranking\">Overall ranking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/#Using_more_than_one_service\" title=\"Using more than one service\">Using more than one service<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/#Errata\" title=\"Errata\">Errata<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Day-to-day_business_banking_fees\"><\/span>Day-to-day business banking fees<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Picture1.png\" alt=\"cashplus logo\" style=\"width: 70px;\"><br><strong>Cashplus<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/monzo-new-logo-1.png\" alt=\"monzo new logo\" style=\"width: 70px;\"><br> <strong>Monzo<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/revolut.png-1.jpg\" alt=\"revolut\" style=\"width: 70px;\"> <br><strong>Revolut<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/starling-1.png\" alt=\"starling logo\" style=\"width: 70px;\"><br><strong>Starling Bank<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/wise-1.png\" alt=\"wise logo\" style=\"width: 70px;\"><br><strong>Wise<\/strong><\/td><\/tr><tr><td><strong>Free Tier<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><\/tr><tr><td><strong>Min Paid Tier<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">\u00a369 per year<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u00a35 per month<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u00a339.99 per month (Freelancers pay \u00a39.99)<\/td><td class=\"has-text-align-center\" data-align=\"center\">No paid tier<\/td><td class=\"has-text-align-center\" data-align=\"center\">No paid tier<\/td><\/tr><tr><td><strong>Is a \u201creal\u201d bank<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><\/tr><tr><td><strong>Free ATM withdrawals<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/monzo.com\/blog\/withdrawal-and-card-delivery-fees\">Up to<\/a> \u00a3250 per month<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.revolut.com\/business\/help\/making-payments\/atm-withdrawals\/will-i-be-charged-for-cash-withdrawals\">No<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.starlingbank.com\/our-fees-rates-and-charges\/business-banking-fees-rates-and-charges\/#cash\">Yes<\/a> <\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/wise.com\/gb\/business\/pricing-and-coverage\">Up to<\/a> \u00a3200 every 30 days<\/td><\/tr><tr><td><strong>Link to fees breakdown<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.cashplus.com\/business-account\/pricing\/\">Cashplus<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/monzo.com\/i\/business\/\">Monzo<\/a>                 <\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.revolut.com\/en-US\/business\/business-account-plans\">Revolut<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.starlingbank.com\/our-fees-rates-and-charges\/business-banking-fees-rates-and-charges\/#cash\">Starling<\/a>      <\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/wise.com\/gb\/business\/pricing-and-coverage\">Wise<\/a><\/td><\/tr><tr><td><strong>Forex Fees \/ Services<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">Comparatively complicated<\/td><td class=\"has-text-align-center\" data-align=\"center\">Does <a href=\"https:\/\/monzo.com\/help\/travelling\/converting-balance-to-another-currency\">not<\/a> offer\n                    service.<\/td><td class=\"has-text-align-center\" data-align=\"center\">Interbank rates. No fee up to \u00a310K on lowest\n                    non-free tier. Forex is main selling point. Hold 28+ currencies instantly.<\/td><td class=\"has-text-align-center\" data-align=\"center\">No fees for purchases in foreign currency using\n                    card. But Mastercard rate will apply.<\/td><td class=\"has-text-align-center\" data-align=\"center\">Main business model. Hold 50 currencies. Fees <a href=\"https:\/\/wise.com\/gb\/currency-converter\/\">vary<\/a>. Uses mid-market forex rate.<\/td><\/tr><tr><td><strong>Our Rating<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img loading=\"lazy\" decoding=\"async\" width=\"75\" height=\"18\" class=\"wp-image-218392\" style=\"width: 75px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 75px) 100vw, 75px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218217\" style=\"width: 90px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/5-stars-gold-new-1.png\" alt=\"5 star\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218398\" style=\"width: 35px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/2-stars-gold-1.png\" alt=\"2 stars gold\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218217\" style=\"width: 90px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/5-stars-gold-new-1.png\" alt=\"5 star\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218395\" style=\"width: 55px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\"><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Cashplus offers no free tier which we didn\u2019t like. Although their yearly price is reasonable, that price offers no great benefits compared to the other banks.<\/p>\n\n\n\n<p>Still, they are rather on the cheap side and, depending on your transaction volume, it might all come out the same.<\/p>\n\n\n\n<p>For example, Cashplus offers only three free electronic payments a month, then charges you \u00a30.99 for each one. Revolut, however, offers you up to 100 free payments. At a heavy \u00a325 a month for Revolut, compared to Cashplus\u2019s meagre \u00a35.75, the pendulum swings strongly in Cashplus\u2019s favour if you don\u2019t do a lot of transfers.<\/p>\n\n\n\n<p>Monzo fares even better, with absolutely no transfer fees for UK-to-UK transfers, even on its free plan. The same goes for Starling bank, which allows up to \u00a325,000 Faster Payments within the UK at no cost at all.<\/p>\n\n\n\n<p>Wise also charges for every outgoing transaction but does not charge for incoming transactions (which Revolut does). Their per-transaction fee is slightly higher than Revolut\u2019s, but this is offset by the fact that they come out cheaper because they don\u2019t enforce a paid tier for higher limits. They do, however, charge one-off fees to set up an account for a currency you don\u2019t currently hold.<\/p>\n\n\n\n<p>Really, if you\u2019re not doing any major Forex transactions, skip Revolut and Wise for your day-to-day banking. (And, conversely, if you <em>do<\/em> deal with plenty of forex\u2014for example, <a href=\"https:\/\/www.pearlaccountants.com\/who-we-help\/ecommerce-accountants\/\">e-commerce businesses<\/a>\u2014then skip the other banks and choose either Revolut or Wise.)<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Integration_with_accountancy_apps\"><\/span>Integration with accountancy apps<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Picture1.png\" alt=\"cashplus logo\" style=\"width: 70px;\"><br><strong>Cashplus<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/monzo-new-logo-1.png\" alt=\"monzo new logo\" style=\"width: 70px;\"> <br><strong>Monzo<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/revolut.png-1.jpg\" alt=\"revolut\" style=\"width: 70px;\"> <br><strong>Revolut<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/starling-1.png\" alt=\"starling logo\" style=\"width: 70px;\"><br><strong>Starling Bank<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/wise-1.png\" alt=\"wise logo\" style=\"width: 70px;\"><br><strong>Wise<\/strong><\/td><\/tr><tr><td><strong>QuickBooks<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes (\u201cSavings Pots\u201d are not included)<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes (for the following currencies: GBP, EUR, USD, AUD, NZD and PLZ)<\/td><\/tr><tr><td><strong>Xero<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/monzo.com\/help\/business-accounts\/connect-to-xero\">Yes<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><\/tr><tr><td><strong>FreeAgent<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">Partly (Business and Personal Credit Card doesn\u2019t connect)<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes (<a href=\"https:\/\/support.freeagent.com\/hc\/en-gb\/articles\/360004552440-Setting-up-challenger-bank-feed-integrations\" target=\"_blank\" rel=\"noreferrer noopener\">use special setup instructions<\/a>)<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes (<a href=\"https:\/\/support.freeagent.com\/hc\/en-gb\/articles\/360004552440-Setting-up-challenger-bank-feed-integrations\" target=\"_blank\" rel=\"noreferrer noopener\">use special setup instructions<\/a>)<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes (<a href=\"https:\/\/support.freeagent.com\/hc\/en-gb\/articles\/360004552440-Setting-up-challenger-bank-feed-integrations\" target=\"_blank\" rel=\"noreferrer noopener\">use special setup instructions<\/a>)<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><\/tr><tr><td><strong>Sage<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/blog.revolut.com\/revolut-business-now-supports-sage-in-the-uk\/\">Yes<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Uncertain (See comments below)<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><\/tr><tr><td><strong>Our Rating<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img loading=\"lazy\" decoding=\"async\" width=\"75\" height=\"18\" class=\"wp-image-218392\" style=\"width: 75px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 75px) 100vw, 75px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img loading=\"lazy\" decoding=\"async\" width=\"75\" height=\"18\" class=\"wp-image-218392\" style=\"width: 75px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 75px) 100vw, 75px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218217\" style=\"width: 90px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/5-stars-gold-new-1.png\" alt=\"5 star\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img loading=\"lazy\" decoding=\"async\" width=\"75\" height=\"18\" class=\"wp-image-218392\" style=\"width: 75px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 75px) 100vw, 75px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img loading=\"lazy\" decoding=\"async\" width=\"75\" height=\"18\" class=\"wp-image-218392\" style=\"width: 75px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 75px) 100vw, 75px\" \/><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The only service that connects to all the above accounting tools is Revolut, even though it requires a slightly special setup to connect to FreeAgent. (Basically, just visiting a different page and then clicking \u201cConnect\u201d.)<\/p>\n\n\n\n<p>Connecting to accounting software is imperative for a business account. Maybe we\u2019re biased, us being accountants and all. But the amount of time this saves on your daily <a href=\"https:\/\/www.pearlaccountants.com\/services\/bookkeeping\/\">bookkeeping<\/a> simply cannot be understated! Cost-wise, a bank that connects <em>directly<\/em> to your banking service is worth <em>hundreds<\/em> if not thousands of pounds in saved time.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Employee_Cards_and_Expense_Management\"><\/span>Employee Cards and Expense Management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>&nbsp;<\/strong><\/td><td><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Picture1.png\" alt=\"cashplus logo\" style=\"width: 70px;\"><br> <strong>Cashplus<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/monzo-new-logo-1.png\" alt=\"monzo new logo\" style=\"width: 70px;\"> <br><strong>Monzo<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/revolut.png-1.jpg\" alt=\"revolut\" style=\"width: 70px;\"> <br><strong>Revolut<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/starling-1.png\" alt=\"starling logo\" style=\"width: 70px;\"> <br><strong>Starling Bank<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/wise-1.png\" alt=\"wise logo\" style=\"width: 70px;\"> <br><strong>Wise<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Expense Cards or Company Cards<\/strong><\/td><td><a href=\"https:\/\/cashplus.com\/expense-card\/\">Yes<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Sort of (Team Members function)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.revolut.com\/business\/cards\">Yes<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Sort of (\u201cConnected Cards\u201d, max \u00a3200 limit)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/wise.com\/gb\/blog\/multi-user-access-launch\">No<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Cards Controllable via App<\/strong><\/td><td>Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">No, but promises to add feature for team members<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Sort of (see details below)<\/td><td class=\"has-text-align-center\" data-align=\"center\">N\/A<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Our Rating<\/strong><\/td><td><img decoding=\"async\" class=\"wp-image-218217\" style=\"width: 90px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/5-stars-gold-new-1.png\" alt=\"5 star\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218400\" style=\"width: 20px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/1-star-gold-1.png\" alt=\"1 star gold\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218217\" style=\"width: 90px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/5-stars-gold-new-1.png\" alt=\"5 star\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/1-star-gold-1.png\" alt=\"1 star gold\" style=\"width: 20px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/1-star-gold-1.png\" alt=\"1 star gold\" style=\"width: 20px;\"><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>No other feature we looked at was as clearly divided down the middle as this one. Either the company has a company\/expense card function with real-time reports of card activity. Or it has <em>nothing<\/em>.<\/p>\n\n\n\n<p>Both Monzo and Wise offer a \u201cTeam Member\u201d function, but team members <a href=\"https:\/\/wise.com\/gb\/blog\/multi-user-access-launch\">can\u2019t get cards<\/a>. In the case of Wise, it also gives the Team member access to all the company\u2019s financials, which is not the point of employee cards.<\/p>\n\n\n\n<p>The \u201cConnected Cards\u201d feature of Starling Bank looked like a personal account feature, not business. It also has a limit of \u00a3200 per card. Not very useful for business.<\/p>\n\n\n\n<p>None of these come even <em>close<\/em> to the stellar offering of both Revolut and Cashplus. Both offer employee cards with real-time reports and data via their app and website. You can control employee spending from a distance, and enable or disable cards with just a few clicks.<\/p>\n\n\n\n<p>Cashplus and Revolut win this battle hands-down.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Forex\"><\/span>Forex<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img loading=\"lazy\" decoding=\"async\" width=\"70\" height=\"83\" class=\"wp-image-218201\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Picture1.png\" alt=\"cashplus logo\"><br><strong>Cashplus<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218214\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/monzo-new-logo-1.png\" alt=\"monzo new logo\"><br><strong>Monzo<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218203\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/revolut.png-1.jpg\" alt=\"revolut\"><br> <strong>Revolut<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218205\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/starling-1.png\" alt=\"starling logo\"> <br><strong>Starling Bank<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218210\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/wise-1.png\" alt=\"wise logo\"> <br><strong>Wise<\/strong><\/td><\/tr><tr><td><strong>Hold Foreign Currencies<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">EUR and USD card <a href=\"https:\/\/www.cashplus.com\/travel-cards\">available<\/a>, but no account details.<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\">28+ Currencies<\/td><td class=\"has-text-align-center\" data-align=\"center\">EUR and USD<\/td><td class=\"has-text-align-center\" data-align=\"center\">50 Currencies<\/td><\/tr><tr><td><strong>USD Bank Account Details<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\">No. (Can hold USD and pay via card, but not receive payments into account.)<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes, <a href=\"https:\/\/www.starlingbank.com\/business-account\/multi-currency\/\">Limited Companies Only<\/a>. \u00a35 monthly fee. Partnered with British Bank to provide foreign currency account.<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes. One-time setup fee of \u00a316. Partnered with US bank to provide local USD account.<\/td><\/tr><tr><td><strong>Forex Fees \/ Services<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">Comparatively complicated<\/td><td class=\"has-text-align-center\" data-align=\"center\">Does <a href=\"https:\/\/monzo.com\/help\/travelling\/converting-balance-to-another-currency\">not<\/a> offer service.<\/td><td class=\"has-text-align-center\" data-align=\"center\">Interbank rates. No fee up to \u00a310K on lowest non-free tier. Forex is main selling point. Hold 28+ currencies instantly.<\/td><td class=\"has-text-align-center\" data-align=\"center\">No fees for purchases in foreign currency using card. But Mastercard rate will apply.<\/td><td class=\"has-text-align-center\" data-align=\"center\">Main business model. Hold numerous currencies. Fees <a href=\"https:\/\/wise.com\/gb\/currency-converter\/\">vary<\/a>. Uses midmarket forex rate.<\/td><\/tr><tr><td><strong>Our Rating<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/2-stars-gold-1.png\" alt=\"2 stars gold\" style=\"width: 35px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/1-star-gold-1.png\" alt=\"1 star gold\" style=\"width: 20px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218217\" style=\"width: 90px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/5-stars-gold-new-1.png\" alt=\"5 star\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218395\" style=\"width: 55px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218217\" style=\"width: 90px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/5-stars-gold-new-1.png\" alt=\"5 star\"><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>In all fairness to the one-and-two-stars on the list above, Forex is not part of their main business model.<\/p>\n\n\n\n<p>Starling does a decent job of offering EUR and USD foreign currency accounts held with a local British Bank. The USD account comes with ACH routing details which can be used for transfers from US-based banks, and also to receive payments from Amazon, Stripe, and other US companies, directly into a USD account.<\/p>\n\n\n\n<p>The Starling feature is, unfortunately, only available to Limited Companies. And it costs \u00a35 a month. Wise offers their USD account for a once-off setup fee of \u00a316, with no monthly costs. And it is available to everyone\u2014sole traders, freelancers, and limited companies.<\/p>\n\n\n\n<p>Cashplus gives you a EUR and USD \u201cTravel Card\u201d, but no account to receive money into. You can transfer funds into those EUR and USD cards yourself, from your own account. They say they offer \u201ccompetitive rates\u201d but we could not find any further information on this, so can\u2019t comment.<\/p>\n\n\n\n<p>Perhaps you feel more comfortable with a \u201cregulated bank\u201d and have no major need for foreign currencies other than EUR and USD. In that case, Starling might be your best option.<\/p>\n\n\n\n<p>But if you do <em>heavy<\/em> amounts of forex transactions, we would recommend going with Wise or Revolut, for sure.<\/p>\n\n\n\n<p>As far as Monzo goes, they don\u2019t offer forex services. Period. So, if you do need EUR, USD or other foreign currencies, Monzo is not for you.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%80%9CTraditional%E2%80%9D_Bank_Services\"><\/span>\u201cTraditional\u201d Bank Services<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Picture1.png\" alt=\"cashplus logo\" style=\"width: 70px;\"> <br><strong>Cashplus<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/monzo-new-logo-1.png\" alt=\"monzo new logo\" style=\"width: 70px;\"> <br><strong>Monzo<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/revolut.png-1.jpg\" alt=\"revolut\" style=\"width: 70px;\"> <br><strong>Revolut<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/starling-1.png\" alt=\"starling logo\" style=\"width: 70px;\"> <br><strong>Starling Bank<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/wise-1.png\" alt=\"wise logo\" style=\"width: 70px;\"><br><strong>Wise<\/strong><\/td><\/tr><tr><td><strong>Cash deposits<\/strong><\/td><td>Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/monzo.com\/help\/payments-getting-started\/cash-deposit-how-to\">Yes<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes, via Post Office<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><\/tr><tr><td><strong>Overdrafts<\/strong><\/td><td><a href=\"https:\/\/www.cashplus.com\/overdraft\">Yes<\/a>, up to \u00a32,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">Sort of (personal accounts offer overdraft of up to \u00a31,000, not business accounts)<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes, up to \u00a3150,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><\/tr><tr><td><strong>FSCS Deposit Guarantee<\/strong><\/td><td><a href=\"https:\/\/www.cashplus.com\/legal\/\">Yes<\/a>, up to \u00a385,000<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/monzo.com\/help\/legal-stuff\/deposit-protection-fscs\/\">Yes<\/a>, upt to \u00a385,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.starlingbank.com\/legal\/account\/fscs-protection\/\">Yes<\/a>, up to \u00a385,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><\/tr><tr><td><strong>Our Rating<\/strong><\/td><td><img loading=\"lazy\" decoding=\"async\" width=\"75\" height=\"18\" class=\"wp-image-218392\" style=\"width: 75px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 75px) 100vw, 75px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218395\" style=\"width: 55px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/1-star-gold-1.png\" alt=\"1 star gold\" style=\"width: 20px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218217\" style=\"width: 90px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/5-stars-gold-new-1.png\" alt=\"5 star\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/1-star-gold-1.png\" alt=\"1 star gold\" style=\"width: 20px;\"><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The three regulated banks in our list all provide the FSCS deposit guarantee. That means that, if the bank goes bust, your cash is guaranteed up to \u00a385K.<\/p>\n\n\n\n<p>That isn\u2019t the case with Revolut and Wise.<\/p>\n\n\n\n<p>In our experience, our clients are not concerned about this. And financial services companies like Revolut and Wise are still watched closely by <a href=\"https:\/\/www.globallegalinsights.com\/practice-areas\/fintech-laws-and-regulations\/united-kingdom#chaptercontent4\">applicable financial regulatory bodies<\/a>.<\/p>\n\n\n\n<p>As for overdrafts and cash deposits, only the \u201creal\u201d banks on our list offer this. Starling requires you to deposit cash at a Post Office. So, if you needed to go to a bank to do anything else, you\u2019d have to make an extra trip to the Post Office. But, really, why would you go to the bank if you\u2019re so accustomed to doing everything online! \ud83d\ude42<\/p>\n\n\n\n<p>Monzo has no business overdraft, which kind of sucks. And Cashplus\u2019s overdraft is nothing to write home about.<\/p>\n\n\n\n<p>Starling is the clear winner here, offering stunning overdraft capabilities for both personal and business accounts, and it is the only five-star for Traditional Bank Services on our list.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bonus_Merchant_Services\"><\/span>Bonus: Merchant Services<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><\/td><td><\/td><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td><br><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Picture1.png\" alt=\"cashplus logo\" style=\"width: 70px;\"><br><strong>Cashplus<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/monzo-new-logo-1.png\" alt=\"monzo new logo\" style=\"width: 70px;\"><br> <strong>Monzo<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/revolut.png-1.jpg\" alt=\"revolut\" style=\"width: 70px;\"> <br><strong>Revolut<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/starling-1.png\" alt=\"starling logo\" style=\"width: 70px;\"><br><strong>Starling Bank<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/wise-1.png\" alt=\"wise logo\" style=\"width: 70px;\"> <br><strong>Wise<\/strong><\/td><\/tr><tr><td><strong>Accepts Credit Card Payments (Merchant Account)<\/strong><\/td><td>No<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\">Yes<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><td class=\"has-text-align-center\" data-align=\"center\">No<\/td><\/tr><tr><td><strong>Our Rating<\/strong><\/td><td>N\/A<\/td><td class=\"has-text-align-center\" data-align=\"center\">N\/A<\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" class=\"wp-image-218217\" style=\"width: 90px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/5-stars-gold-new-1.png\" alt=\"5 star\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">N\/A<\/td><td class=\"has-text-align-center\" data-align=\"center\">N\/A<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Special mention must be given to Revolut for also providing a <a href=\"https:\/\/www.revolut.com\/business\/help\/merchant-accounts\">merchant account<\/a> which is extremely easy to apply for.<\/p>\n\n\n\n<p>Having a merchant account is a bit of a legacy procedure to accepting credit card payments online. These days, most people just go with third-party providers such as PayPal or Stripe.<\/p>\n\n\n\n<p>But Revolut does offer a merchant services account out of the box, allowing you to accept payments directly via their interface at a <a href=\"https:\/\/www.fintechfutures.com\/2020\/12\/revolut-launches-acquiring-service-for-merchant-customers\/\">slightly better rate<\/a> than Stripe does. They also offer the option to integrate payments directly onto your preferred <a href=\"https:\/\/www.revolut.com\/business\/help\/merchant-accounts\/plug-ins-api\/can-i-integrate-merchant-accounts-with-existing-e-commerce-platforms\">ecommerce platform<\/a>.<\/p>\n\n\n\n<p>If you do a lot of credit card transactions, this might be something that tilts Revolut in your favour.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overall_ranking\"><\/span>Overall ranking<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Important:<\/strong> We did <em>not<\/em> use the Merchant Account bonus option in working out the overall rating.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/Picture1.png\" alt=\"cashplus logo\" style=\"width: 70px;\"><br><strong>Cashplus<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/monzo-new-logo-1.png\" alt=\"monzo new logo\" style=\"width: 70px;\"><br> <strong>Monzo<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/revolut.png-1.jpg\" alt=\"revolut\" style=\"width: 70px;\"><br><strong>Revolut<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/starling-1.png\" alt=\"starling logo\" style=\"width: 70px;\"> <br><strong>Starling Bank<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/wise-1.png\" alt=\"wise logo\" style=\"width: 70px;\"><br><strong>Wise<\/strong><\/td><\/tr><tr><td><strong>Overall Rating<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.8<br> <img loading=\"lazy\" decoding=\"async\" width=\"70\" height=\"16\" class=\"wp-image-218392\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 70px) 100vw, 70px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\">2.8<br> <img decoding=\"async\" class=\"wp-image-218395\" style=\"width: 55px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.6<br> <img loading=\"lazy\" decoding=\"async\" width=\"70\" height=\"16\" class=\"wp-image-218392\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 70px) 100vw, 70px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.6<br> <img loading=\"lazy\" decoding=\"async\" width=\"70\" height=\"16\" class=\"wp-image-218392\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 70px) 100vw, 70px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\">2.8<br> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><\/tr><tr><td><strong>Weighted by Forex Features<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.2 <br><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">2.3 <br><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/2-stars-gold-1.png\" alt=\"2 stars gold\" style=\"width: 35px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">4<br> <img loading=\"lazy\" decoding=\"async\" width=\"70\" height=\"16\" class=\"wp-image-218392\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 70px) 100vw, 70px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.4<br> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.4<br> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><\/tr><tr><td><strong>Weighted by Price<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.8<br> <img loading=\"lazy\" decoding=\"async\" width=\"70\" height=\"16\" class=\"wp-image-218392\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 70px) 100vw, 70px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.4<br> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.1<br> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">4<br><img loading=\"lazy\" decoding=\"async\" width=\"70\" height=\"16\" class=\"wp-image-218392\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 70px) 100vw, 70px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\">2.8<br> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><\/tr><tr><td><strong>Weighted by Price <em>and<\/em> Forex<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.4<br> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">2.9<br> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.3<br> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.8<br> <img loading=\"lazy\" decoding=\"async\" width=\"70\" height=\"16\" class=\"wp-image-218392\" style=\"width: 70px;\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png\" alt=\"4 stars gold\" srcset=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1.png 429w, https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/4-stars-gold-1-300x71.png 300w\" sizes=\"(max-width: 70px) 100vw, 70px\" \/><\/td><td class=\"has-text-align-center\" data-align=\"center\">3.3<br> <img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2021\/05\/3-stars-gold-1.png\" alt=\"3 stars gold\" style=\"width: 55px;\"><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>It\u2019s impossible to look at a table of ratings on a website and know for certain if the rankings are according to <em>your<\/em> needs.<\/p>\n\n\n\n<p>For example, although Starling Bank comes up tops when weighted by Price and Forex, the Forex offerings of Revolut and Wise are both miles ahead of Starling Bank in <em>some respects<\/em>. But, if you\u2019re just looking for a EUR and USD account and no other major Forex features such as interbank rates and low transfer fees then, sure, Starling takes the cake.<\/p>\n\n\n\n<p>You have to look into the fine-print, and this article is meant to be used only as a guide.<\/p>\n\n\n\n<p>Indeed, the simple five-star rating we used could be broken down further into more complex ratings or into ratings weighted differently.<\/p>\n\n\n\n<p>Some things we didn\u2019t pay much attention to might be a dealbreaker for you.<\/p>\n\n\n\n<p>So, again, this is a <em>guide<\/em>. We hoped to provide a <em>general idea<\/em> of what each of the services offer.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Using_more_than_one_service\"><\/span>Using more than one service<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The lines between traditional banks and challenger banks are blurring. Whereas overdrafts and in-person service were considered immutable offerings of a bank in the past, many businesses simply don\u2019t care about these services anymore.<\/p>\n\n\n\n<p>Ease-of-use and overall savings has become a priority.<\/p>\n\n\n\n<p>We serve many clients who use Revolut as their primary business bank account, and they don\u2019t care much about the comfort-food of having an \u00a385,000 deposits guarantee.<\/p>\n\n\n\n<p>We also serve a large proportion of clients who use either Revolut or Wise for all their forex needs, while using a brick-and-mortar (or online) bank for their day-to-day business needs.<\/p>\n\n\n\n<p>The area of Forex really is where Revolut and Wise stand out above the rest.<\/p>\n\n\n\n<p>So, feel free to pick and choose between the above services, signing up for more than one as needed. The beauty of these services is that they don\u2019t cost an arm and a leg, so you <em>can<\/em> sign up for more than one without too much financial burden.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Errata\"><\/span>Errata<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We\u2019ve done our best to provide a thorough and accurate breakdown of each of the major offerings of the above banks and financial services institutions. There was a lot of info to go through and we did our best, but sometimes mistakes can occur. If you find any errors above, please do let us know and we\u2019ll be more than happy to correct them.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p><em>Logos used in this article are courtesy of the LinkedIn profile of each of the respective companies and are trademark and copyright of their respective owners.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Online-only bank accounts such as Revolut, Wise (previously TransferWise), and QuickBooks Cash are not traditional banks\u2014they lack some of the brick-and-mortar traits such as an FSCS deposit guarantee, or even a phone service. But the staggering growth of these companies proves unequivocally that their benefits far outweigh any perceived cons. Still, there are also online-only <a href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  5 Best Online-Only UK Business Bank Accounts in 2021<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":219482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2195,2198,4352],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Best Online-Only UK Business Bank Accounts For 2021<\/title>\n<meta name=\"description\" content=\"What is the best online-only bank for businesses in the UK? We compare 5 popular services in thorough detail, looking at their pricing, features and integration capabilities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/best-online-banks-uk-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Best Online-Only UK Business Bank Accounts in 2021\" \/>\n<meta property=\"og:description\" content=\"What is the best online-only bank for businesses in the UK? 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