You have a limited company or a small business and are looking for a business bank account, there are almost no traditional high street banks that will give you a free business current account. Many high street banks give you free banking for the first year of your business and will later start charging monthly fee. However, we have found a challenger bank which offers free business current account for limited companies. You can open a free business account almost instantly with this bank.
We are the accountants for IT-contractor who was using this new challenger bank called Starling bank for his contractor limited company. We did not hear about this bank and wanted to give it a try to see how it compares with the traditional high street banks, so that we can offer advice to our accountancy customers if they ask for recommendation for a business bank.
Opening a free bank account
Starling is a mobile only bank, so for business who would like to use website for banking or like to visit their local bank branch, this bank is not an option for their business needs. The opening process was very easy and it just took about 15 minutes to get a business bank account. Below are the steps to open a free business bank account with Starling
- Download and install the app.
- Confirm the mobile number by SMS which is automatically read by the app.
- Do a video call and read a single line
- Take a picture of your address through the app
Once you are done with these steps you are instantly provided with the sort code and account number of your business account.
You can start using the account to get your invoices paid in under 15 minutes. That's really cool.
Verification of bank account
A day later, we received an email with questionnaire about our business which we answered and sent back and our account was fully functional.
Whizzy accountants in Romford would highly recommend Starling bank for the ease of opening and operating a free business bank account for IT contractors and businesses.