A Selection Of Digital Banks For Every Business’ Budget (£0 to £1000 p/m)

Digital Banks are on a mission to offer a service that changes the way that traditional banking is done.

These accounts are quick to set up, and you can use a whole wealth of services from your smartphone.

Below, we’ve listed a selection of digital banks that can meet the different budget needs of different businesses.


Revolut

What Makes Revolut Special?

With a Revolut account you can hold, exchange, and transfer currencies with a real exchange rate.

You can also issue free corporate cards to employees and there are a ton of perks available from their commercial partners. 

What Price Are We Talking? 

Freelancers get free accounts, or they can pay £7 for a professional account. 

Companies will pay between £0-£1000 a month depending on the account they have (the highest having unlimited everything!).


Coconut

What Makes Coconut Special?

You can connect any of your current accounts and credit cards from 20 different banks, which then helps to gather all of the information into one place.

Coconut will offer tips on which expenses you can claim, allow you to export your data for tax reports, and see calculations of how much tax you are likely to owe.

What Price Are We Talking?

Coconut is free, and you also get a UK current account with it.

You’ll also get expense tracking, and a tax estimate if you are a sole trader. 

Users can issue 3 invoices a month, but will have to pay more for a higher amount. Coconut also charges 2% on purchases abroad.

If you increase to paying £5 a month (excluding VAT) you will get unlimited invoices, free foreign currency exchange and free replacement cards.


Starling Bank

What Makes Them Special?

Starling charges no monthly fees, and they help to categorise your transactions. Starling also integrates with Xero and FreeAgent. It does the basic things, brilliantly!

What Price Are We Talking?

The digital bank is free for businesses who have less than 10 employees, and have less than £1.7million in annual turnover. 

If you exceed these, you’ll be classed as a larger business, and you can have a free account but only for a limited time.


Anna 

What Makes Them Special?

Anna offers smart invoicing, and will automatically chase any outstanding payments owed to you. Anna comes with a 3 month free trial.

What Price Are We Talking?

After the 3 month trial you’ll be looking at paying £5 a month if your monthly income is below £2,000.

This rises to £11 a month if your monthly income is between £2,000 and £100,000, and finally £49 a month for a monthly income of over £100,000.


Cashplus

What Makes Them Special?

Cashplus is great for businesses whose employees have a lot of expenses.

You can add up to 20 additional business expense cards for your employees to use.

Cashplus also integrates with accounting software, and you can apply for a business cash advance of up to £15,000 to help with cashflow.

What Price Are We Talking?

Nice and simple: £69 a year.


Fair Everywhere

What Makes Them Special?

Fair Everywhere will be useful for businesses who deal with multiple currencies. You get access to three different wallets: GBP, EUR, USD.

You can also get up to 8% cash back from over 50 major UK high street retailers when you spend on your card.

It’s possible to link as many cards to the account as you like.

What Price Are We Talking?

Pricing begins with a £55 application fee, and then costs £12.50 per month after.

 

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