Built to save you money
Choosing a business bank account, country by country
What each account really costs once you count payments, cash, currency and the fees nobody advertises, what your money earns while it waits for the tax bill, and what the bank will ask for before it opens anything.
Countries compared
5
UK, US, Australia, Canada and New Zealand.
Protection checked
Per banking licence
FSCS, FDIC, the Financial Claims Scheme, CDIC and the new NZ scheme.
We are paid nothing
No commission
No provider here pays Taxmiser, so nothing is ranked for money.
Six questions that decide the cheapest account
Count your monthly items first
Payments in, payments out, direct debits. Bundled accounts look cheap until you go over the included count and every extra item is charged.
Weigh cash separately
If you take cash, cash handling will be your biggest banking cost. App banks charge a percentage of every note deposited, so a branch bank can be cheaper overall.
Price the currency, not the fee
A 15 pound wire fee matters less than a 3 percent exchange margin on a 20,000 payment. Compare the rate you actually receive against the mid-market rate.
Check the deposit protection licence
Protection is per banking licence, not per brand or app. Two accounts under one licence share one limit, and electronic money firms are not covered at all.
Make the money earn while it waits
Tax you have set aside sits still for months. A linked savings or call account pays a variable rate on it, and that interest is taxable business income.
Keep it separate from day one
One clean business account is the single cheapest bit of tax planning there is. It proves every expense claim and cuts your accountant's time.
Business banking
United Kingdom
App banks charge nothing monthly and make their money on cash handling and currency. High street banks give 12 to 24 months free, then charge roughly 7 to 12.50 pounds a month plus a few pence per payment.
| Account | Monthly fee | Payments | Cash | Abroad | Interest | Best for |
|---|---|---|---|---|---|---|
| Starling BusinessApp bankStarling pricing | 0 pounds | Free unlimited UK payments | Post Office deposits, charged above the free allowance | Mid-market rate with a small fee on the transfer | Credit interest paid on balances, variable and tiered | Almost any small UK business that wants one predictable bill |
| TideElectronic money firmTide pricing | 0 pounds on the free plan, paid plans above it | About 20p per transfer on the free plan, free on paid plans | Around 1 pound per PayPoint deposit, more at the Post Office | Small percentage margin on the exchange | Instant Saver pays a variable rate, tiered by balance | Very fast opening and invoicing built in |
| Barclays, Lloyds, HSBC, NatWestHigh street bankGOV.UK business banking | Free for 12 to 24 months, then about 7 to 12.50 pounds | Often a few pence per electronic payment after the free period | Branch and Post Office deposits, charged per 100 pounds | Fixed fee plus a currency margin, usually the dearest option | Business savings accounts pay a variable rate | Cash-heavy trades, borrowing, and anyone who needs a named manager |
If the bank fails
FSCS
85,000 pounds per business per banking licence. Check the licence, not the brand: several app banks share one.
Official schemeWhat they will ask for
- Companies House number, or your name and trading name as a sole trader
- Photo ID and proof of address for every director and anyone owning 25 percent or more
- What the business does, expected turnover and where the money comes from
Why it saves you tax
A limited company's money is legally not yours, so a company account is expected. As a sole trader it is optional, but one clean account is what makes an SA103S expenses claim easy to prove if HMRC asks.
Watch out: Paying in cash. Free monthly allowances are small, and above them expect around 0.5 to 0.7 percent of everything you deposit.
Business banking
United States
Most business checking accounts are free if you keep a minimum balance or use the card enough, and charge 10 to 30 dollars a month if you do not. Wires cost far more than in Europe.
| Account | Monthly fee | Payments | Cash | Abroad | Interest | Best for |
|---|---|---|---|---|---|---|
| Chase, Bank of America, Wells FargoHigh street bankSBA on business banking | About 15 to 30 dollars, waived on a minimum balance | Free item allowance, then roughly 0.40 dollars each | Free deposit allowance, then about 0.30 dollars per 100 dollars | Wires around 15 to 45 dollars plus a currency margin | Checking pays little, sweep and money market accounts pay more | Branch access, cash takings and business lending |
| MercuryApp bankMercury pricing | 0 dollars on the base plan | Free domestic ACH and free domestic wires | No cash deposits | USD wires free, currency transfers priced per payment | Treasury option invests idle balances at market yields | Online and software businesses, including US companies owned from abroad |
| Novo, Bluevine, RelayApp bankFDIC BankFind | 0 dollars | Free ACH, cheap or free outgoing transfers | Limited, usually through a retail network for a fee | Available on some, priced per payment | Bluevine pays interest on qualifying balances, variable | Freelancers and small firms wanting no monthly fee at all |
If the bank fails
FDIC
250,000 dollars per depositor, per insured bank, per ownership category. Sweep networks can raise that.
Official schemeWhat they will ask for
- EIN from the IRS, plus formation documents for an LLC or corporation
- Photo ID and Social Security number or ITIN for each owner
- Beneficial ownership details, which the bank must collect by law
Why it saves you tax
Schedule C and the corporate return both rest on clean books. Mixing personal spending is the fastest way to lose a deduction in an IRS examination, and for an LLC it weakens the liability separation too.
Watch out: Transaction and cash limits. Many free accounts cap free monthly items, then charge per item, and wires run 15 to 45 dollars each way.
Business banking
Australia
Business transaction accounts are commonly free or about 10 dollars a month, with merchant fees and cash handling being the real cost. Business savings accounts pay a variable rate on the same money.
| Account | Monthly fee | Payments | Cash | Abroad | Interest | Best for |
|---|---|---|---|---|---|---|
| CommBank, NAB, Westpac, ANZHigh street bankATO on business records | 0 to about 10 dollars on everyday business accounts | Electronic payments usually free, some plans charge per item | Branch cash handling charged above a free monthly allowance | Fee per transfer plus a currency margin | Linked business saver pays a variable rate | Cash takings, EFTPOS and equipment finance |
| Macquarie BusinessHigh street bankMacquarie business banking | 0 dollars | Free electronic payments | No branch network, cash is awkward | Priced per transfer | Competitive variable rate paid on the transaction balance itself | Service businesses that hold a float and take no cash |
| Airwallex, Wise BusinessElectronic money firmASIC on business banking | 0 dollars | Local payments free or a few cents | None | Mid-market rate with a small percentage fee, the cheapest route | Yield options on some balances, not deposit protected | Exporters, marketplaces and anyone invoicing in several currencies |
If the bank fails
Financial Claims Scheme
250,000 dollars per account holder per authorised deposit-taking institution, government backed.
Official schemeWhat they will ask for
- ABN, and ACN as well if you trade through a company
- Photo ID for each director, partner or trustee
- Trust deed if the business trades through a trust
Why it saves you tax
The ATO expects business and private money kept apart, and a single business account is what makes the deductions in your return and your quarterly BAS reconcile without guesswork.
Watch out: Card acceptance. Merchant service fees and terminal rental usually cost more than the account itself, so compare those together.
Business banking
Canada
Business chequing is priced by transaction bundle: roughly 5 to 40 dollars a month depending on how many items you need, with each extra item charged. Fee-free digital accounts now exist.
| Account | Monthly fee | Payments | Cash | Abroad | Interest | Best for |
|---|---|---|---|---|---|---|
| RBC, TD, Scotiabank, BMO, CIBCHigh street bankCRA on business records | About 6 to 40 dollars by transaction bundle | Included item count, then roughly 1.25 dollars per extra item | Deposit allowance in dollars, then a percentage above it | Wires around 30 to 50 dollars plus a currency margin | Business savings pays a variable rate, tiered | Cash businesses, payroll and credit lines |
| Vancity, Desjardins and other credit unionsCredit unionCDIC and provincial coverage | Often lower than the big five for the same bundle | Bundled, with cheaper extra items | Branch handling, competitively priced | Priced per transfer | Variable rate on business savings, sometimes better than the banks | Local trades and community businesses wanting a real person |
| Wise Business, LoopElectronic money firmFCAC on business accounts | 0 dollars | Local payments cheap, no bundles to breach | None | Mid-market rate with a small fee, much cheaper than a wire | Limited, and balances are not CDIC insured | Cross-border invoicing, especially selling into the US |
If the bank fails
CDIC
100,000 dollars per insured category per member institution, and Quebec caisses are covered separately by AMF.
Official schemeWhat they will ask for
- Business number from the CRA, and articles of incorporation for a corporation
- Photo ID for each signing officer and every owner of 25 percent or more
- Master business licence or registration for a sole proprietorship or partnership
Why it saves you tax
The T2125 and the corporate T2 both need business income and expenses separated from personal spending, and GST or HST filing is far easier when every taxable sale lands in one account.
Watch out: Item bundles. Going over the included transaction count is where the monthly bill quietly doubles, so count your real monthly items first.
Business banking
New Zealand
Business accounts are mostly cheap: around 0 to 10 dollars a month, with transaction fees per item on some plans. On-account interest is rare, so a linked call account does the earning.
| Account | Monthly fee | Payments | Cash | Abroad | Interest | Best for |
|---|---|---|---|---|---|---|
| ANZ, ASB, BNZ, Westpac, KiwibankHigh street bankInland Revenue on business records | About 0 to 10 dollars depending on plan | Free allowance, then a small charge per item on some plans | Branch and smart ATM deposits, charged above an allowance | Fee per transfer plus a currency margin | Linked business call and term accounts pay variable rates | Everyday trading, EFTPOS and overdrafts |
| Kiwibank Free Business BankingHigh street bankKiwibank business | 0 dollars for qualifying small businesses | Free electronic transactions | Branch and NZ Post deposits | Priced per transfer | Held in a separate call account | New and very small businesses keeping costs at nothing |
| Wise Business, AirwallexElectronic money firmReserve Bank of New Zealand | 0 dollars | Cheap local payments | None | Mid-market rate with a small fee, the cheapest way to invoice abroad | Limited, and not covered by the compensation scheme | Selling to Australia, the US or the UK |
If the bank fails
Depositor Compensation Scheme
Up to 100,000 dollars per depositor per licensed deposit taker, run by the Reserve Bank.
Official schemeWhat they will ask for
- IRD number, and the company number if you trade through a company
- Photo ID and proof of address for each director and shareholder
- Trust deed if a trust owns the business
Why it saves you tax
The IR3 or IR4 rests on your own records, and GST returns are far quicker when every sale and claim runs through one business account. Provisional tax planning also needs a clear view of what is really yours.
Watch out: Per-item transaction fees on older plans, and merchant fees on card takings, which together outweigh the monthly charge.
Read this before you open anything
- Every figure here is a published price band, not a quote. Bank pricing changes often, so check the provider's own page before you open anything.
- Interest rates are variable and usually tiered by balance. A headline rate normally applies only to part of your money.
- Electronic money firms are not banks. Your balance is safeguarded rather than deposit protected, which is a weaker promise if the firm fails.
- Bank interest is taxable income for the business, and bank charges are a deductible expense. Both belong in your return.
- Taxmiser is not paid by any provider named here and earns nothing if you open an account.