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December 2022

Top Mobile Banks for Small Businesses in The UK

Top Business Mobile Banks

Find the best mobile bank and take your business to the next level!

United Kingdom UK – December 2022
  • Mobile business accounts tailored for freelancers, small businesses and sole traders
  • Accounting tools & integrations for simple business management

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Pricing Business Card Key Features Score Open an Account
  • Free account
  • Plans from £35+/m
  • Automatic categorization &  foreign VAT reclaim
  • Bills processing and payments
  • Digital & audit-proof receipt capture
  • Real-time overview of all spend
9.8
Additional Features
  • Set spending limits for each card
  • Cards for all teammates
Great
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
Accounting Tools
  • Xero | QuickBooks | DATEV | Sage | TravelPerk
Integrations
Xero Sage
Support
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  • Free Account
  • EUR account with IBAN. 300 virtual cards for FREE
  • Unlimited users, sub-accounts & physical cards
  • Company wallets & card classification per group
  • Spending limits, automated reports, digital invoices
9.5
Additional Features
  • Track transactions in real-time
  • No virtual & physical cards issuance fees
Accounting Tools
  • Open developer APIs
Support
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  • Plans from £5/m
  • Automatic card top-ups
  • Free deposits and withdrawals from domestic accounts
9.1
Additional Features
  • Permissions and roles for users
  • Cards available in £, € and USD $
Great
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
Accounting Tools
  • Receipt capture
  • VAT management
Integrations
Xero Free Agent Sage
Support
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  • Free first 6 months
  • Plans from £5/m
  • Create, send & chase invoices
  • 1% cashback for business expenses
8.5
Additional Features
  • Self-assessment requirements reminders
  • Tools to manage your expenses
  • Link your other bank accounts with ANNA
  • No transaction or ATM fees
Excellent
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
Accounting Tools
  • Invoicing
  • Tax reminders
Integrations
Truelayer Money Dashboard
Support
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  • Free Plan
  • Plans from £9.99
  • UK sort code & account number
  • Instant credit up to £15,000
8.5
Additional Features
  • No foreign transaction fees
  • Mobile and web access
  • Additional cards for team members
  • Categorised transactions
Great
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
Accounting Tools
  • Bookkeeping
  • Invoicing
  • Management tools
Integrations
Free Agent Sage KashFlow Reckon
Support
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  • Free plan
  • Fees & charges apply
  • Send, spend, and receive multiple currencies with real exchange rates
  • Assign roles & manage the account with your team
8.2
Additional Features
  • Automate payments and workflows with API
  • Downloadable statements
Great
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
  • Trustpilot Star
Accounting Tools
  • Invoicing
  • Bulk payments
Integrations
Xero Free Agent
Support
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What are Mobile Banks for Business?

Mobile banking options comprise an ever-increasing component of the financial services used by SMEs in the UK. Leading High Street banks like Bank of Scotland, Lloyds, and Halifax are opening up additional channels to gain a competitive advantage in the mobile banking arena, on Android and iOS devices.

An array of Fintech banks operates alongside these established institutions, offering competitively-priced business services to account holders. Among others, business clients can apply for business cards, invoice services, complimentary transfers, perks and rewards, and spending controls on business accounts. The best mobile bank accounts for business offer a variety of features to business owners and staff, with all banking activity conducted on the go.

Business & personal online banking is the result of substantial technological progress, with mobile apps technology, mobile security, and banking services going mainstream. Mobile banking offers greater convenience and cost-effectiveness to both individuals and business clients.

Revolut, for example, is a mobile bank for businesses featuring a global business current account. It showcases prepaid business cards and multi-currency current accounts with 28 fiduciary currencies. Clients can enjoy customised business cards and rapid payments. Revolut offers free, instant transfers to fellow Revolut account holders. The Open API supports multiple integrations and apps such as Xero, Zoho, Zapier, and Slack.

To learn more about Revolut’s features, read our full Revolut Review.

Why Use a Mobile Bank for Your Business Needs?

Small and Medium Enterprises (SMEs) can benefit greatly from mobile banking services. With mobile banking, all that’s required to get started is a quick & easy download and installation of a mobile banking app.

Feature-rich banking options

A mobile bank account for business or a current account for business offers many benefits such as secure monitoring of spending habits, identifying suspicious activity, paperless statements and transactions, secure deposits of checks for business owners who are on the go, hassle-free banking without having to frequent land-based banks, and maximum control over the business’s money.

Maximum security

Mobile banking apps are highly sophisticated devices that allow business owners to instantly turn off business debit cards and credit cards if they go missing, or if fraudulent activity is suspected.

The card control features on mobile banking apps also allow account holders to monitor transactions, and receive mobile alerts for transactions, or for low balances. Other security features include 2FA (2 Factor Authentication) with verification required for transactions to process. These are among the many benefits of using a mobile bank for your business needs.

Monese is a sterling example of a mobile current account for UK businesses. Accounts can be opened quickly and easily, with 14 languages supported. This mobile banking option is available at a flat monthly fee of £9.95. A personal account and business account are provided, with complimentary debit cards available to clients. Benefits include contactless business cards, low-price transfers abroad, free local payments and cash deposits at 40,000 locations in the UK.

Read our in-depth Monese Review.

How to Compare Mobile Banks for Business?

Several factors need to be considered when comparing mobile banking options, namely:

  • Fees & pricing – fees may include foreign transaction fees, replacement card fees, ATM fees, cheque fees, account maintenance fees, inter-account transfer fees, outgoing wire transfer fees, deposit processing fees, ACH fees, minimum balance fees, et cetera. Pricing varies widely between mobile banks, with some offering a free plan, monthly pricing option, or annual pricing.
  • Payment options – a current account for business purposes typically offers debit cards for payments and withdrawals, and e-wallet compatibility such as ApplePay and Google Pay options.
  • Accounts and Features- Mobile banks offer a variety of banking options such as savings accounts, checking accounts, 2-in-1 personal and business accounts, multi-currency options, budgeting tools, invoice tracking, and rewards programs
  • Safety and Security – mobile banking for business features ironclad security protocols such as SSL (secure socket layer) encryption, firewall protection, and 2FA (2 Factor Authentication). Bank-level security is assured with mobile banking apps for businesses.

ANNA banking solution is a popular mobile banking option for businesses. ANNA offers clients a debit card with their business account, with tax reminders and invoicing functionality available too. It takes less than 3 minutes to register an account, and support is readily available to clients. The monthly subscription fee runs £11 and ANNA provides customised business plans for all its clients.