Business Current Accounts
Whichever you choose, you get a Debit Card, cheque book (if applicable), optional savings account, as well as access to Business Internet Banking and Business Banking App.
| Account features | M Account for Business | Business Current Account | Business Choice Account | Professional Firms Client Account |
|---|---|---|---|---|
| Available to | Start-ups and switchers with a turnover less than £1m | All businesses | All businesses | All businesses that hold and manage clients' funds |
| No monthly account fee (subject to qualifying criteria) | Yes | Yes Free banking for 25 months subject to qualifying criteria [1] | No | Yes For designated client accounts only |
| Base rate linked credit interest | No | No | Yes | Yes Subject to individual agreement |
| Transaction charges Business banking tariffs | Yes Free day-to-day online banking [5] | Yes Unless subject to 25 month free day-to-day banking offer [1] | Yes | Yes Unless designated client account |
| Overdraft (Planned Borrowing)Overdraft (Planned Borrowing) (subject to status) is when you have agreed an overdraft limit with us on your business account, allowing you to continue to make payments up to the value of your agreed overdraft limit. | Yes Subject to lending assessment | Yes Subject to lending assessment. | Yes Subject to lending assessment. | Yes |
| Unplanned borrowingUnplanned borrowing happens when you exceed the amount available in your account, including any overdraft facility, without first agreeing it with us. The fee is applied for each business day that we make a payment where your unplanned position is greater than the value of your unplanned borrowing buffer. [2] (Unplanned Debit Interest & Daily Unplanned Borrowing Fee applies) | Yes | Yes | Yes | Yes |
| Returned item feeThis fee will be charged when there is not enough money in your account or agreed overdraft to make a payment and we refuse the request. We will charge an unpaid item fee of £4.00 for M Account for Business or £7.00 for business current accounts. | Yes | Yes | Yes | Yes |
| Business Internet Banking*, Mobile & Telephone | Yes *Automatic Business Internet Banking Registration | Yes | Yes | Yes |
| Paper-free statements and most letters | Yes | Yes | Yes | Yes |
| Apple Pay and Google Pay | Yes | Yes | Yes | Yes |
| Contactless Debit Mastercard | Yes | Yes | Yes | Yes |
| How to apply? | Find out more about this M account for Business | Find out more about this Business Current account | Find out more about this Business choice account | Find out more about this Professional Firms Client account |
Charities, Clubs and Societies
Whichever you choose, you get a Debit Card, Cheque book (if you want one), optional savings account, as well as access to Business Internet Banking and Business Banking App.
| Account features | Charity Choice Account | Clubs & Societies Current Account |
|---|---|---|
| Available to | Registered charities | Clubs, societies, unregistered charities and non-profit making organisations |
| No monthly account fee (subject to qualifying criteria) | Yes | Yes |
| Base rate linked credit interest (if applicable) | No | No |
| Transaction charges Business Banking Tariff Guide | Yes Unless your charity's turnover is under £1 million [3] | Yes Unless you make 10 or less transactions a month [4] |
| Overdraft (Planned Borrowing)Overdraft (Planned Borrowing) (subject to status) is when you have agreed an overdraft limit with us on your business account, allowing you to continue to make payments up to the value of your agreed overdraft limit. Subject to lending assessment. | Yes | Yes |
| Unplanned borrowingUnplanned borrowing happens when you exceed the amount available in your account, including any overdraft facility, without first agreeing it with us. The fee is applied for each business day that we make a payment where your unplanned position is greater than the value of your unplanned borrowing buffer. [2] (Unplanned Debit Interest & Daily Unplanned Borrowing Fee applies) | Yes | Yes |
| Returned item feeThis fee will be charged when there is not enough money in your account or agreed overdraft to make a payment and we refuse the request. We will charge £7.00 for an unpaid item. | Yes | Yes |
| Business Internet Banking, Mobile & Telephone | Yes | Yes |
| Apple Pay and Google Pay | Yes | Yes |
| Contactless Debit Mastercard | Yes | Yes |
| How to apply? | Find out more about this Charity Choice account | Find out more about this Clubs & Societies Current account |
[1] From 15th April 2021, this offer applies to new customers with a turnover of less than £6.5 million switching their main business current account or start ups opening their first account within 12 months of beginning trading. Cash transaction limit of £250,000 p/a. Excludes international and CHAPS payments. At the end of the free banking period, you will move to our Business Banking Tariff Guide.
[2] In the event that you exceed your borrowing arrangements without prior agreement, a higher rate of interest will be charged on the excess borrowing. As explained in the Terms and Conditions applicable to your Account, Unplanned Borrowing that totals less than the Buffer Amount will not attract the Daily Unplanned Borrowing Fee. The Buffer Amount is detailed in the Tariff Guide. Link opens in a new window
[3] Charities Choice Account - Registered Charities with turnover of less than £1m per annum qualify for free transactional banking. No charges apply to cash or cheque deposits and withdrawals, Direct Debits or other automated transactions. Our Business Banking Tariff Guide details charges and fees that apply.
[4] Clubs & Societies Current Account - Not for profit with 10 transactions or less per month qualify for free transactional banking. No charges apply to cash or cheque deposits and withdrawals, Direct Debits or other automated transactions. Our Business Banking Tariff Guide details charges and fees that apply.
[5] Excludes international and CHAPS payments. Turnover more than £1 million? Check out our Business Current Account.
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