In October 2024, Finder contacted the following banking brands to ask how long it would take to open an account. Below we have listed the responses and detailed the fastest and quickest way to open a business account. Note that if you are applying from abroad as a non-UK resident, business account providers may have different application requirements. We have a separate guide for non-UK residents applying for a business account.
| Business account provider | Logo | How long it takes to setup an account | |
|---|---|---|---|
| Zempler Bank |  | Zempler stated that accounts can be opened within 4 minutes. | Visit Zempler Bank |
| MyGuava |  | MyGuava stated that accounts can typically be opened within 1 day. | Visit MyGuava |
| Revolut |  | Revolut stated that it depends on region and circumstances but is generally easy to open—standard delivery is up to 8 days, and priority is 6 days. | Visit Revolut |
| Tide |  | Tide said applications can vary depending on business type. | Visit Tide |
| Monzo |  | Monzo told us that 93% of customers are able to open an account the same day they apply. | Read our review |
| Counting Up |  | Counting Up stated it takes less than 5 minutes to open an account. | Read our review |
| ANNA Money |  | ANNA Money stated it takes minutes to set up an account. | Read our review |
| Mettle by NatWest |  | Mettle responded that it takes only a few minutes to reply, with most applications reviewed within 72 hours. | Read our review |
| NatWest |  | NatWest told us that it usually takes up to 10 working days, though it can take longer if more than 2 people are listed as officials, or if you accept cash payments, undertake overseas transactions, or if you are a club, society, charity, or non-personal trust. | Read our review |
| Danske Bank |  | Danske Bank stated that the processing time is 8-10 days. | Read our review |
| Starling Bank |  | Starling Bank provided no time frame but said it would be easy to open an account. | Read our review |
| HSBC |  | HSBC was unable to provide us with an answer. | Read our review |
Monzo Business Lite
9.8 Excellent| Account fees | £0 |
|---|---|
| Interest (AER) | 0% AER |
Monzo Business aims to provide all the benefits of a high street bank but streamlined for a digital age, allowing you to apply online in minutes and do the majority of stuff through the app. 93% of customers are able to open an account the same day they apply. There are 2 types of Monzo Business account: Lite and Pro. Lite is free, while Pro sets you back a monthly fee. If you go for the upgrade, you’ll be able to connect accounting tools like Xero, FreeAgent and Quickbooks. Other Pro perks include multi-user access, automated tax pots, virtual cards, invoicing and more. If you run into any problems, customer support is available 24/7.
| Account fees | £0 |
|---|---|
| Interest (AER) | 0% AER |
Revolut Business Basic Account
9.1 ExcellentRevolut isn’t a bank, but it does offer a business banking account which is fast and easy to open. One downside of not being a “proper” bank is that your funds aren’t protected by the Financial Services Compensation Scheme (FSCS) - although funds at Revolut are still safeguarded. But one of the perks is that it’s faster - accounts are usually up and running within hours, not days. Revolut Business supports more than 25 currencies and can be used in more than 100 countries. You can get physical or virtual cards for you and your team, set up automated payments, and add spending caps, all within the app. Plus, you can integrate your Revolut Business account with software like Xero to keep things running smoothly.
Tide Free Account
9.4 ExcellentTide is a fintech app that offers business accounts to small businesses and freelancers, hoping to relieve some of the financial stress that comes with a growing company. One of the ways it does this is to help new businesses register their limited company and open an account all in one go. Tide also stands out for the number of accountancy software packages it can integrate with, giving you more choices to find one that suits your business needs.
Airwallex Multi-Currency Business Account
8.7 GreatThis bank account enables businesses to collect, hold and send money in multiple currencies. There are no monthly fees and accounts can be opened in a matter of minutes. Users will be able to transfer funds in more than 34 currencies into over 130 countries at competitive exchange rates. What’s more, you’ll be able to create virtual employee and expense cards for your business which will enable you to track spending and set spend limits. You can also use your multi-currency debit card to pay for expenses online or in person in different currencies with no transaction fees, provided you have the right currencies in your account. Further benefits include the option to connect your currency accounts with platforms like eBay, Shopify and PayPal, and the ability to sync your account with Xero to ensure your Xero transaction records are up to date for your accountant or bookkeeper.
Zempler Bank Business Go Account
8.3 GreatThe Zempler Business Go account (formerly known as Cashplus) can be opened in a matter of minutes and doesn’t require a credit check, so it’s a great option if you need to open a bank account straight away. It’s a digital-only account with no monthly fee attached, and you can open one of these accounts if you’re a sole trader or the owner of a limited company or partnership.Perks of the Zempler account include cashflow tracking, invoicing tools and integrations with accounting software. There are also options for loans and an overdraft facility if you need to use these.
ANNA Pay As You Go Account
8.6 Great| Account fees | £0 |
|---|---|
| Interest (AER) | 0% AER |
It takes 3 minutes to open an ANNA Money account. ANNA Money offers 3 types of accounts: pay-as-you-go, business and big business. Pay-as-you-go could be a good option if your business is just starting out and you’re unsure of what features you might need. But it does charge fees for most services which could easily add up. The other 2 account options charge a monthly fee and have a limited number of services included in the package. Overall, you can expect to benefit from multiple debit cards for colleagues, cashback and the option to give your accountant access from all 3 accounts. Keep in mind that ANNA Money is an e-money provider, so your deposits aren’t covered by the Financial Services Compensation Scheme (FSCS) if the company goes bust.
| Account fees | £0 |
|---|---|
| Interest (AER) | 0% AER |
Countingup Starter Business Account
5.8 Standard| Account fees | £3.00 per month (waived in first 3 months) |
|---|---|
| Interest (AER) | 0% AER |
It only takes a few minutes to open a Countingup account. Designed for sole traders and small businesses, Countingup offers built-in accounting software and you can share access with your accountant too. It doesn’t charge a maintenance fee for the first 3 months, which could be a good chance to try out the account before you commit. It only has 1 type of business account, which has 3 tiers with different pricing depending on how much you deposit in the account each month. But it’s not a bank so your money isn’t protected by the FSCS if it collapses.
| Account fees | £3.00 per month (waived in first 3 months) |
|---|---|
| Interest (AER) | 0% AER |
Mettle by NatWest Mobile Account
8.3 Great| Account fees | £0 |
|---|---|
| Interest (AER) | 0% AER |
It takes minutes to apply and Mettle aims to review bank account applications in 72 hours. So while it’s not the quickest, it’s still likely to process your application faster than many of the high street banks. Mettle offers free bank accounts for sole traders and small businesses, plus you don’t have to pay to use and integrate the accounting software Freeagent (both Mettle and Freeagent are owned by NatWest). But if your business relies on international payments, needs 24-hour support, or has multiple owners who all want access to the account, you might want to look elsewhere.
| Account fees | £0 |
|---|---|
| Interest (AER) | 0% AER |
Starling Business Current Account
9.9 Excellent| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
It takes around 10 minutes to apply for a Starling account and most are open in less than 24 hours. Starling has 1 business account with different add ons including a Euro business account and a US dollar business account. However, these come with an additional fee. The digital-only bank offers 24-hour support with real people by app, phone or email. It continually scores highly for its customer service, coming second place for business bank accounts according to the latest survey from the Competition and Markets Authority. Plus, you can enjoy fee-free spending abroad, send international payments and pay in cash and cheques by visiting a Post Office branch.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
Wise Business Account
| Account fees | £0 |
|---|---|
| Interest (AER) | 0% AER |
Wise is an international business account focused on making international money transfers simple. It’s fast and easy to sign up for the account online and, once you’re set up, you can make and receive international payments in no time. By setting up local account details for your business in the chosen currency, these payments happen much faster - as if you’re being paid by a local. Your business debit card can also be used overseas without any foreign transaction fees, and you can get additional cards for your team, with the option to set spending limits and get cash back.
| Account fees | £0 |
|---|---|
| Interest (AER) | 0% AER |
An instant bank account is one that can be opened quickly, though the process is unlikely to be immediate.
While the application form might only take a few minutes to fill in, you then have to wait for the bank to approve your application. How long this process takes depends on the bank and your business.
Many high-street banks might take a week or more to open a business account, but some smaller banks and e-money providers take less than a day.
Yes, it is possible to open an account in a day. But it depends on the bank’s processes and what information you need to provide about your business.
If it’s a busy period, like the end of the tax year, it may take longer for a bank to review your application.
It also depends on whether anything is missing from your provided information. If the bank has to get in touch to ask for more details, this could slow things down.
Bear in mind that if your business has a complex ownership structure, that could also increase the time it takes to open an account.
Usually, the newer challenger banks make it quick and easy to open a business bank account.
For example, most Starling or Monzo customers have been able to open an account in less than a day. Mettle, a bank owned by NatWest, aims to review applications within a matter of days.
While they are not banks, some e-money providers like Revolut and Tide let you open a business account quickly, too. For example, Revolut reviews most applications in a couple of hours, and so does Tide.
Banks are allowed to use customers’ deposits to lend and earn interest. They also have to abide by strict requirements to make sure they have enough available cash if a customer suddenly wants to withdraw their money.
However, e-money providers aren’t allowed to lend customers money, so they might segregate deposits into a special account. Compared to banks, the regulations around e-money providers are less restrictive, and their cash reserves don’t have to be as high.
This can have advantages for customers. For example, e-money providers are often more flexible and might be able to process an application quicker than a bank would.
Unlike deposits held with banks, money held with e-money providers won’t be protected by the Financial Services Compensation Scheme (FSCS).
This means that if the e-money provider goes bust, you won’t automatically be reimbursed under the FSCS. Instead, you might have to wait while the business goes through insolvency, which can be long-winded.
But that’s not to say that e-money providers aren’t safe. They are regulated by the Financial Conduct Authority, which means they have to abide by rules and regulations.
With that said, some e-money providers hold money with other companies that are regulated banks, which means that your deposit would be covered under the FSCS. For example, Tide is a financial technology company, but its deposits are held by ClearBank.
It’s always good to check where your money is being held and what protection you are entitled to if the business runs into trouble.
This varies between banks, but generally speaking, you need to provide this information:
Some banks might ask for information about what the business does and how you intend to use the account.
Depending on your business sector, the bank might ask for details about things like qualifications or registrations.
If your company has shareholders and directors, the bank might want to carry out an identity check on them too.
Speed isn’t everything when it comes to choosing a bank account, so make sure you compare the other features that the banks offer.
While some more established banks can take a week or longer to set you up with a business account, it might be worth the wait if they offer extra support.
But, of course, if you’re in a hurry to open an account, the banks and e-money providers mentioned above might be worth considering. To start comparing, head to our best business bank accounts guide.
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