An online business account is a critical tool for any company, but having the right account can significantly impact your operations and profitability. From streamlining your company’s financial management to reducing expenditure, there are many ways that an online business account can positively impact your commercial performance.

In this article, we explain what to look out for when selecting an online business account in the UK and provide you with top tips to help you find the best account for your needs.

What Is an Online Business Account in the UK?

An online business account is designed for commercial enterprises and allows you to manage your company’s finances via a dedicated portal. While business accounts function in a similar way to personal accounts, they can also provide access to enhanced features and functionality, such as bulk payments for payroll or accounting tools.

Unlike a personal account, an online business account in the UK is registered in the company’s name, rather than the name of individual directors. This clearly differentiates the company’s funds from your own and makes it easier to stay in control of both your own finances and your company’s assets.

Remember – many banks, EMIs and financial institutions prohibit you from using a personal account for business purposes. Due to this, it’s advisable to open an online business account in the UK as soon as possible.

As the name suggests, an online business account can be accessed via the internet, which makes it easy to manage your firm’s finances at any time. Depending on the account provider you choose, you may also have in-branch and/or telephone banking, as well as online banking. In an ever-increasing digital world, however, many account providers now offer purely online business accounts in the UK.

Online Business Account in the UK: What to Look Out For

Now you know what an online business account in the UK is and why they’re so important, it’s time to discover what to look out for when selecting an account and provider. Remember – not all business accounts offer the same terms and conditions or the same features, so it’s worth comparing what’s on offer.

To get started, take a look at these five things to look out for when selecting an online business account in the UK:


An online business account can be a great option, as you’ll be able to login to your account at any time. However, it’s important to confirm how you’ll be able to access your funds too. Will you be issued with a business debit or credit card, for example? If so, which card network will you belong to? Does the online business account enable you to use an ATM to withdraw cash?

It’s easy to assume that you’ll be able to use your business account in the same way as your personal account, but this isn’t guaranteed. Due to this, it’s important to check that your potential account provider offers the accessibility that you need to manage your funds effectively and efficiently.

Multicurrency Functionality

If you’re thinking of opening an online business account in the UK, you might not have factored in the importance of multicurrency functionality. However, a successful business is one that can grow globally, so being able to make multicurrency transactions can certainly be advantageous.

Again, not every multicurrency account is the same and there can be notable differences in the currencies you’re able to hold, send and receive. Before you sign up for an online business account in the UK, check whether it provides multicurrency functionality and, if so, which currencies you’ll be able to trade in. Additionally, confirm whether your multicurrency account will enable you to send and receive funds in overseas territories via local account details.

Fees and Charges

Whether you’re accepting online payments, sending wages to employees or paying a supplier’s invoice, it’s vital to know what fees or charges you will incur when using your online business account in the UK.

Some account providers charge a monthly or annual fee for business customers, but particular types of transactions can attract fees too. In some cases, you’ll be required to pay a flat-fee when making certain types of transactions, but some providers include commission-based charges too.

The fee schedule is extremely important when you’re opening an online business account in the UK so pay close attention to the terms before you sign up. By choosing a cost-effective business account, you can minimise your expenditure and retain more of your company’s revenue.

Additional Services

An online business account is practically essential for today’s companies but there are many other financial services that your business may need to thrive. If you’re operating online, for example, then access to payment gateways could be advantageous. Alternatively, card issuing can be a valuable service if you want to streamline employee expense management.

By choosing an account provider that can offer the additional services you require, you can streamline your financial management and use a single online portal to manage every aspect of your company’s finances.

Protection and Regulation

Keeping your company’s funds secure should always be a top priority, so it’s important to check that your account provider is governed by relevant regulators and adheres to appropriate legislation. As an Electronic Money Institution (EMI), for example, PayAlly is authorised and regulated by the Financial Conduct Authority (FCA), so you can be confident that your funds are managed safely and securely.

Opening an Online Business Account in the UK with PayAlly

At PayAlly, we understand the importance of flexibility when it comes to managing business funds, which is why our range of financial services is designed to deliver everything your company needs. What’s more – our tailored fee schedule ensures you have access to cost-efficient financial services that help you to achieve your growth objectives.

No matter what industry you’re operating in, our dedicated online financial services can help you to succeed. To find out more, talk to our expert team on +44 (0)208 0595 005 or +44 330 777 2244 or email us at