In recent years a number of new online only banks have opened, including Revolut, Starling Bank, Tide, and we find that these banks offer a compelling alternative to the traditional high street banks in a variety of circumstances, for example, if you are just starting your business or have relatively simple banking requirements.
This new generation of banks are all relatively new but in our experience offer a much slicker and in many cases quicker account opening process and offer a growing list of features such as invoicing and categorised transactions. However the accounts are in some cases restricted in comparison to existing high street banks, for example, a limited range of currency accounts and monthly payment limits.
It’s important to remember that these banks may not be suitable for everyone, primarily if you have complex requirements that are currently met by your bank, e.g. export finance, or you conduct trade where a lot of your receipts are in cash or if you are simply not comfortable using a bank with no physical branch presence.
Our clients often approach us for advice on opening new bank accounts and we are happy to speak to you to discuss you bank account requirements and those accounts which we feel may be best suited for your requirements.