Moneyfacts reveals UK's best small business bank accounts in annual report

Financial comparison site Moneyfacts has announced its annual rankings for UK business accounts, with Bank of Ireland, Barclays, and Metro Bank amongst the big winners.

The list looks at all aspects of the business current accounts on the market, and assigns star ratings according to “flexibility, accessibility, and ongoing quality.”

High flyers

Amongst those awarded the full five stars were three separate Bank of Ireland accounts, the Barclays Start Up account, and two offerings from Clydesdale.

Further down the rankings, Bank of Scotland, Caf, and Carter Allen were awarded four stars.

Moneyfacts also looked at community business accounts, awarding Bank of Scotland, Barclays, Clydesdale, and Danske five stars for their offerings.

Challengers absent

Absent from the rankings were any of the recently launched app-based bank accounts such as Tide and Coconut.

In recent months, a new wave of online challengers have entered the market. Simply Business recently rounded up the best challenger banks for small businesses.

Introducing the Moneyfacts rankings, the group’s business editor Lee Tillcock said: “A business current account remains an important cornerstone for any commercial enterprise and the sector continues to see providers innovate and evolve in order to meet the needs of businesses of all sizes.

“Given the impressive range of features offered to meet the needs of modern day businesses, there are plenty of options to consider - something that the sector and regulator are clearly keen to promote.”

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