What is the quickest business bank account to open? EXPLAINED
When opening a business bank account, you want a provider that can quickly get you up and running. In addition, features like free ATM access, competitive interest rates and cash deposits may be key elements to consider when selecting your account provider.
Some high street banks may take weeks to open a business bank account, while online providers and challenger banks offer quicker applications with the potential of having your account fully functional in minutes.
At its core, simple business current accounts are among the quickest accounts to open; typically only needing your personal details and ID documents for opening. This makes them ideally suited to start-ups and small businesses who wish to minimize administrative hassle when opening an account and instead focus their energy on developing their business instead.
Comparison is key when it comes to choosing the ideal business bank account, including looking at all associated fees. Fees like monthly service charges can quickly add up and impact cash flow significantly, while overdraft charges may make keeping your company profitable more challenging than necessary.
Consider also your transaction limits and ensure they meet your business needs – some accounts only allow a certain number of transactions before charging additional ones. In addition to transaction fees, check whether there are any additional costs such as cash withdrawal fees or international wire transfer costs with any account you consider.
Non-bank providers typically provide the quickest route to opening a business bank account, such as financial services companies rather than traditional business banks. Such providers may even offer same day accounts since only electronic checks1 need to be performed to verify your identity and meet UK anti-money laundering rules; making the process significantly quicker than working directly with traditional business banks.
Bluevine provides a same day business bank account that’s perfect for startups or LLCs just starting out, as there are no transaction fees and lending options are also provided to qualifying users.
Novo offers a fast-opening business checking account designed to change expectations of small business banking. With competitive APY and no fee structure, and integration with tools already used by small businesses, this account meets them head on. But to apply you must possess both an US address and Employer Identification Number (EIN).
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