Opening a Barclays business account

What kind of institution it is

UK-licensed bank. Money held with a UK-licensed bank is protected by the Financial Services Compensation Scheme up to £85,000 per eligible depositor, per banking licence. Note the licence rather than the brand — two brands can share one, and the limit is shared with them.

Before you rely on any of that, look the firm up on the FCA register and read what it is currently authorised to do. Regulatory status moves, and this page is a starting point rather than a live record.

Who it tends to suit

Established companies, businesses that will want credit facilities, and anyone who values being able to walk into a branch.

What to expect when you apply

Full identity and address evidence for every director and person with significant control, a clear description of the business, and questions about expected turnover and where money will come from. Applications from companies with only a mail-handling address are scrutinised more closely.

What to watch

High street onboarding is generally slower than a digital provider, and a business with overseas ownership or an unusual structure should expect more questions rather than fewer.

Have this ready before you start

• Passport or national identity document for every director and person with significant control
• Proof of residential address dated within the last three months
• The certificate of incorporation and the company number
• A plain description of what the company sells, to whom, and how it is paid
• Expected monthly turnover, and the countries money will come from and go to
• The ownership chain in full where a holding company, trust or overseas shareholder sits above the company

Other providers

• HSBC — A UK-licensed bank with a large international network, often the pragmatic choice where a group already banks with HSBC elsewhere.
• Lloyds — A UK-licensed high street bank, generally straightforward for UK-only companies with simple ownership.
• NatWest — A UK-licensed bank that has long targeted startups and small companies, often with an introductory period of free business banking.
• Starling Bank — A UK-licensed digital bank with no branches, so deposits carry FSCS protection while onboarding stays app-based.
• Monzo — A UK-licensed digital bank offering business accounts, with FSCS protection and app-based onboarding.
• Tide — Not a bank: Tide is an e-money provider whose accounts are issued through a partner bank, so money is safeguarded rather than FSCS protected.
• Wise Business — An e-money institution built around multi-currency payments rather than UK banking, with money safeguarded rather than FSCS protected.
• ANNA Money — An e-money provider aimed at very small companies, bundling bookkeeping and tax filing with the account.
• Revolut Business — A multi-currency business account provider whose UK regulatory status has been changing — check the FCA register for its current permissions before you rely on any particular protection.