Mobile Banking App: Top 6 Business Banking Apps 2024
Updated December 4, 2024
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A business banking app is a mobile application created by a financial institution that allows you to complete all your banking needs. However, the best one for you depends on your business needs, ease with technology and budget.
Challenger banks tend to have a lot of features and low costs while traditional banks charge a fee and still require access to a branch or website.
The Best Banking Apps for Business
Which Are the 7 Best Banking Apps for Your Business?
The following list of best business banking apps contains a mixture of traditional banks such as Barclays and new digital banks, or challenger banks, such as Starling.
1. Wallester
Pros
- 300 virtual cards for FREE
- Top up with zero commission
- Instant issuance of an unlimited amount of cards
- No card issuance fee, no card service fee
- European BINs works perfectly with facebook, google, etc.
- User-friendly app that allows you to monitor expenses, approve transactions and generate reports on the go.
- Provides an API
- Possibility to purchase a personal BIN
- Fast registration and standard KYC, approval within 24h
- Detailed reporting and analytics to track all transactions
Cons
- Works with all companies from EEA and UK but others considered case by case.
Wallester is an Estonian financial institution and official Visa partner. Wallester Business provides companies with the solution to open an account and instantly issue an unlimited number of Visa virtual and physical cards, using which the company will be able to manage all corporate expenses with a single smart platform.
In fact, you start using this solution already now absolutely for free. On the Wallester Business platform today you can create an account with a free tariff plan including 300 free virtual cards, use all the functions, and understand how it works.
2. Revolut
Established in 2015, Revolut is the fastest-growing digital bank in the UK.
Made popular by its overseas spending abilities, the mobile banking app now offers a wide range of features.
It has a reputation for great personal banking and also has trading and investing tools.
As a banking app, Revolut allows you to:
- Trade multiple currencies
- Issue prepaid debit cards to employees
- Manage payroll
- Transfer money worldwide
- Automate and manage expenses
- Send invoices
- Receive discounts and special offers from partner companies
You can also integrate your business account with dozens of other apps such as Xero, Slack and Zapier, helping your business to run much more smoothly.
There are different subscriptions depending on if you are a company or a freelancer.
The company accounts are Free, Growth (£25 per month), Scale (£100) and Enterprise (custom fee).
The freelancer accounts are Free, Professional (£7 per month) and Ultimate (£25).
The paid subscriptions have the same features but with different limits. The free accounts have only the basic tools.
One important factor to consider with Revolut is that it is not currently regulated by the FCA. This means you would not be insured or reimbursed if you were to lose any money because of the bank.
Revolut did apply for a UK banking licence in 2021, but it is still yet to be approved.
3. Monzo
Monzo started providing full current accounts in 2017, two years after its founding, and now has over 5.8 million customers and several awards.
The business accounts launched in 2020 and offer:
- 24/7 support
- Tax and saving pots
- Invoicing
- Virtual cards
- Budgeting tools
- Expense management
The mobile banking app also integrates with Xero, QuickBooks and FreeAgent and has a marketplace of offers from its partners.
The mobile banking app is easy to use and the features are what you would expect from a challenger bank.
Monzo is regulated by the FCA and covered by the FSCS so your money is safe up to a certain limit.
However, it is important to note it is a young bank that has not yet broken even. The 2022 financial reports state Monzo made an annual net loss of £119 million.
With interest rates and the market in the position they’re in, this might be something to consider.
4. Starling Bank
Starling Bank has quite the story regarding its creation, and luckily a happy ending.
As another challenger bank, Starling is run by founder Anne Boden, who believes business banking should be easy, especially for marginalised groups such as freelancers and sole traders.
The mobile banking app is incredibly simple to use with lots of customisation options.
Business owners can choose to open a Business or Sole Trader Account.
Unlike its competitor business mobile banks, the free accounts come with all the tools and features you need, making it one of the best for small business mobile banking.
If you do want more features, the Business Toolkit is £7 per month and includes:
- HMRC tax calculations
- Ability to send invoices
- VAT management
- Additional budget and expense management tools
For those who trade internationally, there is also the option to set up a business account in euros for £2 a month and US dollars for £5 per month.
The mobile banking app also has a marketplace allowing you to sign up for insurance, pensions and investments.
For those making sustainable choices, Starling only invests in, and partners with, companies that follow the same planet-conscious values.
Starling Bank is also fully regulated and as of 2022 started operating at a profit. Combined with its features and budget-friendly fees, Starling is one of the best business banking mobile app options.
5. Santander
Santander is known for its excellent customer service and offers a business banking product called the 123 Business Current Account.
Like other high street banks, it charges customers an annual fee. Unfortunately, the fee is £150 and more than double that of other high street banks and the features are not as comprehensive as the challenger banks.
Understandably, this can be off-putting, especially for those looking for small business mobile banking.
However, automated and cash payments in and out are free.
The business online mobile app has a clear and accessible interface, with a simple and secure login system.
Users can complete essential banking tasks on the app, the same as they would online.
To open a business account, you need to be an existing customer and have a UK-registered company.
6. Royal Bank of Scotland
Another popular mobile business banking app is the Royal Bank of Scotland.
It offers six to 18 months of free business banking, with an overall account fee of £78.
The business online mobile app has numerous features that would be expected, including:
- Biometric login
- View account balances
- Transfers between accounts
- Managing direct debits and standing orders
- Paying in cheques
For start-ups, RBS offers no transaction fees for the first 24 months and free access to FreeAgent. However, if your revenue is under £1 million, you do need to have been trading for a year before you can open an account.
As a business account holder, you also have access to financial health checks, tutorials, guides and business development events.
7. Barclays
Barclays has been in business since 1690 and is one of the most reliable and trusted banks on the high street.
For business owners looking for a traditional corporate mobile banking app, Barclays offers a 12-month free business account.
You will then need to pay an annual fee of £78.
The business tools are in line with competitors and include:
- Paying in cheques
- International payments
- Real-time updates
- Euro and US dollar payments
- Free access to accounting software FreshBooks
The Barclays marketplace partners include AXA and Hiscox, as well as resources to set up pensions schemes.
While Barclays is certainly one of the best business mobile banking accounts on the high street, a security feature on the banking app does take some patience to set up.
For those businesses that have multiple employees using the account, you will need to get a Mobile Banking Waiver from your nearest branch. Once you’ve filled it out and signed it, you return it to the same branch and wait for it to be approved.
This is not quite the streamlined service you might expect from a banking app.
What Is a Mobile Banking App?
Just as individuals need to manage their finances, businesses need to do the same.
With the ever-growing world of Financial Technology (FinTech), business owners no longer need to wait in line at their local bank with lots of copies of documents to open an account.
Nor do they need to sit on hold on the telephone or complete an online form through their internet banking.
Instead, they can simply open up an app on their phone or tablet and follow the simple instructions.
Business banking apps are usually free for customers to use, and allow the user to:
- View their account summaries
- Transfer money
- Apply for loans and credit cards
- Buy insurance
- Manage budgets
- Manage employee spending
Nearly every bank in the UK has an app for its customers to use. However, not all of them have been developed to the standard of the popular digital banks – especially for the business sector.
Before deciding on which bank to open a business account with, take the time to assess the suitability of their apps.
Below are a selection of some of the best mobile business banking apps on the market.
What Should You Look For in a Business Bank App?
As you can see, digital banks offer so much more in terms of tools, features and usability compared to traditional banks. However, digital banks and FinTech are not for everyone.
When deciding which is the best mobile business banking app for you and your business, you should consider:
- Range of benefits
- Fees
- Financial protection
- Integrations
- Brand reputation
Challenger banks are ideal for freelancers and small businesses because of their simple eligibility requirements. They also tend to appeal to younger business owners because of the user experience such as saving pots and virtual cards.
These banks are also created to fulfil the needs of new customer habits, which is why they generally only charge a small fee for optional services.
However, they have not yet operated through a recession so there is no guarantee of their longevity.
For businesses that have more traditional operations, a high street bank with a corporate mobile banking app might be more appropriate as they provide all the essential services and have a reputation for being reliable.
The high street banks might also align more with traditional businesses’ values and culture.
Unfortunately, there are no demo accounts or free trials to utilise before you commit to a single business online banking app.
Before making your final decision make a list of all the tools and features you want from your business banking app and see which ones tick the most boxes.
If there are several options, assess which one is more budget-friendly.
Additionally, you can also speak to customer service representatives. They will be able to answer any questions you have and maybe even authorise a special joining offer.
Frequently Asked Questions
A business banking app is a mobile application created by a financial institution that allows you to complete all your banking needs.
For digital banks such as Revolut and Starling, the app is the primary place for all your banking.
For traditional institutions like Barclays and RBS, the app is an additional tool, with the branch or website being the main place for your transactions.
There are several great business banking apps. The best one depends on your business needs and budget.
Challenger banks have lots of features, low fees and the apps are designed to handle all banking transactions.
But there is currently no guarantee of their longevity. Traditional banks are reliable and offer the staple financial services needed by most businesses.
When you have decided on the business banking app that fits your needs, you will need to apply for a business account.
On apps like Starling, applying is quick with approval given in a matter of hours. You simply download the app and fill out your application.
For high street banks, there are often stricter eligibility requirements and your application process might be longer.
You will also need to wait until your account is set up before you can create your login details.
Depending on the bank you choose, you can expect your banking app to show you real-time balances and let you manage expenses, set budgets, create savings and tax pots, facilitate transactions and integrate with other apps and software.
Almost every bank will have an app you can access your account through. The best business banking apps at the moment are Revolut, Monzo, Starling, RBS, Barclays and Santander.
Yes, business banking apps all have security features that keep your account safe. If security is a primary concern for you, choose a bank that is regulated by the FCA.
Some banks, like the challenger banks, allow you to use the business banking app to apply for loans. Others still require you to call or use an online form.
You download and set up your business banking app by opening the app store and selecting your bank of choice.
If you have downloaded a digital banking app, you will set up and apply for your account through the app in a matter of minutes.
If you are using a high street or traditional bank, you might need to apply for an account online and wait for login instructions.
Some banks do have a fee for their business banking accounts. Traditional banks such as RBS and Barclays charge around £75 for their business accounts, while digital banks like Revolut and Starling only charge for additional features and tools.
Yes, it is possible to authorise other users. Depending on the bank, this process might be quick and simple.
For others, you might need to sign a waiver and submit it to your nearest branch.
The main benefits of using a business banking app are that you can complete all your banking needs on your phone at any time and place, and you can receive updates and notifications so you know exactly what’s happening at all times.
The tools and features also help streamline your accounting and financial operations.
The business banking apps with the most user-friendly interface are the challenger banks Revolut, Monzo and Starling. The developers are some of the best FinTech has to offer and the apps are created with their customers in mind.
