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UK Challenger Banks for Personal and Business Accounts

I continue to keep an eye on the growth of UK’s challenger banks due to two reasons:

  1. For my own interest as a human and a director of multiple companies.
  2. At UnifiedVU, we want to unify your financial and payment worlds including risk and governance.

So here is a quick summary of current status:

1. Tide Bank

Offers a business account for one user on one device. According to CEO, George Bevis, his team is in the process of building functionality to support multiple devices and multi users. Hope this extends to supporting multiple accounts on the same device.



2. Revolut Bank

Offers personal (free and premium) and business accounts build around foreign exchange. Business account fees start at £25 per month. So not great for pre-revenue self-funded tech startups but great if you are already generating revenues and have customers and suppliers abroad.


3. Coconut Bank

Setup for freelancers.

4. Monzo

Setup for personal use only, and I am regular user. I love how they notify payments immediately, both visual display and sound. This removes the need for paper receipts as the transaction is immediately verified.

5. Atom bank

Only for personal use

6. Starling Bank

Only for personal use

7. Tandem

Only for personal use

8. Fire

So who have I missed?

  • What benefits do challenger banks provide a business over traditional high street banks in the UK? Apart from potentially more hassle/risk if some have already “gone belly up”!

    • Trendiness! Be one of the cool dudes and have the option to be a shareholder.

      • Sounds like a potentially expensive experiment for no benefit.

        I’m not sure the general public have much of a clue what a challenger bank is to make it trendy just yet.

        • Rumour has it most of these will go belly up! They are powered by other technologies which require significant payment. So there will be significant losses to start with.

  • Opened a as I was in a hurry. Going to cancel it as fees are unacceptable.

  • Björn Ühss

    I m trying to open abusiness bank account for a while now and this list is really useful asI preferchallengerbanks which tendtobe more user-friendly

    • Certainly is. Need to add more meat to the post. Let me know if I missed any please?