Exploring the best bank accounts for small businesses

When it comes to the best bank accounts for small businesses, there’s a wide range to choose from. Do you prefer traditional banks, which are known for consistency and reliability, or do you need flexible and cost-efficient online services? Each option comes with its own pros and cons. In the following sections, we give you an overview of traditional banks, direct banks and financial service providers to compare the best business bank accounts.

Best bank accounts for small businesses: Traditional banks

Traditional banks have brick-and-mortar branches, providing face-to-face interactions with bankers and access to physical services like deposits and withdrawals. They offer various financial products, including savings accounts, loans, investment opportunities and financial advice. As banks are subject to strict regulations and security standards, you can be sure that your funds are safe.

On the flip side, traditional banks typically charge higher fees for services due to the costs associated with maintaining physical branches and staff. They might be less flexible when it comes to innovative financial solutions or customised services.

Whether you’re considering opening or switching your business bank account, explore below our guide into some of the best options for your business needs.

Deutsche Bank

Deutsche Bank is one of the biggest financial institutions in Germany, with over 1.32 trillion euros in combined assets. Deutsche Bank offers 3 different bank accounts for businesses, catering to freelancers and SMEs alike.

Commerzbank

Commerzbank is a European credit institution headquartered in Frankfurt am Main. The Commerzbank Group also includes the German Comdirect and the Polish mBank. It offers 3 customisable business bank accounts.

UBS

UBS Group AG is a leading global financial services company headquartered in Zurich, Switzerland. It is one of the largest and most prominent banks in the world, known for providing a wide range of services.

Best bank accounts for small businesses: Direct banks

Compared to traditional banks, direct banks operate primarily online, offering services through websites and mobile apps. They usually have lower foreign transaction fees and better interest rates compared to traditional banks because of their reduced overhead costs. Transactions and account management tend to be faster and more efficient due to streamlined online systems.

What speaks against direct banking is the limited physical interaction and the lack of brick-and-mortar branches, thereby relying only on online communication or customer service hotlines for assistance. Direct banks might also have a more limited range of financial products compared to traditional banks, potentially lacking certain specialised services or investment options.

N26

N26 is a German neobank based in Berlin that specialises in account management via smartphone. The direct bank offers four different bank accounts, which all cater to freelancers.

Revolut

Even though Revolut might be regarded as a financial service provider, the company holds European banking licences, which makes it a direct bank. Revolut has a wide range of offers that tailor businesses and freelancers alike. The following sections compare Revolut’s business offers.

Barclays

Barclays is an international financial enterprise and the third-largest bank in the UK. Barclays’ business account specifically caters to start-ups based inside the UK.

Best bank accounts for small businesses: Financial service providers

Compared to traditional and direct banking, financial service providers offer a wider array of specialised services, including insurance, investments, payment processing, and innovative financial technology solutions. Many providers offer competitive pricing structures and lower fees for financial products and services. They often specialise in specific areas, providing expertise and tailored solutions for various financial needs.

On the downside, some customers might have concerns about the security and trustworthiness of newly-established fintech companies, particularly regarding data protection and regulatory compliance.

amnis

amnis is a Swiss-based financial service provider that offers an entire financial ecosystem, which primarily targets SMEs and medium-sized enterprises. With amnis, companies can profit from local payment schemes and conduct international transactions at local costs through a multi-functional foreign currency account, thereby circumventing the expensive SWIFT network. amnis further offers physical and virtual multi-currency debit cards with transparent fees far below the market average. amnis offers 3 subscription plans that can scale with your business needs.

Wise

Wise is a UK-based foreign exchange financial technology company that specialises in cross-border payment transfers. It allows businesses to receive, hold and send multiple currencies. Its transparent pricing structure allows users to always see the fee upfront and only pay for what they use.

PayPal

PayPal is a widely used online payment platform that allows individuals and businesses to make financial transactions over the internet. It offers robust security measures, including encryption and buyer/seller protection, which reduces the risk of fraud. PayPal also offers dedicated merchant accounts for established companies.

amnis: The best bank account for small businesses

As a stand-alone platform or in combination with a traditional business bank account, amnis offers everything you need to reduce expenses while increasing efficiency and transparency. amnis enables businesses to pay like a local, no matter where the business is located, and offers free virtual and physical business debit cards even to the free Starter plan. 

Open a free demo account now and find out how much you can profit from local and international payment options and debit card fees way below the market average.