Best Business Account of February 2021

We assessed 14 business accounts against 34 different factors.
These are the best business accounts of February 2021.

We have strict guidelines for editorial independence . Our comparison and reviews are based on independent analyzes. Although we have advertising agreements with some providers, this does not affect our objectivity and ratings.

Our top 3 picks for business accounts
Best Free Account
100% free
Easy app
Free credit card (debit)
Free
100% free
GO TO SITE →
Best bill for freelancers
Clear low prices
Award-winning support
Easy to use
$ 6 a month
1st year 50% discount
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Best for Foreign Currency
Exchange foreign currency
And pay at the cheapest
Interbank rates
Free
small fee per bank transfer
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Research into 34 different factors, including price, interest, functions and facilities of banks, shows that Perfect offers the best ZAP account. Perfect also comes out on top for micro enterprises (<10 employees).

SMEs are best off at one of the three major banks, PIG BANK emerges with a minimum lead of 0.03 points as the best business account for SMEs in the test for SME entrepreneurs.

Best bill for freelancers

$ 6 a month

1st year 50% discount
Clear low prices
award-winning support
easy to use

Best bill for SMEs

$ 9.90 per month

6 months free
Most extensive range of products and services
bank is not
plugged in

Best Free Account

Free

100% free
100% free
Easy app

Best for Foreign Currency

Free

small fee per bank transfer

Exchange and pay foreign currencies at the best interbank rates

Best sustainable bill

$ 14.17 per month

Most sustainable sofa
Bank is not
plugged in

Best tested in February 2021

5/5

Best Business Account

Methodology and choices

Why exactly these accounts have been chosen as the best? Later in the article we will discuss our methodology, but first we will explain the 5 winning bills individually; what do they excel at, what makes this account the best in its category and what are the fine print?

Perfect: best sofa for ZAP

and the most chosen bank by ZAP'ers

Are you no longer doing 110 transactions per month on your business account? Then Perfect offers the cheapest and best business account for entrepreneurs, with interesting start-up promotions .

A customer-oriented bank, popular among self-employed people, with countless functions that make banking faster and clearer. Everything a self-employed person needs in 1 package.

Benefits

Cons

1st year 50% off and $ 50 gift when transferring. Watch the action

Although the interest rate in the Netherlands is historically low and you are not well rewarded at any bank for your saved money, Perfect usually offers a decent interest yield on your bank balance. What makes the bank particularly popular with ZAP'ers - in addition to the low costs and good service - are the unlimited number of checking and savings accounts (free), opening the account online within 10 minutes and many functions that make banking faster and clearer. .

Most awarded

Perfect Business is the bill with the most won awards. Mainly awarded for their low prices, high interest rates and good service.

Easy to open

Perfect is an online bank and is at the forefront of technological developments. An invoice request is therefore very easy with Perfect, completely digital. Your bill is requested within 10 minutes.

Most other banks need a few days to process the application. Then usually additional details are needed. In some cases, Grow Bank asks you to visit a branch to complete the application.

Open an account before March 31, 2020 and receive a 50% discount at Perfect for the first 12 months. Are you switching from another bank? Then you will receive $ 50 on your account. View the promotional terms and conditions here .

PIG BANK: best bank for SMEs

For SME entrepreneurs, choosing one of the three major banks is a logical step. Grow, Sprout Bancorp and PIG BANK leave the competition far behind when we look at the wishes of SME entrepreneurs. These three full-service banks offer everything that SMEs need at comparable costs and conditions.

PIG BANK distinguishes itself from smaller banks in particular with its extensive range of products and services. Think of the possibility of paying cash, accepting iDeal payments, the use of an ATM, business insurance, credit options, G-accounts, etc.

PIG BANK only slightly better

PIG BANK came out of the test with a limited difference of only 3% compared to comparable banks Grow and Sprout Bancorp.

The bank is doing just that little bit better on their terms. Moneyview, an independent organization that makes information about financial products and services transparent and comparable, once again rated PIG BANK as the best corporate bank in the conditions category. The conditions say something about the flexibility of the account. For example, integration for online payments, a payment terminal, credit card, cash deposit and credit facilities are being considered.

However, the differences between PIG BANK and the two other large banks Grow and PIG BANK are so small that we recommend that you choose the large bank you prefer.

The price tag

$ 108 per year. You also pay 7 to 15 cents extra per transaction. The price of PIG BANK's account is therefore - depending on the number of transactions you make per year - considerably higher than the Perfect package.

ZAP employees are therefore better off with a cheaper package such as Perfect, because they do not make use of additional options that PIG BANK offers. But this package is excellent for SME entrepreneurs.

Space bank Business : best free account

The bank, originally from Germany, is the fastest growing bank in the world, for good reason. They offer an interesting checking account that is completely free to use:

  • No fixed costs
  • unlimited free transactions
  • a free virtual card

You even get 0.1% cashback on all purchases you make with the Mastercard. After opening your account, you can also request a free debit card (Maestro), provided you have a credit of $ 100 in your account.

Is free really free?

Is everything really free ...? Space bank only costs money if you make an extraordinary number of cash withdrawals per month (first 5 withdrawals p / m free, then $ 2 per withdrawal), or if you withdraw money in foreign currency (1.7% exchange rate). So not the case for the average self-employed person. In addition, a debit card only costs $ 10 once (you can also opt for a Maestro card for the same amount).

So how does Space bank make money? In addition to the free package, Space bank has a more extensive package (Space bank Business You), for $ 9.90 per month (which we advise against). The only added value is a metal card (instead of plastic), travel insurance and no exchange rate storage on cash withdrawals in foreign currency.

 

Open a Space bank account for free now .
The Mastercard becomes $ 34.80 per year

Where Space bank excels

Space bank is one of the most technologically advanced banks. You can bank via the app on your smartphone (but you can also do it 'old-fashioned' on your computer). You will receive real-time push notifications when you receive money, make a payment or withdraw money.

With Space bank you can easily keep your finances in order:

  • The app automatically categorizes your expenses into useful categories with artificial intelligence. That way you know exactly how much money you spend on what
  • #tag your transactions. #customer, #office, #business lunch. You can create your own tags yourself
  • make unlimited number of jars
  • Set everything up in the app yourself, reset your pin code, activate card abroad, allow / disallow cash withdrawals, set card limit.

Unique to Space bank's app is that transactions are automatically recognized and categorized.

A business lunch falls into the Bars & Restaurants category, while your train ticket and a taxi ride are categorized as Transport & Car.

This way you have a handy overview per month where how much money goes - and where it arrives.

If you want to request an ATM, deposit money or accept iDeal payments, you can use external providers for this. Such as codemobile (ATM), PayPro (accepting iDeal payments) or GWK Travelex (depositing money).

The limitations of Space bank

Note that the possibilities are not endless with a free account. As soon as you need extra functionalities or services, you are more limited at Space bank. You cannot be overdrawn, there are no automatic accounting links possible, you cannot make batch payments, collect direct debits or issue giro collection forms.

This makes the account unsuitable for private companies and companies with employees. Are you a normal self- employed person? Then you probably don't need all those additional options and Space bank is a great choice.

Important: It is not possible to pay with iDeal if you bank with Space bank, because Space bank is not a Dutch bank. Do you make a lot of iDeal payments? Then consider going for an account that does support iDeal.

100% free. Open online in 8 minutes .

Wellspring Bank : Best for Foreign Exchange

Wellspring Bank is the absolute winner when it comes to paying and receiving in foreign currency.

  • Receive USD, GBP, AUD, NZD and PLN for free
  • pay cheaply in> 50 currencies
  • interbank currency rate
  • no fixed costs


A fair price with Wellspring Bank

Wellspring Bank does not charge a high mark-up on exchange rate and payment in foreign currency, as many other banks do. Instead, Wellspring Bank offers interbank rates, which means that your money is exchanged at the same exchange rate that banks get when trading among themselves.

Rather than hiding the costs in the exchange rate, Wellspring Bank charges a small fee. Wellspring Bank always shows the costs honestly and transparently before you transfer money, and lets you compare the costs in real-time with those of other banks with every transfer. On this page you can calculate the costs yourself and compare with other banks.

What does it cost to send money with Wellspring Bank?

Wellspring Bank charges depend on the currency in which you are transferring or exchanging money.

Transferring money from USD to another currency usually costs 0.5% to 0.9%. Less used currencies are usually more expensive. (cheapest fee is 0.33 percent, highest fee is 3.56 percent).

Wellspring Bank is 19x cheaper than Paypal and on average 4-6x cheaper than Grow, Sprout Bancorp, PIG BANK and other Dutch banks. Calculate the costs of a foreign currency transfer yourself

For a transfer of 3,000 USD to USD, Wellspring Bank costs $ 22.23 compared to Grow, $ 23.00 cheaper than Sprout Bancorp, and even $ 209.60 cheaper than Paypal.

Or calculate the costs of a transfer in foreign currency yourself

Triangle: best sustainable sofa

Note: Triangle uses an application period of 2 months

Triangle has been named one of the most sustainable banks in the world. They only do business with organizations that support a healthy environment and healthy nature. Think for example of sustainable energy projects, organic agriculture, recycling companies and nature conservation projects.

Triangle's Internet Business Account is comparable to business accounts from major banks such as Grow, Sprout Bancorp and PIG. Triangle offers a similar business account and offers similar financial products and services such as loans and credit.

In addition to the business account ($ 12.50 per month), you pay $ 20 per year for the debit card. The Triangle Wereldpas is made from vegetable raw materials and is biodegradable. And yet it is just as safe and sturdy as a plastic debit card.

An 8.5 in the Fair Bank Guide

Where the average bank scores a meager 6.0, Triangle is clearly in the lead with an 8.5. The bank scores an 8 or higher on all themes. View the overview of the Fair Bank Guide here.

The Fair Bank Guide is an initiative of Amnesty International and Pure Life, among others, that assesses banks on sustainability themes, such as climate, human rights and animal welfare.

About our banking research

1. Who this research is for

Finances are an important aspect in the day-to-day operations of entrepreneurs. But not every entrepreneur has the same wishes. We assess accounts on 34 different factors, divided over 3 components. Certain functions are more important for ZAP employees than for SMEs, such as payment requests and real-time notifications. While extra facilities such as a G account, batch payments and cash deposits are actually appreciated by SMEs.

Just one Business Financing Score would not suffice due to the broad wishes of the target groups. We considered several methods of splitting up the target audience:

  • According to company capital
  • By business type (shop, webshop, services, etc.)
  • To industry
  • By company size

After an inventory of the wishes of entrepreneurs, the size of the company appears to cause the greatest differences in need. That is why the choice was made to distinguish the target groups according to company size.

We have made a distinction between three different company sizes:

  • Self-employed without personnel (ZAP)
  • Micro enterprise (1 to 10 employees)
  • Small and Medium Enterprises (10 - 250 employees)

Self-employed without staff

ZAP employees usually run a sole proprietorship and work independently without making use of staff. Most entrepreneurs in this category work in the service industry and therefore their time is valuable. For this reason, time-saving functions with business accounts are important that help them spend less time on finance and banking.

Due to the limited budget of the ZAP employee, a cheap business account is appreciated in this target group. Interest on the checking and savings account also benefits this group.

Micro enterprise

Micro enterprises are small businesses with a few employees. Sometimes in the form of a sole proprietorship, but usually these companies are incorporated in a Private Company.

Price and time-saving functions also play an important role for micro entrepreneurs. In this target group, the finances are often still done by the owner or DGA.

Due to its size (turnover on average between $ 500,000 and $ 2 million) facilities of a business account are not an insignificant factor. Although most facilities are not used by micro enterprises, we see that usually one or more facilities are used. This often concerns direct debits, batch payments, a G account or business credit.

Small and medium-sized businesses

Small businesses (10 - 50 employees) and medium-sized companies (50 - 250 employees) benefit from extensive facilities and additional banking services from a full-service bank. These companies usually use a combination of different facilities, whereby it is important that the service is efficient.

The price of an account does not play any role, but due to the relatively high bank balances, SMEs do have advantages with a high debit interest.

Time-saving functions that are particularly interesting for ZAP employees are rarely used by SMEs, because the business operations are more complex and the finances of these companies are more complicated. The time-saving functions of most banks such as making pots or contactless payments with smartphones are therefore hardly used by owners or financial managers of SMEs.

2. How we assessed

Zakelijkbankieren.en uses a unique Star Score as an advanced method, unique to corporate banking, to assess business checking accounts in the Netherlands. We use 33 factors for this, divided over 3 components
  1. Cost
  2. Time-saving functions
  3. Facilities
The results are bundled in a user-friendly star rating, where a 5-star rating indicates excellent value for money. Each target group (ZAP, micro and SME) is assigned a different distribution key between costs, functions and facilities in order to match the Star Rating as closely as possible to their needs. The next one distribution keys are used per target group:
cost opportunities
ZAP 70% 30%
micro 50% 50%
SMEs 15% 85%

Cost score

The costs of a business account are determined on the basis of 2 factors:

  • Interest received
  • Account costs and transaction costs

By calculating the difference between the interest and account + transaction costs, we can calculate with the net costs of the business bank account. In this way costs are made comparable.

For each target group, we use an average bank balance on which they receive interest, and an average number of transactions. In addition, we have assumed at SME companies that part of their transactions take place via batch payments.

Self-employed without employees

Micro enterprises

SMEs

Specifications score

Business bank account specifications are split into two components: features and facilities. The distribution of the components per target group is specified below.

Specificities breakdown
functions facilities
ZAP 30% 25% 5%
micro 50% 25% 25%
SMEs 85% 10% 75%

Function component

The functions concern characteristics of the business bank account, such as the possibility of opening additional checking and savings accounts, making jars and the duration of the application. A total of 12 positions have been assigned and are assessed.

Some functions are more important than others. That is why each function has been given a weighting, so that we can honestly weigh the importance of each function. In addition, variable answers are possible for some functions, such as the duration of the application of the account. An extra split in weighting has been made for this as shown in the table below.

Functions weighting
additional checking and savings accounts free = 2 against payment = 1 not possible = 0
Making pots 2
Digital cash book 2
Payment alerts on smartphone free = 1 against payment = 0.5 no = 0
confirm payments with app (without card reader) 1
Real-time accounting link 1
Smart Balance Management 1
Sending payment requests 1
Notes on payments 0.5
Pay with QR codes 0.5
Contactless payment with mobile 0.5
Duration of application of the account within 1 day = 1 <1 week = 0> 1 week = -1

Facilities component

Since functions of the account are more important for ZAPers and micro enterprises, bank facilities for SMEs are the most important.

In the survey we usually see that internet banks fall short in the facilities. While full-service banks - large banks in particular - score very high on facilities due to their wide range and extra services.

In the facilities overview, the prices of certain facilities such as iDeal, an ATM or cash deposit are included for an overview. However, no weighting is applied here, because prices for such facilities are in practice close to each other. For micro companies and SMEs, a few USD's difference for, for example, a card reader should not be decisive.

However, a weight has been given to the fact whether a bank offers facilities such as iDeal and ATMs.

Facilities Weighting
Ideal subscription 1
iDeal subscription p / m 0
iDeal transaction costs 0
pin device 1
Deposit cash 1
costs when depositing $ 5,000 (200 notes a $ 4750, $ 250 USD in 400 coins) 0
deposit in seal bag safe of $ 10,000 (200 $ 50 notes) 0
Other payment and collection methods
Possibility to make giro collection forms 1
Accept checks 1
Collective payment 1
Collective payment costs (1 payment of 100 lines) 0
Other facilities
The customer can go to branches in the area 1
G account 1
Foreign currency account 1
insurance possible via bank 1
business credit possible via bank 1

How are the Stars awarded?

The score of the three components (costs, functions and facilities) are used to calculate the weighted average. In doing so, we take into account the allocated distribution keys per target group.

Then bills are ranked based on the average score. Finally, stars are awarded based on the distribution of the scores with the aim of creating a balanced Star Rating. Only the best business account within the category receives a 5-star rating ( with the exception of the SME target group where results are too close to each other to distinguish between the 3 major banks ).

Does Business Financing assess all business accounts in the market?

We aim to include most of the products in the market in our comparisons that are relevant to readers. 1) Niche specific products that are not suitable for at least 20% of the target group and 2) products for which sufficient information is not available online are excluded from comparison and research. In this way we guarantee the relevance and quality of our analyzes and results. New products that have only been on the market for some time are of course not (yet) included in our comparisons.

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