Best Zempler Bank Alternatives for 2024: Statrys' Top 5 Picks

Zempler Bank, previously Cashplus, is a licensed digital bank in the UK and offers financial products tailored for UK businesses, such as Zempler Bank business accounts, business expense cards, travel currency cards, and credit options.

Zempler Bank business account supports transactions in GBP, with the option for international transfers in EUR and other allowed currencies, which you can learn more about by reaching out to them directly.

Registered in England and Wales, the bank is affiliated with Mastercard® and the Financial Services Compensation Scheme (FSCS), providing deposit protection of up to GBP 85,000.

If you're considering opening a UK business account but are still undecided whether Zempler Bank is the most suitable option, this article presents 5 alternatives to help you determine the best fit for your business.

Founded in 2015, Monzo Bank Limited, operating as Monzo, is a British online bank headquartered in London, offering a user-friendly mobile banking app.

In the UK, Monzo operates as a regulated bank, meaning eligible deposits are protected by the Financial Services Compensation Scheme (FSCS). On the other hand, Monzo US partnered with Sutton Bank in Ohio to ensure deposit protection through FDIC insurance.

Monzo has served over 500,000 business owners. Only sole traders or limited company directors with businesses based in the UK can apply for Monzo.

Key Services Offered by Monzo

• UK Business Account: A full UK current account with fee-free UK bank transfers and the opportunity to earn 1.60% (variable) AER interest monthly on savings.
• International Transfer: Outbound international transfers to 70+ countries powered by Wise and receive international payments in over 40 currencies, including Euros.
• Business Debit Card: A business debit card is available for all users, and a virtual card is available for Monzo Business Pro and Team plans.
• Collect Payment: Via payment links, QR codes, Tap to Pay, card payments (partnered with Stripe), and bank transfers.
• Bulk Payments: Upload payee details using a CSV file to send multiple payments at once (available for the Team plan).
• Expense Management: Budgeting tools, categorised spending analysis, and digital receipt management.
• Accounting Software Integration: Monzo Business Pro and Team users can sync with Xero, FreeAgent, or QuickBooks, export to Google, and share access easily.
• Financing Options: Provide overdrafts and business loans to cover expenses and support business operations.
• Cheque and Cash Deposit: Deposit cheques up to GBP 500 via the app and over GBP 500 by post. Cash deposits can be made at post offices and PayPoints across the UK.

Monzo Fees

We Recommend Monzo For

✅ Sole traders or directors of limited companies based in the UK seeking fee-free local bank transfers and occasional cash deposits

✅ Companies requiring international outbound and inbound transfers, especially in euros

✅ Businesses want to enhance customer experience by offering flexible payment options such as card payments, payment links, and QR codes.

Starling Bank, founded in 2014, is a UK-based digital bank catering to businesses of many sizes, from startups to enterprises. The company’s core services include bank accounts, international transfers, and integration with accounting software.

Starling Bank, registered in England and Wales, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, offering protection for eligible deposits.
With over 500,000 UK businesses served, Starling is a trusted name in digital banking. To be eligible for a Starling Bank business account, your business must be based in the UK, and the company directors need to be UK residents.

Key Services Offered by Starling Bank

• UK Business Account: UK-based business accounts for limited companies, limited liability partnerships, and startups. An account tailored for sole traders is also available.  (No interest payable)
• International Transfer: Secure transfers to bank accounts in 34 countries across the globe.
• EUR Account for UK businesses*: Hold, send, and receive Euros. Ideal for Eurozone customer receipts, European property rentals, and more. (Limited to SEPA transfers)
• USD Account for UK businesses*: Hold, send, and receive USD. Ideal for renting out US business property and receiving payments from payers with a US account number and ACH routing number. (Not support SWIFT transfers)
• Business Debit Card: Mastercard® debit card tied to your account with no foreign transaction fees. Cards are also compatible with Apple Pay, Google Pay, Samsung Pay, and Fitbit devices.
• Business Toolkits: Bookkeeping, invoicing, HMRC tax calculation, reporting, automated savings, and VAT management are available as an add-on.
• Accounting Software Integration: Integrate with Xero, QuickBooks, and FreeAgent to streamline bookkeeping and accounting.
• Cheque and Cash Deposit: Deposit cash into your Starling account at any post office branch and conveniently utilise mobile cheque deposits.
• Business Lending: Offer business overdrafts and SME loans to cover costs and support business growth.

Starling Bank Fees

We Recommend Starling Bank For

✅ Companies primarily operating within the UK, offering fee-free local transfers and direct debits in GBP to minimise costs.

✅ UK businesses looking for a suite of digital banking services to manage finances and growth, including lending options, as well as cash and cheque deposits.

✅ UK-based entrepreneurs and freelancers who are just starting out. Starling offers a free account with essential features, including free local transfers and debit cards. You only pay for add-ons like business toolkits that include bookkeeping tools if needed.

Founded in 2015, Revolut is an award-winning neobank offering various banking services for individuals and businesses. Standout features include sending and receiving payments in multiple currencies, multi-currency accounts, currency exchanges, and API integrations.

Revolute is a licensed bank in the EEA region regulated by the Bank of Lithuania. It also holds a restricted banking licence in the UK, which can protect eligible deposits up to GBP 50,000. Businesses must have a physical presence in the UK, US, or the EEA to be eligible for an account. Currently, Revolut has served over 500,000 business clients.

Key Services Offered by Revolut

• Multi-currency Business Account: Send, hold, receive, and exchange money in over 30 currencies. Enjoy unlimited inbound transfers in GBP, EUR, USD, and CHF. Higher-tiered account plan offers up to 3.51% AER saving interest.
• Local Account Details: Get a local account number and sort code for GBP payments in the UK and a local IBAN and BIC/SWIFT code for EUR payments in the EEA.
• Business Debit Card: Physical and virtual business debit cards for your company team. Utilise card payments in most countries that accept Mastercard® or Visa, along with ATM withdrawals.
• International Transfers: Transfer money in over 35 currencies to over 150 countries. SWIFT and SEPA supported.
• Collect Payment: Payment links for payments via cards, digital wallets, and bank transfers. Plugins are available for platforms like Shopify and WooCommerce.
• Spend Management: Track company spending in real-time, set flexible limits by time, category, and location, and sync staff expenses with your budget. Simplify receipt management with automatic categorisation.
• Accounting Software Integration: Synchronise your transactions with popular accounting software like Xero, QuickBooks, and Sage.
• Business API: Customise your integrations, automate payments, and unlock additional features.

Revolut Fees

We Recommend Revolut For

✅ UK, US, or EEA-based businesses operating across borders in multiple currencies.

✅ Companies seeking a robust digital interface and API integrations to customised financial workflow.

✅ Businesses with an online presence that need a business account with ecommerce platform integration to simplify order management, automate payment processing, and deliver real-time financial insights.

Tide is another great alternative to Zempler Bank. Although Tide is not a bank, it is a business financial platform and the leading digital challenger in business banking services. While Tide offers services similar to those of traditional banks, such as business accounts and payment processing, it does not hold a banking license. Instead, Tide partners with licensed banks to provide these services. For example, in the UK, Tide collaborates with ClearBank to offer FSCS-protected bank accounts.

 To date, the company has supported a community of over 1 million small businesses.

UK-based directors of limited companies and sole traders are eligible for a Tide account. 

Key Services Offered by Tide Business

• Business Account: A business current account with access to payment solutions and integrated accounting features.
• Business Savings Account: Earn a variable 4.33% AER and enjoy flexible, easy access to your savings with unlimited withdrawals.
• Cashback Account: Upgrade to a cashback account and receive 0.5% cashback on your card spending.
• Business Expense Cards: Easily track spending by person and category, upload receipts, and match them to transactions. Plus, adjust limits instantly.
• International Transfer: Make and receive EUR payments via SEPA as well as receive GBP payments via SWIFT.
• Payment Link: Use payment links for online card transactions
• Accounting Platform: Subscribe to Tide Accounting feature to automate bookkeeping and admin, submit tax returns, and gain financial insights to grow your business (3-month free trial).
• Accounting Software Integrations: Integrate with Quickbooks, Xero, Sage, and more to automatically import your transactions to your software every 24 hours.
• Business Loans: Explore eligible loan and credit options, such as start-up loans, business cash advances, and invoice finance.
• Cash Deposit: Via post office and PayPoint.
• Mobile Cheque Deposit: For sole traders to easily deposit cheques through their phones.
• Other business-friendly tools: POS card readers, and Tap to Pay on iPhone to accept in-person contactless payment on the go. Invoicing feature to create, manage, and share professional invoices.

Tide Business Fees

We Recommend Tide For

✅ UK businesses that prefer mobile-first banking, as Tide Business has a strong focus on mobile solutions.

✅ Companies looking for a scalable current account with access to payment solutions, including payment card readers and integrated accounting features.

✅ Small enterprises aiming to optimise capital, with options for a savings account offering unlimited withdrawals and the opportunity to upgrade to get cashback benefits.

Metro Bank PLC is a retail and commercial high-street bank established in 2010 and operating in the United Kingdom. The bank provides various services, including personal banking, business banking, private banking, current accounts, mortgages, cash management, and debit and credit cards.

Metro Bank PLC, registered in England and Wales, ensures that eligible deposits are protected by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.

Businesses must be based in the UK to be eligible for a Metro Bank account.

Key Services Offered by Metro Bank

• Business Bank Account: Designed for small businesses, startups, sole traders, and limited companies with up to GBP 2 million turnover annually. Dedicated Local Business Manager included.
• Commercial Current Account: Tailored for companies with an annual turnover surpassing GBP 2 million. Enjoy dedicated Relationship Managers and expert industry support.
• Business Savings Accounts: Enjoy flexible access to your funds or lock them away for higher interest rates.
• Foreign Currency Account: Hold and manage 14 major currencies, including USD, EUR, CAD, DKK, and SGD, for regular overseas transactions, whether sending or receiving. (No interest payable)
• Business Debit Card: Use your debit card abroad. Non-sterling transactions incur no fees in most European countries.
• Business Credit Card: 18.9% APR with no annual fee.
• Accounting Software Integration: Connect your Metro Bank account to Xero and Clear Books accounting software.
• Business Loans: The APR varies depending on the amount and profile, but the representative APR for loans under GBP 60,000 is typically fixed at 9.6%.

Metro Bank Fees

We Recommend Metro Bank For

✅ Small to medium UK businesses seeking a dedicated local business manager and in-branch banking support for their UK bank accounts. 

✅ Larger businesses seeking a comprehensive banking solution, as Metro Bank accommodates commercial banking with dedicated relationship managers and expert industry support.

✅ UK businesses looking for high street banks with numerous account types, loans, and extensive banking products compared to non-bank counterparts.

If your business is based in Hong Kong, Singapore, or the British Virgin Islands (BVI), Statrys can be the payment partner you need to manage your finances in this region.

Statrys is a licensed Money Service Operator that offers a multi-currency business account tailored for businesses in Hong Kong, Singapore, and the BVI. The account supports 11 currencies which can be opened and managed 100% online. Our services also include physical and virtual expense cards, and competitive FX services to hedge against price fluctuations.

We help over 3,500 businesses streamline cross-border payments with ease.

Let’s take a closer look at Statrys’ services.