A challenger bank is a smaller, newer retail bank created to compete with established UK banks, such as Barclays, HSBC and NatWest. In comparison to digital-only banks or banking platforms, challenger banks usually have physical branches which customers can visit. They are usually fee-free or have low fees, and can offer perks such as budgeting or invoice tools.
High Street banks are established retail banks that have physical branches, usually on a town or city’s high street. They provide banking services to individual consumers as well as small and medium-sized businesses, and often have an ATM either inside or on an exterior wall.
The Co-operative Bank is an ethical banking option for small businesses. There are no monthly fees linked to the Business Bank Account and no charges for receiving or sending Faster Payments. Customers also get free access to payment request software, Go Get Paid.
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