Moneysupermarket has introduced a business bank account, expanding its financial services beyond savings and investment platforms launched earlier this year. The comparison website stated that the new account is designed to assist small businesses in complying with Making Tax Digital (MTD) regulations, particularly for those with incomes exceeding £50,000 who must now adhere to digital reporting deadlines.
The account's fee structure begins at £5 per month for up to £750 in monthly deposits. This rises to £12 per month for higher deposit volumes, and £20 per month for accounts with over £7,500 in deposits. Unlike some competitors such as Monzo, Starling, and Tide, Moneysupermarket's offering does not include a free subscription tier. However, a three-month trial is available, providing access to all account features. Transaction fees apply, though the first three account transfers or direct debits each month are complimentary.
Lis Barton, chief customer officer at Moneysupermarket, described the account as intended to "take the hassle out of managing company finances." She highlighted built-in tools for real-time transaction tracking and automated expense categorization, which are intended to support MTD compliance. Moneysupermarket*
Making Tax Digital Requirements
The first MTD deadline for sole traders and landlords earning over £50,000 was August 7. These businesses are now mandated to maintain digital records of all transactions and submit quarterly updates on income and expenses. Digital business bank accounts like the one from Moneysupermarket offer tools for tracking and categorizing these transactions, and can also facilitate direct submission of VAT returns, thereby meeting MTD for VAT requirements.
Despite fees starting at £5 per month, the company suggests that businesses, especially startups, should evaluate whether free tiers from other providers might suffice. Earlier in July, it was reported that sign-ups for MTD had been slow, with HMRC figures indicating over 400,000 missed the August deadline. While no penalties are currently in place for missed quarterly updates in the current tax year, they are scheduled to begin on April 6, 2027. The HMRC is set to begin automatically enrolling businesses and sole traders into MTD from September if they have not yet joined.
Expansion into Financial Services
The business bank account represents Moneysupermarket's latest move into offering direct financial services. Earlier in the year, the company launched a savings platform allowing users to compare rates and manage funds across different accounts via a single login. It also introduced an investment service that provides a selection of ready-made investments and exchange-traded funds, available through both stocks and shares ISAs and general investment accounts. While potentially suitable for novice investors, these investment services may have higher fees compared to some alternatives.