The Best Business Bank Account For Startups

Starting a business is an exciting time, but it can also be very stressful. Not only do you have to worry about making sales or getting customers, but you also need to keep track of all your finances. One mistake could ruin your entire business and set it back years! Here are some tips on how to get started with your own bank account:

The Best Business Bank Account For Startups, SMEs, Sole traders, Freelancers, and Small Businesses.


This is the best business bank account for startups in Nigeria. The account is free, and it comes with a free debit card, mobile banking app, online banking service, and a lot more benefits.

Your smart business account is backed by:

  • Max Trust: We host your account with a CBN-licensed bank.
  • Max Security: Bank-grade security with two-factor authentication on your account for added security.
  • Max Safety: Your money is insured by NDIC with our partner bank.

We have 3 account types: StarterPro, and Prime account.

Starter accounts were built for sole traders and freelancers without registered businesses. While Pro and Prime accounts are for registered business owners.

  • Fast Account Opening

It takes only 10mins to complete your account opening application. Your account gets approved and the account number is issued within 24hrs.

  • Team Banking

Add unlimited team members with custom access levels to your business bank account. Set who approves, initiates, views, and manages payments.

  • Linked Accounts

Do you own accounts with other banks? Connect your other bank account to Lenco for free. Get robust business insights and analytics.

Also read: 5 Most Useful Lenco Account Features Your Business Can’t Do Without

Other Account Options You May Consider

Diamond Business Current Account

Diamond Business Current Account is a current account that offers you a wide range of business banking services. It comes with a free ATM card and free access to over 30,000 EFTPOS Terminals nationwide. The bank also provides its customers with a free e-banking service and free Internet Banking.

UBA Business Current Account

The UBA Business Current Account is made for business owners, who want to be able to save up money in the bank. This account has a maximum deposit of N500,000 and a withdrawal limit of N500,000 per month. It also offers a monthly interest rate of 3%.

Access Bank Business Current Account

A business current account is a type of bank account that allows you to make payments and receive funds from your employer or other sources. You can use this kind of account for any number of things, including paying bills, buying goods, and accessing money while traveling.

You will need to open a business current account if you want to run your own business. The benefits include:

  • Access to funds when needed – If you’re looking for quick access to cash at short notice (like when unexpected expenses arise), then having an in-house relationship with the bank may be helpful for keeping track of how much money is available at any given time.
  • Easy transfer pricing – Because most banks offer competitive rates on transfers between their own customers’ accounts, it’s usually easier than ever before!

GTBank Business Start-Up Account

It has an attractive interest rate of 12% per annum on deposits and a facility to earn up to 100% of the amount you invest back as a rebate on your account. You can have your cheque book, debit card, internet banking access, and credit facility all in one place!

Stanbic IBTC Bank Business Current Account

The bank offers a range of products and services to businesses, including payment processing, foreign exchange, and financing. The account is suited for small-to-medium-sized businesses with an annual turnover of less than N10 million (US$50K).

First Bank Premier Business Account

The First Bank Premier Business Account is a flexible and affordable banking solution for your business. It offers a wide range of services and features that can help you manage your business effectively, including personal banking, corporate activities, and international remittance.

The account also offers a wide range of payment options to meet your needs:

  • Easy online payments – You can pay bills or make transfers using the Internet banking platform or mobile app. This saves time because no need to visit any branch office or ATM machine; instead, just log on from anywhere with an internet connection!
  • Quick cash withdrawals – You can get cash at any point in time when needed through automated teller machines (ATM).

Zenith Bank Business Account

The bank provides an excellent range of financial services to businesses, including:

  • Insurance – Your business can get insurance coverage from this company at affordable prices. They also offer several other types of insurance, such as travel medical insurance and health care coverage for employees in Nigeria or abroad
  • Business loans – You can apply for a business loan at this bank and get the funds you need quickly and easily.

Unity Bank Business Saver’s Account

This account is ideal for small businesses, that want to start up their own business and need an account that allows them to save money. It has an interest rate of 2.25% (compared to the usual 1%) and a minimum balance of N400,000 or more with a maximum deposit limit of N20 million per month.

Sterling Bank Current Account for Small and Medium Enterprises (SMEs)

Sterling Bank Current Account for Small and Medium Enterprises (SMEs) is a major player in the banking industry. It has been operating since 1968, making it one of the oldest banks in Nigeria.

The bank offers several business accounts to suit your needs and requirements, including corporate accounts, personal accounts as well as investment products such as mutual funds and life insurance policies.

The main advantage of opening an account with Sterling Bank is that it has a wide range of current accounts that cater to all types of businesses: from small start-ups to large corporations; from sole proprietorships tied up with family members or partners to public limited companies registered under Nigerian laws; from individuals who want low expenses on transportation or taxes on salaries paid into their companies’ payrolls; etc.

Polaris Bank Business Premium Account

  • The Polaris Bank Business Premium Account is a great option for startups in Nigeria. It has a low minimum deposit of N40,000 and an extremely low maintenance fee of N1000 per month.
  • The transaction fee is also very low.

FCMB Premium Business account

It’s not just that it offers great features, but also that it has been designed to meet the needs of small and medium-sized businesses in Nigeria. This makes it perfect for start-ups that want to grow their business but don’t have the resources or expertise needed to manage their finances properly.


The FCMB Premium Business Account comes with several features that will make your life easier:

  • Free cheque book – You can write checks on this account without paying any fees. This will allow you to pay bills quickly without having to go through lengthy processes at your branch or ATM machine (though we recommend using ATMs only when necessary).
  • Mobile banking – Using your smartphone/tablet/laptop means not having too much paperwork around! Makes life simpler for everyone involved.


The right business bank account is key to your success as a business owner. It’s also an essential part of any entrepreneur’s financial plan and can help you pay for your startup expenses like rent or marketing.

We hope this article has helped you find one that fits your needs! You should also consider opening personal savings account if you want access to funds later on down the road (for retirement or emergencies). With these strategies in place, you can start planning your future now.

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