Yes, some believe that they are. They have successfully challenged the traditional landscape of business bank accounts. Opening a bank account at one time took several weeks, with a high street bank taking up to 4 weeks (or longer) to open an account. But it isn't just about the amount of time it takes to open a business account but how competitive the fees are, as well as the responsive customer service that online banks and account providers are becoming known for. Online banks also offer a full range of everyday activities that businesses need to effectively manage their finances. This includes opening linked saving accounts or pots. Some challenger banks also offer credit facilities such as an overdraft. They also more in some cases too, such as several MasterCards linked to business accounts so more than one person can make purchases, including online and on the high street.