Trying to get bank accounts for new limited companies. Main steam banks don't seem to be opening them at present. Any suggestions would be appreciated. Thanks
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Yes it appears it has thank you. Maybe I should reword it. Nat West are not opening new accounts, HSBC the same, Lloyds Bank the same, these are conversions with three different clients and banks in just last two weeks.
So wonder if anyone has managed to in the last two weeks to open a bank account for a newly incorporated limited company?
Many thanks in advance.
Andy
So wonder if anyone has managed to in the last two weeks to open a bank account for a newly incorporated limited company?
The links above suggest so but whether one person's experience is sufficient to guarantee another's is obviously an unknown.
The Martin Lewis site will probably provide useful information too.
Starling have been quick at opening accounts over the past few months for new companies and those transferring from other banks, but also suggest that you keep new company details simple to start with. Incorporating with just one shareholder and director will make the process of opening an account much easier.
Shot in the dark but are any of these clients operating in "High risk" industries which could put some banks off?
Metrobank, if there's a branch within range of you, are always glad to see new customers. And they treat their customers like kings: genuinely pleased to see you, polite, welcoming, print you debit cards or cheque books etc while you wait.
TSB may be an option, although their online banking site is pants. Otherwise, a visit to the Co-op bank might pay dividends.
Co-Op offer free on line business banking if you are a member of the Federation of Small Businesses (FSB) - use the post office for cheque payments though.
Mettle which is part of Natwest Group and also qualifies for free Freeagent software. Starling and Tide are good too at the moment
Thanks everyone, some good advice and thoughts there to help our clients. These are straightforward limited company clients, nothing complicated.
Thanks again
Others have mentioned Starling, Tide and Mettle. Another is Monzo, I opened an account recently (existing Ltd Co) just to use as a petty cash type bank for the office, and it was smooth and pain free, set up in a matter of days.
Yes, all the High Street Bank are being rather slow as part of their new WFH productivity drive - It makes things so much more efficient.
Interestingly I have had a client offered quite a significant incentive to switch to Starling from Natwest. That one was dealt with pretty quickly by the client as well as the bank.
Was that incentive part of the bounty programme as a result of the breakup of the RBS/Natwest group? If so, it's been running since last year and was put in place to persuade businesses to switch. You can't move to any of the big names on the high street but the list includes Yorkshire/Co-op etc right down to the old and new challenger banks