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Startup companies, bank accounts

does it have to take so long..

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I'm/clients are finding it pretty time consuming to get a bank account for their newly set up companies.

I suspect the answer is no, but is there a bank out there that is quicker/easier? I also wondered if any accountants had good contacts with their local business bank manager and if that smoothed things along.

 

Cheers

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12th Feb 2019 11:23

Online banks such as Tide, Starling and Revolut are generally quicker to get set up with; but they do have their downsides, e.g. rubbish bank statements!

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to tasnim675
12th Feb 2019 12:36

tasnim675 wrote:

Online banks such as Tide, Starling and Revolut are generally quicker to get set up with; but they do have their downsides, e.g. rubbish bank statements!

Avoid Revolut. One of my clients tried it and the downsides are: up to 6 hours for a faster payment to go through (either way) and no no direct debits.

He switched to Starling and says its a joy to work with. instant transfers, easy to see where your money has gone and updates in real time (eg, spend £30 on fuel and it appears on your payments immediately.

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to legerman
12th Feb 2019 13:08

legerman wrote:
, spend £30 on fuel and it appears on your payments immediately.

Is that also for contactless?

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12th Feb 2019 11:47

Metro Bank.

As long as the company has been formed a little while (1 week?) if you walk in with the correct documents you can walk out with a debit card and all account details.

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12th Feb 2019 12:39

I had some great contacts with local banks until all the local banks closed - 4 in one village, all gone the last one closing soon.

Ive found NatWest online pretty speedy (dont groan folks, 2 years free banking and branches available at the time!!) as long as clients dop in their ID exactly as requested, otherwise the business manager is a waste of space as spread to thin/doesnt really care.

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12th Feb 2019 13:32

Online application is usually fastest. Most of my clients and I are with Santander, and that was reasonably fast. The "local business bank manager" is a bit of an obsolete term. If there is one they aren't easy to contact within a month or so.

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13th Feb 2019 10:42

Tide and Cashplus can set up in about 5 minutes, these are the ones we recommend for our clients who need an account asap.

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