Bank accounts for new, startup, small businesses

Can I open a bank account for a new business?

Yes, setting up a new bank accounts for startup business is not a hard task with Bankchart.co.uk. Different banks may have slightly different requirements, so it's a good idea to check with the specific bank you're interested in opening an account with to see exactly what they need. You can usually apply for a business bank account online, over the phone, or by visiting a branch in person, depending on the bank's procedures.

How do I open a new business bank account in the UK?

To open a new business bank account for a small business in the UK, you'll typically need to follow these steps:

1. Research and Choose a Bank. Look into different banks and their business account offerings. Consider factors such as fees, features, accessibility (branches, online banking), and any additional services that may be beneficial for your business.
2. Gather Required Documents. Prepare the necessary documentation that the bank will require, this may include: 

• Proof of identity for each account signatory (e.g., passport, driving license).
• Proof of address for each account signatory (e.g., utility bill, bank statement).
• Proof of business address (e.g., lease agreement, utility bill).
• Company registration documents (e.g., certificate of incorporation, partnership agreement).
• Details about your business activities, expected turnover, and source of funds.
• Information about your business's structure (e.g., sole trader, partnership, limited company). 

3. Apply for the Account. You can usually apply for a business bank account online, over the phone, or by visiting a branch in person, depending on the bank's procedures. Many banks offer online applications, which can be convenient. Follow the bank's instructions for completing the application process, providing all necessary information and documentation.
4. Verification and Approval. After you submit your application, the bank will review your information and documents. They may conduct identity checks and assess your business's suitability for an account. This process can take a few days to a couple of weeks, depending on the bank's procedures and workload.
5. Receive Account Details. Once your application is approved, you'll receive your business account details, including the account number and sort code. You may also receive any debit cards or online banking login information associated with the account.
6. Activate and Fund the Account. Activate your account as per the bank's instructions, which may involve making an initial deposit. You can then start using your business bank account for your financial transactions. 

You can also place free funds on a savings account.

Calculate your future income on a savings account (example): 

How fast can I open a new business bank account?

The speed at which you can open a new business bank account in the UK can vary depending on several factors, including the bank you choose, the complexity of your business structure, and how quickly you can provide all the required documentation.

Generally, if you have all the necessary documents readily available and your business is straightforward (e.g., a sole trader or small limited company with a single director), you may be able to open a business bank account within a few days to a week. Some banks offer expedited account opening processes, which may allow you to open an account more quickly.

However, if your business structure is more complex (e.g., a partnership or a limited company with multiple directors), or if additional documentation or verification checks are required, the process may take longer, potentially up to several weeks.

To expedite the process as much as possible, ensure you have all required documents ready before starting the application, respond promptly to any requests for additional information or documentation from the bank, and choose a bank with efficient account opening procedures.

Additionally, some banks offer instant account opening for certain types of businesses, especially for sole traders or small limited companies, where they may provide you with a basic account and then require further documentation and verification later.

How do I close a joint business bank account?

To close a joint business bank account, you'll typically need to follow these steps:

1. Communicate with Co-owners. Before initiating the account closure process, communicate with all co-owners of the joint business bank account. Ensure that everyone is in agreement with closing the account and discuss any outstanding transactions or obligations that need to be addressed.
2. Review Account Activity. Review the account activity and ensure that all outstanding transactions, direct debits, and standing orders are canceled or transferred to another account. Make sure there are no pending payments or outstanding balances.
3. Contact the Bank. Get in touch with the bank where the joint business account is held. You can usually initiate the closure process by contacting the bank's customer service department, visiting a branch in person, or using the bank's online banking platform if available.
4. Provide Necessary Information. The bank will likely require certain information to process the account closure. This may include details such as the account number, account holders' identification, and signatures of all account holders.
5. Complete Closure Form. Some banks may require you to fill out a closure form or submit a written request to close the account. Make sure to follow the bank's specific procedures for closing a joint business account.
6. Settle Any Outstanding Balances. Ensure that the account has a zero balance before closing it. If there are any remaining funds in the account, you may need to transfer them to another account or request a cashier's check for the remaining balance.
7. Obtain Confirmation. Once the account closure request has been processed by the bank, request confirmation of the closure in writing or via email. This documentation serves as proof that the account has been closed.
8. Destroy Debit Cards and Cheques. Dispose of any remaining debit cards, cheques, or other account-related materials associated with the closed joint business account securely. Shred or destroy them to prevent unauthorized use.
9. Update Records. Make sure to update your business records and inform relevant parties (e.g., suppliers, clients) of the account closure if necessary. Also, update any recurring payments or direct debits with your new account details if you've opened a new account.

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Details of companies offering the financial services:

ANNA

Head office’s address: London

Web-site: https://anna.money/

Bank of Scotland

Head office’s address: The Mound, Edinburgh EH1 1YZ

Phone: +44 (034) 5721 31 41

Web-site: http://www.bankofscotland.co.uk/

Swift code: BOFSGB31

Reference number: 169628

Stock code: 0076540

ABN: SC327000

BSB: BOFS

Cashplus Bank

Head office’s address: Cottons Centre, Cottons Lane

Contact center: 0330-024-0924

Web-site: https://www.cashplus.com/

Clydesdale Bank

Head office’s address: 40 St Vincent Pl

Phone: +44 (080) 0345 73 65

Web-site: https://secure.cbonline.co.uk/

Swift code: CLYDGB21025

Reference number: 121873

Stock code: 11IO

ABN: SC001111

BSB: CLYD

Countingup

Head office’s address: London

Web-site: https://countingup.com/

HSBC Bank

Head office’s address: Unit 8, Canada Square, Retail, London E14 5AH

Phone: +44 345 740 4404

Web-site: https://www.hsbc.co.uk/

Swift code: HBUKGB4B

Reference number: 114216

Stock code: HSBA

ABN: 00014259

BSB: HBUK

Lloyds Bank

Head office’s address: 25 Gresham Street, London EC2V 7HN

Contact center: 0345-300-0000

Web-site: https://www.lloydsbank.com/

Swift code: LBGTGB22

Reference number: 119278

Stock code: LLOY

ABN: 00002065

BSB: LBGT

Metro Bank

Head office’s address: One Southampton Row, London, WC1B 5HA

Phone: +44 (034) 5080 85 00

Web-site: https://www.metrobankonline.co.uk/

Swift code: MYMBGB2L

Reference number: 488982

Stock code: MTRO

ABN: 06419578

BSB: MYMB

mettle

Head office’s address: London

Web-site: https://www.mettle.co.uk/

Monzo Bank

Head office’s address: Broadwalk House, 5 Appold St, London EC2A 2AG

Contact center: 0800 802 1281

Phone: +44 20 3872-0620

Web-site: https://monzo.com/

NatWest Bank

Head office’s address: 250 Bishopsgate, London, EC2M 4AA

Contact center: 0800-88-11-77

Phone: +44 345 788 8444

Web-site: https://www.natwest.com/

Swift code: NWBKGB2

Reference number: 121878

Stock code: GBP1

ABN: 00929027

BSB: NWBK

Revolut UK

Head office’s address: London

Web-site: https://www.revolut.com/

Royal Bank of Scotland

Head office’s address: 36 St Andrew Square, Edinburgh, EH2 2YB

Contact center: 0345-600-2230

Phone: +44 (070) 3597-88-42

Web-site: https://www.rbs.co.uk/

Swift code: ROYCGB2LCLS

Stock code: NWG

ABN: BR000548

BSB: ROYC

Starling Bank

Head office’s address: 5th Floor, London Fruit And Wool Exchange, 1 Duval Square, London, E1 6PW.

Phone: +44 20 7930 4450

Web-site: https://www.starlingbank.com/

Swift code: SRLGGB3L

Reference number: 730166

Stock code: STERLNB

ABN: 09092149

BSB: SRLG

Tide

Head office’s address: London

Web-site: https://www.tide.co/

TSB

Head office’s address: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH

Phone: +44 (034) 5975 87 58

Web-site: http://www.tsb.co.uk

Swift code: TSBSGB2A

Reference number: 119278

Stock code: 94AQ

ABN: SC095237

BSB: TSBS

Wise

Head office’s address: London

Web-site: https://wise.com/

Yorkshire Bank

Head office’s address: 329 Harehills Ln, Harehills, Leeds LS9 6AX

Contact center: 0800-456-12-47

Phone: +44 800 456 1247

Web-site: https://secure.ybonline.co.uk/