Bounce Back Loans

carleyboo1

We are struggling to find a bank that will allow us to open a business account to then be able to apply for the bounce back loan.  We currently bank with Lloyd’s & have done for 15+ years but they will not help us.  We are waiting to hear back from HSBC but with all the rest saying they will only help if you have a business account but will then not let you open a business account we are worried that we aren’t going to be able to get it.

scrooger

Are you a sole trader or Ltd? 
If Ltd you can try Starling (they put on hold opening new sole traders accounts until 1 June).
If sole trader, you can try Tide (they are not offering BBLS yet, but just got accredited and probably start offering them next Monday). 

carleyboo1

My partner is a sole trader, thank you I will try Tide!

Sand70

Just looked to open a Business Account with Tide but you have to be  Limited Company as they want your Companies House registration.  Struggling to find a bank that will offer a BBL to a Sole Trader.  Have banked with Lloyds for 20+ years but they are not taking new Business Account applications.  Are there any banks willing to help?

xk120c

Sand70 said:

Just looked to open a Business Account with Tide but you have to be  Limited Company as they want your Companies House registration.  Struggling to find a bank that will offer a BBL to a Sole Trader.  Have banked with Lloyds for 20+ years but they are not taking new Business Account applications.  Are there any banks willing to help?

I opened a business account with Starling yesterday (sole trader) very easy to do however you will already need a current account with them again very easy to do.. all done via there App.
Once you have a business account with them you can apply for a BBL and they will basically put you on a list.
From what Ive seen on there twitter page they are going to be inviting Sole Traders as of next week to apply..

Hope this helps 

Grumpy_chap

There is also until November to apply for BBLS, so no need to rush unecessarily.

Lyz_Fox

Another vote for starling, very easy and quick to do. 

gt94sss2

Worth reading this before joining Starling

https://www.moneysavingexpert.com/news/2020/06/starling-mse-bounce-back-loans/

The only big bank opening new business accounts to apply for Bounceback loans in numbers is HSBC - though they are obviously very busy as a result.

Barclays may also be doing some but the article above suggests that they are slower than HSBC.