Unable to open a business bank account

tbaile

We are a start up and registered at companies House in 2018, but up to now work was self funded so we didn't have a business account and then opened a tide account last month when we started paying for more substantial development invoices. We have just won funding for an Innovate UK project, but they don't allow Tide accounts (not regulated by FSA). We've tried Monzo, starling and metro, but they all say we aren't eligible, but won't tell us why. If we can't open an account by Friday we will lose the funding. Can anyone help? 

tacpot12

What sort of limited company do you have? It should be fairly straight forward to open a business account if you are the director of a limited company. I have business accounts with Santander and HSBC, so suggest you try those. 

jonesMUFCforever

tbaile said:

We are a start up and registered at companies House in 2018, but up to now work was self funded so we didn't have a business account and then opened a tide account last month when we started paying for more substantial development invoices. We have just won funding for an Innovate UK project, but they don't allow Tide accounts (not regulated by FSA). We've tried Monzo, starling and metro, but they all say we aren't eligible, but won't tell us why. If we can't open an account by Friday we will lose the funding. Can anyone help? 

Sorry to be the bearer of bad news - the money is gone - you have no chance of getting a new business account open this month never mind this week.
To be honest you have had 2 years to open a bank account for your Limited company so you know where the blame lies.

mika_dm

tbaile said:

We are a start up and registered at companies House in 2018, but up to now work was self funded so we didn't have a business account and then opened a tide account last month when we started paying for more substantial development invoices. We have just won funding for an Innovate UK project, but they don't allow Tide accounts (not regulated by FSA). We've tried Monzo, starling and metro, but they all say we aren't eligible, but won't tell us why. If we can't open an account by Friday we will lose the funding. Can anyone help? 

HSBC has the Kinetic account option to open a business account if you have an Iphone. It may take minutes to open an account if you meet their criteria.

Sandtree

jonesMUFCforever said:

tbaile said:

We are a start up and registered at companies House in 2018, but up to now work was self funded so we didn't have a business account and then opened a tide account last month when we started paying for more substantial development invoices. We have just won funding for an Innovate UK project, but they don't allow Tide accounts (not regulated by FSA). We've tried Monzo, starling and metro, but they all say we aren't eligible, but won't tell us why. If we can't open an account by Friday we will lose the funding. Can anyone help? 

Sorry to be the bearer of bad news - the money is gone - you have no chance of getting a new business account open this month never mind this week.
To be honest you have had 2 years to open a bank account for your Limited company so you know where the blame lies.

Why not? Admit its been a few years now but open our account with HSBC "the next day" and could have done it same day had I I had time to get to the branch the day I phoned them. Even walked out with internet backing set up and the silly fob thing for it. I'd be surprised if things have gone backwards and the only potential issue being getting the appointment if they still want a face to face in covid times.

jonesMUFCforever

Sandtree said:

jonesMUFCforever said:

tbaile said:

We are a start up and registered at companies House in 2018, but up to now work was self funded so we didn't have a business account and then opened a tide account last month when we started paying for more substantial development invoices. We have just won funding for an Innovate UK project, but they don't allow Tide accounts (not regulated by FSA). We've tried Monzo, starling and metro, but they all say we aren't eligible, but won't tell us why. If we can't open an account by Friday we will lose the funding. Can anyone help? 

Sorry to be the bearer of bad news - the money is gone - you have no chance of getting a new business account open this month never mind this week.
To be honest you have had 2 years to open a bank account for your Limited company so you know where the blame lies.

Why not? Admit its been a few years now but open our account with HSBC "the next day" and could have done it same day had I I had time to get to the branch the day I phoned them. Even walked out with internet backing set up and the silly fob thing for it. I'd be surprised if things have gone backwards and the only potential issue being getting the appointment if they still want a face to face in covid times.

I suggest you try now - with Covid most banks have put a hold on opening business banking accounts.

tbaile

Thanks - will try Kinetic and going into some branches. We've already got a Tide account but Innovate UK does not accept Tide for some reason. 

lr1277

Be very careful with HSBC. I am no expert but my impression is that they close (business) accounts very quickly if they think there is something untoward. Search this board and the small business/charity board for mentions of HSBC.

tbaile

Thanks everyone. Got an account with Starling. At first the automated process was turning us down, but then we called and they reset something and then it allowed us to upload an accountants letter and was successful...

allygate

tbaile said:

Thanks everyone. Got an account with Starling. At first the automated process was turning us down, but then we called and they reset something and then it allowed us to upload an accountants letter and was successful...

Glad to hear that! Good on you for persisting and ignoring the naysayers.
This is a caution for me as well, we are a new business happily using the Cashplus business account which I presume is in the same boat as Tide. Will definitely migrate to Starling (or similar) in the new year. Thanks for sharing your experience.

dunstonh

We have just won funding for an Innovate UK project, but they don't allow Tide accounts (not regulated by FSA). We've tried Monzo, starling and metro, but they all say we aren't eligible,

Out of interest, why were you only trying the non-mainstream banks?

I would consider it a high risk for my business using one of those as they are all prone to blocking accounts on the slightest concern of fraud and have an awful lot of false positives.