Company Bank Account

noddy11

Hi all, 

question please is, is this normal to ask for a letter from my accountant to open a new business bank account on my new company.

i have had a company bank account with a high street bank for my limited company for over 20 years and i have set up a new limited company for my property.

i need to set up a second company bank account for my new limited company with same bank, went through a 90 mins phone call which I passed but need to have a second call with them to be approved.

There asking for a letter from my accountant to say what my new limited company is for (although this can be seen on company house which I explained).

My accountant wants £150 plus vat to write the letter.

is this a normal practice? As I’m not really happy to spent this to get a letter if I don’t have too.

i never been overdrawn and always have at least 50k plus in my old business account.

Thank you for any help received 

DullGreyGuy

They are separate legal entities so your old business account is totally irrelevant... it's like saying your cousin has always paid their debts on time so they shouldn't credit check you. 

I've never had to but I've not open a new business account since lots of banks got hammered with AML fines; had enough challenges with providing retrospective information with our existing bank after a decade. 

Your accountants fees also sound fairly high. Ok ours are aimed at micro businesses and we have been with them for more than a decade but they didnt charge anything for completing mortgage application forms which would have taken more time than drafting a letter.

noddy11

Thank you for your reply 

GreenAdvocate

I opened a business account with Tred recently. They needed various documents and proof of ID but nothing I didn't have to hand - they didn't ask for a letter from my accountant.

penners324

Go to Starling, Virgin or Monzo. There won't be those hassles.

Jaguar98

It's pretty common for banks to ask for additional verification like an accountant's letter, especially with stricter AML regulations, but if you think the fee is too high, you might want to shop around or try an online bank like Starling or Monzo for fewer hassles.