Bank Account LTD

Discussion in 'Accounts & Finance' started by TurboIT, Feb 11, 2014.

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  1. TurboIT

    TurboIT UKBF Newcomer Free Member

    63 4
    Hi

    I really need to get a bank account for my LTD. I applied for one with santander and they just won't open the account, I am beginning to come to the conclusion they are trying to fob me off, everytime I send off what they ask for they wait two weeks then write back and ask me for something else. It is getting beyond a joke.

    I basically need a current account for my LTD so i can invoice as an IT contractor.. Any recommendations? Advise etc....

    I have work I need to invoice for, which I cant. And I can't really actively pursue contracts currently until this is sorted..... Help please.....
     
    Posted: Feb 11, 2014 By: TurboIT Member since: Jan 3, 2014
    #1
  2. StevensOnln1

    StevensOnln1 UKBF Big Shot Free Member

    3,395 734
    Natwest used to do a Foundation Business Account (not sure if they still do it) that doesn't require any credit checks etc, so it ought to be fairly straightforward to open one of those.
     
    Posted: Feb 11, 2014 By: StevensOnln1 Member since: Dec 10, 2011
    #2
  3. Bazza500

    Bazza500 UKBF Contributor Free Member

    60 26
    When I changed from sole trader to LTD it took RBS 3 months to open an account for the LTD company. As with you they kept coming back asking for more info. I had already been with them for 20 years. :-(
     
    Posted: Feb 11, 2014 By: Bazza500 Member since: Sep 29, 2013
    #3
  4. TurboIT

    TurboIT UKBF Newcomer Free Member

    63 4
    I was thinking of trying natwest in branch tomorrow.

    I'm thinking of taking,

    Passport
    Incorp Cert
    Vat Number / Cert
    CT41G
    Personal Bills (Proof of address)

    I don't have any bills to the company as I don't really want to buy or do much until i've got the bank account and I don't have premises, address is my house.

    Anything else I should think of.
    ?
     
    Posted: Feb 11, 2014 By: TurboIT Member since: Jan 3, 2014
    #4
  5. TurboIT

    TurboIT UKBF Newcomer Free Member

    63 4
    Interesting, I will continue with the santander application, as well.
     
    Posted: Feb 11, 2014 By: TurboIT Member since: Jan 3, 2014
    #5
  6. StevensOnln1

    StevensOnln1 UKBF Big Shot Free Member

    3,395 734
    Posted: Feb 11, 2014 By: StevensOnln1 Member since: Dec 10, 2011
    #6
  7. Jeremiah@RHJ Accountants

    [email protected] Accountants UKBF Enthusiast Free Member

    595 102
    We recommend Cater Allen Private bank to all our IT contractor clients.

    As official account introducers we can normally get an account open in five working days and sometimes less.

    Happy to help you if i can

    I would post a link to my website with the information but don't know if that is against the rules??!!
     
    Posted: Feb 11, 2014 By: [email protected] Accountants Member since: Jan 5, 2012
    #7
  8. faradaykeynes

    faradaykeynes UKBF Ace Full Member - Verified Business

    2,638 468
    I have a contact in Metro bank if you like can ask him to give you call?
     
    Posted: Feb 11, 2014 By: faradaykeynes Member since: Apr 19, 2012
    #8
  9. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    13,216 2,476
    I regularly hear of clients who have difficultly in opening limited company accounts with Santander - they wouldnt open one for me a few years ago either!!

    Generally I find Natwest and Barclays the quickest and easiest to open company accounts with.
     
    Posted: Feb 12, 2014 By: MyAccountantOnline Member since: Sep 24, 2008
    #9
  10. TurboIT

    TurboIT UKBF Newcomer Free Member

    63 4
    The same Carter Allen with a big Santander logo next to the Carter Allen logo?
     
    Posted: Feb 12, 2014 By: TurboIT Member since: Jan 3, 2014
    #10
  11. Jeremiah@RHJ Accountants

    [email protected] Accountants UKBF Enthusiast Free Member

    595 102
    Yes they are part of Santander Group, however work in a completely different way and the Reserve account is more designed for IT contractors who will normally have very few transactions per month.

    The time frame i specified in my earlier post does stand for the IT contractor clients i introduce and they are very happy with the service.

    Free banking for 30 transactions per month seems to be what the IT contractors like according to other forums i read.
     
    Posted: Feb 12, 2014 By: [email protected] Accountants Member since: Jan 5, 2012
    #11
  12. TurboIT

    TurboIT UKBF Newcomer Free Member

    63 4
    Hi Jeremiah,

    Would i need to use your for accountancy services to be introduced through you? Also when introduced through you do you have to maintain the 5K balance?

    Conrad
     
    Posted: Feb 12, 2014 By: TurboIT Member since: Jan 3, 2014
    #12
  13. Jeremiah@RHJ Accountants

    [email protected] Accountants UKBF Enthusiast Free Member

    595 102
    Hi Conrad

    You don't have to use my accountancy services to be introduced by me.

    The £5k balance does have to be maintained no later than two months from the account opening.

    Hope this helps

    Jeremiah
     
    Posted: Feb 12, 2014 By: [email protected] Accountants Member since: Jan 5, 2012
    #13
  14. faradaykeynes

    faradaykeynes UKBF Ace Full Member - Verified Business

    2,638 468
    there is no such condition to maintain 5K balance with Metro but if you do you get FREE banking
     
    Posted: Feb 12, 2014 By: faradaykeynes Member since: Apr 19, 2012
    #14
  15. Griffi

    Griffi UKBF Newcomer Free Member

    8 0
    Hi Jeremiah,

    Thanks for this info.
    As matter of interest do you think you would be able to introduce us to Cater Allen as well ?
    We are a newly formed private Ltd trying to open a business bank account.
    We are finding it difficult because none of the directors are UK resident anymore.
    We have spoken to Barclays and they will do it however the minimum balance is 10k.
    Obviously we would prefer less than that or 0 but we need to look at all options (well there are not that many really).

    I am afraid that because of the set up of the company, we probably won't require your services - We need a VAT agent and trading address on top of accounting services - but if you think you might be able to do that too, then we will be keen to hear more from you and return you the favour.

    Still, thank you for the tip.

    Griffi
     
    Posted: Feb 13, 2014 By: Griffi Member since: Feb 6, 2014
    #15
  16. ESGC6E

    ESGC6E UKBF Newcomer Free Member

    18 1
    It´s interesting that you got accepted by Barclays. As a non-uk resident I´ve tried that route too for my UK Limited Company - As you mention the 10k balance requirement, this tells me you must have been using the Barclays Wealth Business Account procedure, the same as I have.

    Initially I spoke to Barclays on the phone as couldn´t apply online, on the phone they were very positive and helpful, everything seemed to be in order, they ended the conversation and emailed me a "Questionnaire" form which they said I had to fill in, they confirmed the ID requirements that I would have to send in the post (Certified Incorporation Certificate, Notarized Passport, Notarized ID card or Driving License & original proof of address).... So I went and got my documents notarized etc, then when complete I filled in the Barclays form and emailed it back to them... I reply came back after about 10minutes saying "we regret to inform you that we are unable to offer you banking facilities at this present time"......

    WHAT? I was amazed, totally amazed. I followed up to this email reply and told them we had already spoken on the phone at length and that I was simply following up to send them the ID requirements etc, that on the phone they told me an account would be opened within a week of receiving all documents etc... They then replied via email again within a few minutes, saying "after reviewing your details, we regret to inform you that we are unable... bla bla bla bla bla"...

    The form they sent is very simple, just a few questions, and based on that they have denied an account. I can only guess what they want the answers on the form to be, to "fulfill their criteria".. because the answers are so simple.

    I have attached the form here they sent, you can see how straight forward it is......... I wonder if there are any Barclays Bank Staff here who know what they do expect to be on the form? The questions are not at all invasive, but there´s something on the form they simply didn´t like, any ideas what? It´s obviously some internal secret, I guess these "Bank Introducers" know how and what to fill in on these forms, when they introduce clients to banks, because according to them they never get refused.

    The minimum balance of 10k was not a problem for me, neither was the 250GBP charge to open the account, neither was the 9.50GBP per month to run the account - I was initially shocked by the 250gbp charge to open the account, but it is what it is, as a non UK resident I can´t have a high street bank, so this seemed a great alternative, and on the phone they were incredibly positive and helpful - An International Account seemed very relative to me, considering I do all my business in the USA and invoice as a contractor from the UK.

    Anyone have any advice?
     
    Posted: Feb 13, 2014 By: ESGC6E Member since: Dec 13, 2013
    #16
  17. ESGC6E

    ESGC6E UKBF Newcomer Free Member

    18 1
    Sorry, I couldn´t attach the document, could not see how. Will copy the text into this post....

    ------------------------------------------------------------------------------------
    BARCLAYS Wealth

    International Corporate Banking

    Questionnaire for New Accounts

    Section 1

    1. Company name COMPANY NAME


    2. Country of Registration and Registration Number: UK and Reg No


    3. Contact name: My Name


    4. Telephone number: My Phone Number in Spain (where I live)


    5. E-mail address: My Email address


    6. Website address: Website address


    Section 2


    1. Who owns the Company (Major Shareholders) and what are their nationalities? Me, 100%. Swiss National


    2. Who are the Company Directors and what are their nationalities? Me, sole director. Swiss National.


    3. Please provide full description of main activities of the Company, including, for example,

    goods traded and goods provided: Internet Marketing & Linguistics Consultant


    4. Please list all the countries in/with which your business activity takes place: USA


    5. Source of Income (How do you earn your income) : Consultant for employers in USA.


    6. Source of Funds (Who do you receive funds from) : Employers in the USA


    7. Estimated annual turnover: 80,000 - 120,000 USD


    8. Estimated number of credits into the Bank Account per annum: 12
    Value: 5000-10000$


    9. Estimated number of payments from the Bank Account per annum: 10-20


    10. Please advise us of which location you wish for your corporate bank accounts to be held (Please delete where appropriate) and provide a brief reason for the chosen location:

    London Isle of Man Jersey Guernsey

    Wish for the account to be as transparent as possible, and not for clients to think it is “offshore”.


    11. Please specify the amount of the initial deposit (this should be a minimum of 10,000.00 GBP)
    10000GBP

    12. Do you already have a Business or Personal account with Barclays ? NO

    ------------------------------------------------------------------------------------

    That´s it. 12 simple questions. I can´t at all see why they would refuse the account. Any (EX) Barclays Staff, or people knowledgeable in banking criteria, who might be able to advise?
     
    Posted: Feb 13, 2014 By: ESGC6E Member since: Dec 13, 2013
    #17
  18. Griffi

    Griffi UKBF Newcomer Free Member

    8 0
    Thanks for the reply. You should get my PM too.

    And you are right, "accepted" was only in a verbal way. Because I would rather have the 10k doing something instead of sitting on the nice balance sheet of Barclays (and Mr Diamond at one stage), this is not my first choice.
    However we need an account so if we have to, I guess they ll be as good as any (well if they really take us on).

    Now in terms of what it takes to get an account there... My guess is that just like the form's simplicity, their requirement is very simple.... As simple as a 0 in fact. But the more the better :D

    All the best

    Griffi
     
    Posted: Feb 13, 2014 By: Griffi Member since: Feb 6, 2014
    #18
  19. Jeremiah@RHJ Accountants

    [email protected] Accountants UKBF Enthusiast Free Member

    595 102

    Hi Griffi

    Please send me a PM or go to the website and send me an email an we can discuss this.

    Thanks

    Jeremiah
     
    Posted: Feb 13, 2014 By: [email protected] Accountants Member since: Jan 5, 2012
    #19
  20. Lentinus

    Lentinus UKBF Regular Free Member

    395 89
    For the OP, Having used a few I would recommend HSBC. Quick, simple, easy. Don't recall any minimums or long process and free banking for 18 months. My wife uses Cater Allen and TBH they seem to be stuck in the dark ages. On-line access? Apparently not.
     
    Posted: Feb 13, 2014 By: Lentinus Member since: Nov 28, 2012
    #20
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