Best business bank account to open quickly and easy for Startups ?

[mayfair]

Banks have a long list of questions and many ask about business plans and previous earning . I have just registered a company and don have previous history . Can you pls suggest which one is easy to open. I did with Starling bank and they rejected my application , as they were asking on their app about previous business experience etc and my income which i dont have now as company has not started trading yet.

 

[japancool]

Tide. Mettle. Monzo. Cashplus.

 

[Tigris]

Starling also rejected me. They wanted 12 months of trading before opening an account with them.

I went with Tide in the end. I did use Monzo as well for a previous business which I have since shut down and never had any problems.

Only problem I found with Tide is clients who are trying to pay have had the payment blocked by their bank as they think it's going to a dodgy bank account. This has happened twice in 6 months.

 

[Paul Kelly ICHYB]

Tide are just about to change their processor to Clearpay, which will increase their credibility.

 

[RichieN]

Tide, Mettle or Monzo.

 

[Heidi @Aqua]

Tide for sure! Quick and pain free

 

[mayfair]

Thanks guy i applied for Starling 5 days ago and Tide just yesterday. I can say Tide is best bank, no questions asked got it activated in one days whereas Starling bank called and were asking million documents and million questions about the company which is not even started. Conclusion is Starling is not a business friendly bank. GO FOR TIDE.
#tidebank #starlingbank

 

[fisicx]

Tide will be great as long as everything goes to plan. But if things go awry you can come very unstuck very quickly.

Tide is rated "Excellent" with 4.4 / 5 on Trustpilot

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tide.co Reviews - Read 351 Genuine Customer Reviews | tide.co

tide.co has collected 351 reviews with an average score of 1.35

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Remember: Tide is not a bank. It's an online current account you access via an app. Which means there are a number of limitations.

 

[japancool]

Remember: Tide is not a bank. It's an online current account you access via an app. Which means there are a number of limitations.

It is protected by the FSCS though, which some of the others (e.g. Mettle) aren't.

 

[Ozzy]

It is protected by the FSCS though, which some of the others (e.g. Mettle) aren't.

Mettle is Natwest; it is a regulated bank.
Whether a BCA provider, to use their terms of reference, is a regulated bank or not only really makes a difference when it comes to finance and how you deposit is handled. For example, a bank is allowed to use the money you put into your account to dabble on the stock market or to use it to lend to their other customers. If they are not a bank then they are not allowed to do that and the money must remain ring fences and secured.

 

[japancool]

Mettle is Natwest; it is a regulated bank.

Here's what they say on their website:

Mettle mobile account | NatWest Business

Mettle is the mobile account that helps you start, run and grow.

www.natwest.com

"No, we're not a bank – we provide an E-money account with a sort code, account number and card.

This means the Financial Services Compensation Scheme (FSCS) is not applicable for this Account.

However all funds are held in a safeguarded account in accordance with the Electronic Money Regulations 2011 which protects customers against Mettle or its suppliers’ insolvency."

I don't know what the practical difference between that and the FSCS scheme is.

 

[Ozzy]

No, we're not a bank – we provide an E-money account with a sort code, account number and card.

Ok even the title of that page you linked to is confusing (Mettle mobile account | NatWest business banking), but if they say they are not a bank then they are not a bank and I stand corrected.

 

[mayfair]

Tide will be great as long as everything goes to plan. But if things go awry you can come very unstuck very quickly.

Tide is rated "Excellent" with 4.4 / 5 on Trustpilot

Do you agree with Tide's TrustScore? Voice your opinion today and hear what 31,577 customers have already said.

uk.trustpilot.com

tide.co Reviews - Read 351 Genuine Customer Reviews | tide.co

tide.co has collected 351 reviews with an average score of 1.35

www.reviews.io

Remember: Tide is not a bank. It's an online current account you access via an app. Which means there are a number of limitations.

Yes true read negative reviews but they are fastest to open account. And for time being they solve the purpose as i had to give my bank details to sign a contract with a company.

 

[FRDC]

Thanks guy i applied for Starling 5 days ago and Tide just yesterday. I can say Tide is best bank, no questions asked got it activated in one days whereas Starling bank called and were asking million documents and million questions about the company which is not even started. Conclusion is Starling is not a business friendly bank. GO FOR TIDE.
#tidebank #starlingbank

Sorry to interrupt. But as someone who starts his own business and does not live in the UK (unfortunately). I am very interested in your banking system. Can you become a bank correspondent even if you do not live in the UK and which ones? And how is Tide used?

 

[apricot]

Tide. Mettle. Monzo. Cashplus.

I felt like I am old dated! I was going to suggest Santander

 

[Hema Murphy]

Definitely Tide for me. I signed up last year and it took literally 5 mins.
Plus if you join up today and use the code FREE75 during the signup you get £75 added to your account FREE when you deposit £1.

 

[nicole nicholls design]

I went the old-fashioned way and chose Lloyd's Bank. It was quick and easy and I can't recommend Lloyds enough.

I had similar experience with Starling which I found quite off-putting. Personally, I don't trust those new internet banks...

 

[rng]

I've applied to Barclays as it was the only one on the list that I knew off. Anyone had good/bad experience with them?

 

[ctrlbrk]

I've applied to Barclays as it was the only one on the list that I knew off. Anyone had good/bad experience with them?

I've been with Barclays for many years and I never had a problem. The quality of their customer service has been really good, especially in recent years.

However, this is from a consumer's point of view, so if you're looking at it for your business my experience may not be relevant.

 

[japancool]

Barclays gave me an account during the pandemic when no one else would.

 

[Blackbook]

It's weird, I have been with Starling Business and personal for about 4 years. no issue in opening or with anything since. Literally sent a video and a picture of my docs, was opened in 5 minutes and was issued a card number in a couple of hours. 2 days later full card etc. I also have a Monzo account for a different partnership business and that was pretty much the same.

I barely use my Bricks and mortar bank now, despite being very wary of the new internet/challenger banks. What i would say to those recommending Lloyds and Barclays and other 'old school' banks is to watch their charges, especially after a grace period. The reason i chose the internet bank was that the traditional business banks basically robbed you. Might be different now with the competition but I cant recommend Monzo and Starling highly enough. Maybe their processes have changed since I joined.

 

[Gary.b]

I'm another Tide user.

The only times I've had issues was during a mix up with a supplier (suppliers fault) and when making a cash deposit (using the post office, the card number needs to be manually entered instead of swiped).

Both times the online chat support with Tide was pretty quick and helpful. This was all on the "free" account they offer. They keep advertising for the paid versions where you get priority phone support but the amount of transactions I make a month means it's cheaper to stay on the 20p per transaction account. Plus I don't feel I'm losing out on the phone support as the chat support was great.

It may be a different situation if you're using it for a large number of transactions a month though.

 

[Alan]

Strange about Starling experiences, Daughter opened a Starling account as sole trader in November and it was very quick / easy /online no issues.

 

[TEGVirtual]

Did Starling let you appeal the decision? Sometimes they can decline due to not providing enough information about what your business does (this has happened to me before).

I use Starling and find them great. I've also heard good things about Monzo but I haven't tried them myself.

Bethan

 

[Airkon]

Well I'm glad I wasn't the only one struggling to get a Starling account, I would've preffered them as their App is better than Monzos(IMO so far) but hey, now I have a monzo and all is well so far

 

[Berbinto]

If I'm setting up a B2L business as an Ltd should I use a "traditional bank"?
I am a fan of modern e-commerce I am concerned about using new e-banks.
Any suggestions???

 

[Ozzy]

I am concerned about using new e-banks

In theory, you money in the "e-banks" is safer than it is in the main banks, because they are forbidden from using your money to invest in the stock market to try and make more money, or to use your money to give loans to their other customers.
Banks are allowed to use their customers cash to punt on the stock market or use it to trade such as give loans. The "e-banks" who are not licensed banks (to use your definition), they have to keep their customers cash ring fenced and are not allowed to touch it for anything.

 

[Berbinto]

In the end I followed many of your suggestions and went with Tide. Set up really easy and very fast.