How long does it take to get a business bank account?

[Amenity]

For someone who is on their own i.e. a sole trader.

I remember opening one with a partner a while back with a little venture we had going and I think it took maybe 1-2 weeks.

For a simple business bank account for a sole trader, how long would it take to get it all up and running so that I could start taking payments, complete with internet banking etc?

I just mean on average, how long should I expect to wait for, in your experience? Plus how much info do they need from you? Last time if I ever remember, I just went in with my partner and answered some very basic questions like projected turnover, what the business is about and then we were up and running not too long after.

Thanks a lot.

 

[Paul_Rosser]

Can only speak from my experience Natwest took 2 weeks, but that was in the middle of their massive network issue and was for a limited company. They actually gave me the account details in about a week so I could start taking payments etc, was just the welcome pack and cards which took another week.

When I setup a personal account with HSBC and Natwest they both took about a week.

 

[StevensOnln1]

This was a couple of years ago, but HSBC opened a partnership account with everything setup on the same day. We were given the account number once we'd all signed the forms in our appointment at the branch. Debit cards, cheque book, etc took a week or two to arrive. We didn't want any overdraft, loans, credit cards etc and I don't remember them asking anything much more than projected turnover and checking our IDs.

 

[british steve]

With HSBC it took about a week for everything to turn up. With Santander it took 5 weeks becuase they are useless.

 

[paulstewart64]

I would expect a week but certainly not two weeks.

A sole trader account is pretty simple, but the banks have to do their usual searches before they will complete any formalities.

If time is important, then i would open an account where I bank personally. This way the searches are minor and they have already got your details to complete the account although you still need to provide fresh ID.

Sadly, money laundering laws have made opening a bank account very onerous.

 

[Jet Virtual]

HSBC do a pretty quick job

 

[Stclears]

If you are already known to the bank about a week.

 

[Moneyman]

Well it took 4 months with the bank of scotland I thought i had a card and chequebook and everything was great even put loads of cash in and after 2 months...they bounce the first cheque saying xyz form was not signed off.
I have often had it take more than a month. If you are starting up with several directors etc dont. just start a one man one director operation. open the account and then add everyone else. I am frankly amazed about some of you getting it done inside 2 weeks. it has more often than not been a nightmare. leave plenty of time.

 

[easiprint]

Just opened a Natwest account in branch and the account was opened there and then. I was new to Natwest too. Was a sole trader account and all I had to do was take a couple of forms of ID in, answer a few questions and I walked out with the account number within 30 minutes. Cheque book, card and online banking all through within a week. Very good service.

 

[altwebdesign]

5-7 days with barclays - thats when i set up as a sole trader and then a LTD company

 

[charnwooduk]

We just quoted an absolute minimum of 4 weeks before they can even look at the application from NatWest!

We are both already natwest account holders

 

[H19841]

I wonder about this - do you really have to have a business account? for my little eshop I just opened another account and use that. Keeps it all seperate and opened same day....don't really understand the need for a proper business account

 

[Deleted member 59730]

I wonder about this - do you really have to have a business account? for my little eshop I just opened another account and use that. Keeps it all seperate and opened same day....don't really understand the need for a proper business account

Its because to use a personal account to write business cheques is fraud.

Took me about two months to open a personal account with Coop even though I already had a business account with them.

 

[businessfunding]

I wonder about this - do you really have to have a business account? for my little eshop I just opened another account and use that. Keeps it all seperate and opened same day....don't really understand the need for a proper business account

If you are a sole trader it is legal to use a personal account - however it might well contravene the terms of your agreement with the bank
f/when they pick up on it they will apply their most draconian business charging structure and/or ask you to leave.

 

[H19841]

yup i'm a sole trader. Point taken though. may have to look into this one! but I don't write cheques so hopefully no fraud at least

 

[StevensOnln1]

I don't see how writing cheques for your business from a personal account is fraud, unless you knew there wouldn't be sufficient funds for the cheque to be paid. It may give the payee grounds to pursue you personally if the cheque was retuned, as by writing a cheque personally rather than on behalf of a company, you're the one promising to pay.