Opening business bank account during Covid

Discussion in 'Accounts & Finance' started by Lui, Oct 30, 2020.

  1. Lui

    Lui UKBF Newcomer Free Member

    13 0
    Does anyone know who I can open a bank account with relatively quickly?

    Quite a few seem to not be offering new bank accounts such as Santander whom I normally bank with. Barclays has a huge waitlist and they want me to go to their nearest branch which is over an hour away Starling for some reason would not allow me to open an account with them even though they let me open one with my other business.

    The only one I managed to open one is Tide but it turns out their debit card is some kind of prepaid card which some companies such as Amazon do not accept. Since I am an Amazon seller this is no good.
    Last edited: Oct 30, 2020
    Posted: Oct 30, 2020 By: Lui Member since: Mar 16, 2015
  2. Mr D

    Mr D UKBF Legend Free Member

    26,259 3,212
    They all appear to have had large numbers of applications since free money / bounce back loans were on offer.
    Choose one providing service you want and ring them - quickly may be somewhat slow.
    Can your current bank account not handle amazon? If its a new business - amazon verification likely will take until next year even with the bank account sorted.
    Posted: Oct 30, 2020 By: Mr D Member since: Feb 12, 2017
  3. Lui

    Lui UKBF Newcomer Free Member

    13 0
    Tide is my new bank account, their Visa debit card is a prepaid one and Amazon does not accept this for some reason.

    Someone suggested Payoneer I think this will work.
    Posted: Oct 30, 2020 By: Lui Member since: Mar 16, 2015
  4. PugwashEQ

    PugwashEQ UKBF Contributor Full Member

    49 19
    Its a pain in the backside at the moment

    we created a startup in June and, despite being in our 40s, squeaky clean credit files with a well funded business, we struggled.

    Vast majority of banks werent offering business accounts- Natwest said they'd process the application and never came back to us. Metro bank, which is what we went for, processed it within a day, but i see they arne't accepting new accounts either now!

    OP- Good luck, hpoe you get something sorted.
    Posted: Oct 30, 2020 By: PugwashEQ Member since: Sep 8, 2020
  5. nelioneil

    nelioneil UKBF Enthusiast Full Member

    652 94
    Problem is Tide is not a bank. Their current account is an emoney account.

    Could you try Starling again or even Monzo? You should get a decision fairly quickly
    Posted: Oct 31, 2020 By: nelioneil Member since: Jan 22, 2013