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UPDATED July 2023: Most banks have resumed their enterprise checking account operations. Santander is barely permitting purposes for brand spanking new enterprise financial institution accounts from current prospects, although that is beneath assessment.
To see the highest presents proper now, head to What are one of the best enterprise financial institution accounts within the UK?
Authentic article, posted October 2020
Many banks have stopped accepting new purposes for enterprise financial institution accounts because the coronavirus pandemic surged within the UK.
That is predominantly right down to elevated demand for government-backed emergency loans like Bounce Again Loans and the Coronavirus Enterprise Interruption Loans. Banks are specializing in offering these and tending to their current prospects’ most urgent wants.
Which banks are nonetheless providing enterprise financial institution accounts?
SmallBusiness.co.uk has spoken to the next banks to seek out out the place they stand on accepting enterprise checking account purposes.
HSBC
HSBC closed purposes for brand spanking new enterprise financial institution accounts on September 30.
An HSBC UK spokesperson mentioned: “For the reason that introduction of the Bounce Again Mortgage Scheme, we’ve given over £12bn of lending to the UK’s companies, as a part of an general £20bn package deal supporting our enterprise and private prospects. As one of many solely banks that remained open to purposes from all UK companies because the scheme’s launch, we obtained an enormous degree of demand. With the scheme closing on 30 November, we have to focus our sources on fulfilling current purposes. We’re now not accepting new purposes for Bounce Again Loans from corporations that don’t have an current HSBC enterprise account and we will even cease taking over any new small enterprise banking prospects till 14th December. Functions submitted earlier than thirtieth September 2020 will proceed to be processed.”
Evaluate HSBC enterprise banking on NerdWallet
Metro Financial institution
Metro Financial institution had been opening enterprise accounts for brand spanking new to financial institution prospects up till final Friday (October ninth). They’ve now put a short lived pause on opening these accounts.
A Metro Financial institution spokesperson mentioned: “On account of the numerous surge in demand we’re seeing from companies opening new accounts with us, we’re not capable of settle for additional new enterprise account purposes in retailer or on-line in the intervening time.
“With the federal government lending schemes drawing to a detailed later this yr, we have to guarantee we are able to proceed to help our current prospects, the pipeline of latest account purposes already in progress and related Bounce Again Mortgage purposes which we’re persevering with to fulfil. We count on to reopen for brand spanking new purposes early within the New 12 months.”
Evaluate Metro Financial institution enterprise banking on NerdWallet
Lloyds Banking Group (Lloyds Financial institution, Financial institution of Scotland)
A Lloyds spokesperson instructed us that they stopped accepting software in the beginning of the pandemic. That is in order that they’ll see to current prospects with pressing wants. They mentioned they’d open enterprise financial institution accounts once more on the acceptable time.
RBS/NatWest
RBS and NatWest aren’t accepting new purposes for enterprise accounts in the intervening time.
A NatWest spokesperson commented: “We all know this can be a troublesome and nerve-racking time for our smallest enterprise prospects, and we’ve been working tirelessly to ship the federal government schemes in a safe and sturdy method – efficiently supporting 23 per cent of all lending throughout the three schemes. Because of the quantity of those purposes, we proceed to prioritise our current prospects regarding the authorities schemes.”
Santander
Santander’s web site says: “We aren’t presently accepting new purposes for Enterprise Present Accounts, however we’ll assessment this place over the approaching weeks and additional particulars can be obtainable on our web site.”
TSB
TSB’s web site says: “Sorry, we’re solely accepting Enterprise Present Account purposes from current TSB Private Present Account prospects at the moment. For those who don’t have already got an account with TSB we gained’t be capable to settle for your software for a Enterprise Present Account. That is to permit us to deal with supporting our current prospects via this unprecedented time. For those who submitted an software earlier than twenty eighth September we can be in contact. We are going to replace our web site as quickly as we’re capable of open accounts for brand spanking new prospects.”
Barclays
Barclays are accepting purposes, however they too are experiencing elevated demand.
A spokesperson for Barclays mentioned: “We’re accepting enterprise present account prospects however experiencing as delay because of excessive ranges of demand.”
What about digital banking platforms?
Revolut, Tide, Monzo and Starling Financial institution have confirmed that they’re nonetheless providing enterprise accounts.
The usage of digital banking platforms elevated all through the 2010s with extra millennials searching for mobile-friendly banking apps. What’s extra, in line with a current Direct Line survey, almost half of younger individuals wish to turn into entrepreneurs. One in 5 have both began a brand new enterprise since lockdown or plan to start out one by the start of 2021.
With all of this in thoughts, it’ll be fascinating to see whether or not this can be a possibility for digital platforms to take a better share of the market or if enterprise prospects throughout the board will stay loyal to the better-known excessive road banks.
If you wish to see all of your choices simply in a single place, you possibly can simply examine enterprise financial institution accounts with Nerdwallet now.
Learn extra
12 of one of the best digital banking platforms for small enterprise – Contemplating a digital banking platform over one of many conventional stalwarts? We’ve picked out 12 of one of the best in your perusal
Greatest enterprise financial institution accounts for sole merchants – We’ve rounded up a few of the finest enterprise financial institution accounts created with sole merchants in thoughts
Opening a enterprise checking account – how-to and finest accounts – On this piece, we’ll take a look at learn how to go about opening a enterprise account within the UK and what providers are on the market
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