How long to open a business bank account for a new company?
Discussion
I am getting massively frustrated with HSBC.
6 years ago, to open an account I made an appointment, went to the branch, spent about 30 minutes there and left with everything done and the account open.
The week before last, formed a new company as the previous one was closed down 3 years ago. Tried phoning the branch to make an appointment, got bored after 10 minutes on hold. Decided to use the online application. Wasn't too bad. Had to wait until last Tuesday to complete the process, as they sent a letter to my business address (which is also my home address) with a code on it to verify the address. Now, one week later, NOTHING. No account, and no communication. I've phoned them twice, and both times I've been told it's going through "final checks".
I chose HSBC because they were previously ok, and my personal account is with First Direct. The First Direct link now appears to be irrelevant, they say they are not connected. Previously they checked my First Direct account from within HSBC.
Is this typical of the process these days, typical for HSBC or am I just being unlucky. I need to raise an invoice in 10 days time, and at this rate I'm not certain I'll have any bank details to put on the invoice.....
6 years ago, to open an account I made an appointment, went to the branch, spent about 30 minutes there and left with everything done and the account open.
The week before last, formed a new company as the previous one was closed down 3 years ago. Tried phoning the branch to make an appointment, got bored after 10 minutes on hold. Decided to use the online application. Wasn't too bad. Had to wait until last Tuesday to complete the process, as they sent a letter to my business address (which is also my home address) with a code on it to verify the address. Now, one week later, NOTHING. No account, and no communication. I've phoned them twice, and both times I've been told it's going through "final checks".
I chose HSBC because they were previously ok, and my personal account is with First Direct. The First Direct link now appears to be irrelevant, they say they are not connected. Previously they checked my First Direct account from within HSBC.
Is this typical of the process these days, typical for HSBC or am I just being unlucky. I need to raise an invoice in 10 days time, and at this rate I'm not certain I'll have any bank details to put on the invoice.....
Admittedly I opened mine about 3 years ago (with HSBC) but it was as you described in your opening paragraph. Appointment made, in the business/premier banking bit without the scrotes for about 30 mins and walked out with an account pack and think paperwork followed in the post a few days later. The account manager also happened to be extremely hot, which was an added bonus.
There was a similar thread on here a while ago.
After reading that I set something up with Cashplus and from beginning to receipt of card it took less than a week. I think the account number was given with a couple of days.
It's limited in some ways but i think i will keep it as it is cheap and convenient.
I have banked with RBS business for over 30 years and the process was much simpler with Cashplus than going through existing relationships.
After reading that I set something up with Cashplus and from beginning to receipt of card it took less than a week. I think the account number was given with a couple of days.
It's limited in some ways but i think i will keep it as it is cheap and convenient.
I have banked with RBS business for over 30 years and the process was much simpler with Cashplus than going through existing relationships.
desolate said:
There was a similar thread on here a while ago.
After reading that I set something up with Cashplus and from beginning to receipt of card it took less than a week. I think the account number was given with a couple of days.
It's limited in some ways but i think i will keep it as it is cheap and convenient.
I have banked with RBS business for over 30 years and the process was much simpler with Cashplus than going through existing relationships.
That original thread was from me. 2 months later, no account opened and they haven't even bothered to follow-up. Complete garbage.After reading that I set something up with Cashplus and from beginning to receipt of card it took less than a week. I think the account number was given with a couple of days.
It's limited in some ways but i think i will keep it as it is cheap and convenient.
I have banked with RBS business for over 30 years and the process was much simpler with Cashplus than going through existing relationships.
We then tried Tide, which is supposed to "make small business banking better", but that also turned out to be garbage and their promise to give an account number and sort code in 5 mins didn't work for us. In fairness, it was because one of the directors gave the wrong address, so we then supplied a bank statement with the correct (current) address and for 3 weeks it has been with their "verification partner".
So we will now be sacking them off and going with Metro bank. Just have to get each director to create their personal profile in store (I did mine in about 15mins) and we should be good to go - I hope.
22s said:
That original thread was from me. 2 months later, no account opened and they haven't even bothered to follow-up. Complete garbage.
We then tried Tide, which is supposed to "make small business banking better", but that also turned out to be garbage and their promise to give an account number and sort code in 5 mins didn't work for us. In fairness, it was because one of the directors gave the wrong address, so we then supplied a bank statement with the correct (current) address and for 3 weeks it has been with their "verification partner".
So we will now be sacking them off and going with Metro bank. Just have to get each director to create their personal profile in store (I did mine in about 15mins) and we should be good to go - I hope.
Yes - it looks like there systems are completely automated so destined to be as crap as everyone else when you fall off the conveyor belt. We then tried Tide, which is supposed to "make small business banking better", but that also turned out to be garbage and their promise to give an account number and sort code in 5 mins didn't work for us. In fairness, it was because one of the directors gave the wrong address, so we then supplied a bank statement with the correct (current) address and for 3 weeks it has been with their "verification partner".
So we will now be sacking them off and going with Metro bank. Just have to get each director to create their personal profile in store (I did mine in about 15mins) and we should be good to go - I hope.
If you give the wrong address you won't be able to pass the automatic identity check.
surveyor said:
Santander took about 6 days recently, all online.
My sister recently chose Santander as they offered the option of face to face meetings with bank staff (she has never run a business before so she wanted the reassurance of a human to deal with initially).All went well at the start, but became very cumbersome as it got nearer the date for the completion of the acquisition and in the end it had to be delayed a couple of days - she was not very happy with them as a result. That said, she has never dealt with banks on a commercial/corporate level before and might have had different expectations .................
22s said:
desolate said:
There was a similar thread on here a while ago.
After reading that I set something up with Cashplus and from beginning to receipt of card it took less than a week. I think the account number was given with a couple of days.
It's limited in some ways but i think i will keep it as it is cheap and convenient.
I have banked with RBS business for over 30 years and the process was much simpler with Cashplus than going through existing relationships.
That original thread was from me. 2 months later, no account opened and they haven't even bothered to follow-up. Complete garbage.After reading that I set something up with Cashplus and from beginning to receipt of card it took less than a week. I think the account number was given with a couple of days.
It's limited in some ways but i think i will keep it as it is cheap and convenient.
I have banked with RBS business for over 30 years and the process was much simpler with Cashplus than going through existing relationships.
We then tried Tide, which is supposed to "make small business banking better", but that also turned out to be garbage and their promise to give an account number and sort code in 5 mins didn't work for us. In fairness, it was because one of the directors gave the wrong address, so we then supplied a bank statement with the correct (current) address and for 3 weeks it has been with their "verification partner".
So we will now be sacking them off and going with Metro bank. Just have to get each director to create their personal profile in store (I did mine in about 15mins) and we should be good to go - I hope.
s2kjock said:
My sister recently chose Santander as they offered the option of face to face meetings with bank staff (she has never run a business before so she wanted the reassurance of a human to deal with initially).
Are you sure? I used to work for them and business accounts were strictly ATM/phone/online. No counter access whatsoever.We used to get no end of grief for it, but I'd still be surprised if it's changed.
technodup said:
s2kjock said:
My sister recently chose Santander as they offered the option of face to face meetings with bank staff (she has never run a business before so she wanted the reassurance of a human to deal with initially).
Are you sure? I used to work for them and business accounts were strictly ATM/phone/online. No counter access whatsoever.We used to get no end of grief for it, but I'd still be surprised if it's changed.
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