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I just got the company number today for my new CIC, and am finding that every high street bank in the UK is currently NOT accepting applications for new business accounts.
It looks, however, like certain online-only banks (like Tide) should be quite easy to get an account for.
WHat can you tell me about these banks? Are they stable? Secure? I remember trying to open an account in an online-only bank back just before the crash to 2008, and I can neither remember its name, nor find any mention of it as existing anymore. Which makes me suspicious.
Should I open a business account with one of them?
They're all heavily regulated, so I wouldn't lose any sleep over it myself.
every high street bank in the UK is currently NOT accepting applications for new business accounts.
Its not really a surprise, every bank (i work for one) is being extremely risk averse right now. The most basic thing i would check out is how much money can they insure, for example when Monzo first started they could only insure a customer 2k or something.
They aren't all alike. Starling and Monzo are 'proper' banks. They are covered by FSCS same as any other bank. Tide and Coconut are services that resemble bank accounts but your funds are not FSCS protected.
I just spent the last couple of hours checking them out. I have gone with Starling.
Its not really a surprise, every bank (i work for one) is being extremely risk averse right now.
They're maxed out with applications and running on less staff than normal due to CV. They've also upped their mortage rates to reduce demand.
Any problems and you'll have a devil of a job proving its not your security that caused the problem.
Many of these frauds are committed by the companys own workforce, stealing information.
They will deny deny deny, and the vast majority of the public isnt going to have the tech savvy to prove them wrong.
I'm moving all my assets into something tangible, which will be golden.
Last check and the BS is offering 0.03% interest, and thats just pointless for someone like me with minimum savings.
Sure i can move it, but I feel we're still just pandering to them.