Setting up a new business bank account; timescales

[parkerdigital]

Hi everyone,

I've just won my first contract (yahoo) starting next week, and am setting up a business bank account for the first time. I've been recommended RBS by my accountant (I think they have some kind of 'special arrangement'), who are telling me that it will take about a week to get the account up and running as I'll need to take my forms into a branch, who will then send them off to be processed. Is this normal? Are there any banks who can process/set up business accounts in branch?


Thanks,
Robin

[aoxomoxoa]

I set mine up over the counter, with HSBC. Took about 30 minutes all told. I think it was so quick because I already had a personal current a/c with them.

Don't forget you'll need to have your Limited Co documentation with you.

[SimonMac]

Hi everyone,

I've just won my first contract (yahoo) starting next week, and am setting up a business bank account for the first time. I've been recommended RBS by my accountant (I think they have some kind of 'special arrangement'), who are telling me that it will take about a week to get the account up and running as I'll need to take my forms into a branch, who will then send them off to be processed. Is this normal? Are there any banks who can process/set up business accounts in branch?


Thanks,
Robin

Yeah this is about right, when I set my account up with NatWest it went to a central location (in Wimbledon I think) so it looks like they handle it for the whole RBS group, should be a problem as you won't be submitting your first invoice yet so plenty of time

[Jessica@WhiteFieldTax]

Alas none of the banks are that quick. A week is, in fact, pretty good going.

[SueEllen]

What HSBC use to do is do a credit check on you there and then, give you an account number and then you would have to wait a week to get stuff like card, cheque book etc in the post/collect at the branch.

However you should phone up whatever bank you decide to use and ask them what ID you need to open a business bank account.

[NimbleJackAccounting]

Setup within hours

Cater Allen and HSBC work well for us. Set you up within 30 minutes on the phone for our clients!

Hi everyone,

I've just won my first contract (yahoo) starting next week, and am setting up a business bank account for the first time. I've been recommended RBS by my accountant (I think they have some kind of 'special arrangement'), who are telling me that it will take about a week to get the account up and running as I'll need to take my forms into a branch, who will then send them off to be processed. Is this normal? Are there any banks who can process/set up business accounts in branch?


Thanks,
Robin

[northernladuk]

Cater Allen and HSBC work well for us. Set you up within 30 minutes on the phone for our clients!

Set up in 30 mins or applied for?

[NimbleJackAccounting]

Hi

Set up in 30 mins or applied for?

Application in 30 minutes, then bank send you out pre filled form to sign.

[Greg@CapitalCity]

Yep, our friends at HSBC can open the account about 30mins after a face-to-face meeting. They are the fastest we are aware of. RBS should be able to do it faster than a week - our mates at RBS take 3 days (it was going to be faster once Santander took over.....but that all fell over).

To be fair, depending on your billing cycle, opening a business account in a week is probably OK - you might just need to delay your first invoice a day or two.

[Jessica@WhiteFieldTax]

Greg (or anyone else) - has anyone tried Barclays e-synch yet? This is their offering for accountants, and in theory you can apply for a account online, and then book the client a appointment at their nearest branch.

We've got the trial but haven't used it yet, however the indifference of Cater Allen's account opening bods is driving things that way.

Incidentally, for anyone reading this in the future, an accountant dealing with Cater Allen will have a list of pre allocated account numbers - this doesn't speed up the account opening process, but does mean the account number is available at the outset with the paperwork catching up.