A business bank account is mandatory when starting a limited company. A limited company is a separate legal entity, which gives the owner limited liability but also means that finances need to be kept separate. The problem business owners are facing now are lengthy delays and in some cases, rejections of their applications to open an account!
What’s causing the delays?
Since COVID-19, many banks’ resources have been stretched. In addition, the introduction of government-backed loans and grants have resulted in a surge in applications to open a business bank account and banks are struggling to keep up with demand.
The Chair of the Treasury committee, Mr Mel Stride MP, has written to some of the top high street banks, including HSBC, Barclays, Natwest and the Lloyds Banking Group, to find out exactly what’s going on and how the issue can be solved. The banks have been given 1 month to respond to the letter, but what can you do in the meantime?
What you can do to avoid delays
The best thing to do in order to avoid delays until this issue is resolved is to look for an alternative provider, other than a high street bank.
If you’re reading this, you’re in luck! We have a strategic partnership with Cashplus Bank and can extend to you an exclusive deal on their business bank account!
Not only can you apply and open your business bank account in minutes with an instant decision guaranteed, manage your money 24/7 with the mobile app, integrate your business bank account with leading accountancy software and take advantage of tools like receipt capture… (pause for dramatic effect)
You’ll also get the first year free and 1% cashback on all qualifying purchases! (Ts & Cs apply)
You won’t find this deal anywhere else, so If you want to instantly open a business bank account with Cashplus Bank and get 1% cash back on qualifying purchases (Ts & Cs apply), click here!
For more information about our exclusive offer with Cashplus Bank, click here.