Sadly not a lot happens on a Sunday in Bounce Back Loan land, and as such today I am going to give you an insight into the current state of play today regarding opening a new business account at the major banks below:
HSBC
As one of the few banks offering Bounce Back Loans to businesses that aren’t our customers, we’ve been inundated with requests to open accounts. As a result, the wait times for new accounts are significantly longer than they were pre-Covid19.
We are happy to continue processing new account applications but we wanted to let you know about the increased processing times so you can make an informed choice.
Barclays
We’re receiving lots of business current account applications at the moment, so it’s taking us up to six weeks to process them. With that in mind, please only apply if it can’t wait, so we can focus on the businesses that need us most.
Thanks for your patience and understanding while we try to help everyone as quickly as possible.
Lloyds
We’ve taken the difficult decision to temporarily stop accepting new business account applications to ensure colleagues can continue to provide vital support to existing customers at this unprecedented time. This also applies to any applications that have already started.
This is undoubtedly going to cause a level of inconvenience, but please be reassured that we’ll either contact you to continue your application, or reinstate the ability to accept new account applications at the earliest opportunity. Thank you for your understanding at this time.
NatWest
We’re currently prioritising account applications for existing NatWest customers. Unfortunately this means we are not able to accept new applications for customers of other Banks. You may be able to access support more quickly by contacting your current bank.
Co-Op
We’re currently experiencing high volumes of new business current account applications and calls to our customer contact centres, as a result it could take at least 28 days to open a new business account, so please bear with us whilst we support those who need us most during these challenging times.
If you’re a personal current account customer and want to open a business current account to apply for CBILS or BBLS then you’ll be our key priority and we’ll process these applications first.
Your application is subject to status and based on an assessment of your financial circumstances.
Starling Bank
Opening a business or sole trader account at Starling does not guarantee that you will be approved for a loan under the Bounce Back Loan Scheme or any other lending scheme.
TSB
We are accepting new applications for Bounce Back Loans from existing TSB Business Current Account (BCA) customers only.
If you are applying for a business current account
We are receiving high volumes of business current account applications at the moment, so it’s taking us longer than usual to process them. If you’ve applied recently, we are working through applications as quickly as possible and will be in touch as soon as we can. We are only accepting new applications for Bounce Bank Loans if you already bank with us.
If you are applying for support through the Bounce Bank Loan Scheme
We are only accepting new applications for Bounce Back Loans from existing TSB Business Current Account (BCA) customers. If TSB is not already your main business current account provider, please contact your main bank for support.
Yorkshire Bank:
At the moment we are seeing high demand, which means it’s taking longer than usual to work through applications.
Santander
We’re working hard to do all we can to help our existing business customers who are in urgent need of support under the Bounce Back Loan Scheme. Click here for further details and to apply.
This means that we are not currently accepting new applications for Business Current Accounts, but we will review this position over the coming weeks and further details will be available on our website.
Metro Bank
Opening a Business Account
To make sure our services are running smoothly and keep waiting times to a minimum, you will need an in-store appointment to discuss opening a new business account with us.
We recently introduced an online request form, but so that we can process the extremely high number of appointment requests we’ve already received, we have had to temporarily remove the form.
As soon as we’re ready, we’ll announce that the form is available again. Thank you for bearing with us.
You can make an appointment request at any of our stores – Please see here for our opening hours. If you do visit us, please follow social distancing guidelines to protect yourselves and our colleagues.
If you want to apply for one of our Bounce Back Loans, you will need to have a Business Account with us.
Pin Your Hopes on Metro
I contacted Metro Bank yesterday and asked them if anyone opening a new business bank account with them is going to face any problems or restrictions regarding those new account holders being able to apply for a Bounce Back Loan with them.
I am happy to say they replied rapidly (within minutes) and told me that to open such an account you simply need to fill in an online form and then you will be contacted with a date to visit a local branch whereby you can do so and once opened you can then set forth and apply for a BBL.
If you have almost lost all hope finding a bank that will allow you to open both a bank account and then go on to apply for a loan you need to seriously consider moving over to Metro Bank, even if the nearest branch is not that local to where you live.
Register an interest in getting a Metro Bank account online
Been Declined for a Bank Account or BBL?
Please read below for some reasons as to why you may be declined a bank account and/or a Bounce Back Loan with some lenders.
Many people who are declined tend to fear it is their credit rating/score that is the cause of a decline, and whilst that can and may play a part obviously, there can be a whole host of other reasons, some of which can be sorted out, and when the latter is the case you may find it much easier to open a bank account and/or obtain a Bounce Back Loan.
Some Lenders can and will and are in within their rights to decline anyone for an account and/or BBL based on their own criteria in additional to that laid down by the British Business Bank.
With that in mind, if you have checked all of the following and/or have been declined by one lender then you are also within your rights, and encouraged to apply to any other lender that is part of the Bounce Back Loan scheme.
Potential reasons not relating to credit score/rating
SIC Code – not matching on companies house vs application.
SIC Code – considered a reputational risk – you would be surprised how many business types fall into this category.
Directors/owners name not matching companies house and/or
Voters roll e.g. Chris vs Christopher, is middle name included etc
Business address not matching, has accountant used their address for registered? What is your correspondence address at companies house?
Business name not matching e.g. Ltd v limited
Recent changes of directorship and/or ownership – red flag at the moment due to BBL fraud
Markers registered against the company or director
Previous financial relationship with the bank or one its subsidiaries that did not end well
Help and Support Thread
“Listen, I am getting quite a few DM’s, they are worrying me seriously worrying me. If any of you are prepared to chat to people in a very, very dark place put “I’m Here” in this thread. If you are in a dark place, please pick a follower in this thread to DM and chat to PLEASE.”
Listen, I am getting quite a few DM's, they are worrying me seriously worrying me. If any of you are prepared to chat to people in a very very dark place put "I'm Here" in this thread. If you are in a dark place please pick a follower in this thread to DM and chat to PLEASE.
— BounceBackLoanExperience (@Bounce_BackLoan) June 6, 2020
Compensation
Many Bounce Back Loan applicants that have been through hell and still are experiencing problems have been offered compensation, ranging from £50 up to £2500 for the more complicated problems.
It is your choice as to whether you a accept any offer of compensation and the amount you accept too.
Bank and Lender Updates
Be aware things can change in an instant at any bank and as such I will now give you an overview of how things are going with each bank, and let you know how and where to contact if you want to try and chase up your Bounce Back Loan application and find out where things stand with each bank.
Each bank will have their own criteria for opening accounts, and some lenders also have their own set of rules regarding who they will allow to open an account and/or apply for a Bounce Back Loan.
HSBC
They appear to have now launched their online Feeder Account Portal, which hopefully does away with the exceptionally long and drawn out process for applying for such an account.
Many people who had previously applied for a Feeder Account are still waiting for their call backs to set up the account, and/or to receive all related documents and many people are still waiting for payment.
HSBC Feeder Account Portal Link
Be aware many people have been declined for such an account when using that portal, and also when they have applied for a feeder account during the telephone interview for such an account.
Link to the HSBC BBL section of their Website
Useful Email Addresses for Contacting HSBC:
Ian.Stuart@hsbc.com
Sally.A.Williams@hsbc.com
commercial.executive.complaints@hsbc.co.uk
amandamurphy@hsbc.com
marissa.k.adams@hsbc.com
julienapier@hsbc.com
feeder.account.team@hsbc.com
oliver.james.exley@hsbc.com
Lloyds
Lloyds continue to do what they do best, process, and pay out BBL applicants quickly and with no fuss or hassle.
Be aware that if you hold a Bank of Scotland or a Halifax or Lloyds personal bank account you can use the Onboarding Portal to get a Lloyds Business Account and then can apply for a Bounce Back Loan.
Be aware though the dates listed on the website, as you will have had to have a personal bank account in operation before those dates to be able to onboard with Lloyds, if you have opened an account after the dates you will not be able to use that onboarding system.
Halifax, Bank of Scotland and Lloyds Onboarding Link
Lloyds CEO Email Address
vim.maru@lloydsbanking.com
Metro Bank
Metro Bank have now launched their Bounce Back Loan scheme, which is a sight to behold.
Due to the speed at which applicants are processed, and the rapid pay-outs too, many people wish they had an account with them, as their Bounce Back Loan journey would be an easy one for sure.
Metro Bank will let you register an interest in opening an account with them online and they will then make contact with you to arrange an appointment in one of their banks or ”stores” as they like to call them. Click Here to register for a Metro Bank account.
Applicants simply join an online queue and when it is their turn to apply for a Bounce Back Loan (which can be after a few hours), they then fill in the application form and once done they are then either approved on the spot, declined or told whether any additional information is required.
The feedback from many people is that Metro Bank are the game changer, as unlike most other banks people get to know at the end of their application their fate, without having to wait for days or weeks to discover what is going on with their application, as has been the case with other banks.
Link to the Metro Bank Online Bounce Back Loan Application From
Visit the Metro Bank BBL Section of their Website
Tide
Tide have run out of money to lend and are desperately scrambling around trying to raise more to increase the number of applications they can process, as such you can expect a huge delays before any application you have put in will be processed.
Visit the Tide BBL Section of their Website
Co-Op Bank
To be fair to the Co-Op not many people have been complaining about them, I have had a few here and there and some have been sorted out but every now and then I get someone appearing and asking for help.
Co-Op Bank CEO Email Address
chris.davis@co-operativebank.co.uk
Visit the Co-Op Bank BBL section of their Website
Yorkshire Bank and Clydesdale Bank
I get the odd complaint about both Yorkshire Bank and Clydesdale and it is always worth checking out their respective BBL sections of their websites for updates, seen reports of those banks taking applications for new bank accounts by the way, but check that out as it can change at any time.
Visit the Yorkshire Bank BBL section of their Website
Visit the Clydesdale Bank BBL section of their Website
Yorkshire Bank CEO Email Address
david.duffy@cybg.com
Clydesdale Bank CEO Email Address
david.duffy@cybg.com
Barclays
I am still getting all manner of weird and wonderful complaints about Barclays, it does appear though that many applicants now fly through their Bounce Back Loan system, but many are still experiencing problems with applying, getting paid and contacting the bank.
Visit the Barclays Bank BBL section of their Website
Barclays CEO Email Address
Jes.staley@barclays.com
NatWest and RBS
The usual complaints about NatWest and RBS, including poor communication, problems applying for a BBL and even people being declined. Once again you need to start haranguing the right people to have any chance of your problems being resolved.
They have been paying many applicants out obviously, so if you do manage to have a hassle free experience then you should get paid out fairly quickly, even if it is not in the time scale you had hoped for.
Be aware that you may apply, not hear anything and then out of the blue get an email saying they are so busy your application is being dumped and not looked at.
Visit the NatWest BBL section of their Website
Visit the RBS BBL section of their Website
NatWest / RBS CEO Email Address
Simon.Separghan@rbs.co.uk
Santander
Much like some of the above banks Santander have attracted plenty of complaints, but in all fairness many followers, and many long-time ones too have found emailing their CEO does get a response and their claims processed quickly. They too have also been dumping applicants via a mass cull type of email so be warned.
Visit the Santander BBL section of their Website
Santander CEO Email Address
nathan.bostock@santander.co.uk
Starling Bank
Starling Bank operate a waiting list type of system, however, be aware they have additional criteria of their own as to whom they will supply a Bounce Back Loan to. Therefore, there are no guarantees you will get a loan from them. They have declined many thousands of applicants.
Visit the Starling Bank BBL section of their Website
Skipton Building Society and JCB Finance
Both Skipton Building Society and JCB Finance (who have just been accredited) operate a different business model than most mainstream lenders so you will need to check their respective websites to find out more about what they have on offer to applicants.
Visit the Skipton Building Society BBL section of their Website
Visit the JCB Finance BBL section of their Website
TSB
You will be asked to sign away your rights to be able to apply for a Bounce Back Loan if you try to open a new account with TSB. As such do not waste your time trying to get such an account with them if your intention is to apply for a TSB Bounce Back Loan.
Visit the TSB BBL section of their Website
TSB CEO Email Address
debbie.crosbie@tsb.co.uk
Other Bounce Back Loan Lenders
The following are other Bounce Back Loan Lenders, be aware I receive very few if any complaints about any of the following.
Visit the AIB BBL section of their Website
Visit the Bank of Ireland BBL section of their Website
