The weekend is fast approaching, and things do tend to go quiet over the weekend as far as Bounce Back Loans go. Therefore, do not expect a payout from *some* banks if you have put in an application for a BBL and it has been approved on Saturday or Sunday.
Those of you still banging your head against a wall trying to open a bank account, below are the links to the respective web pages of banks that are accepting new customers for business bank accounts.
The first Bank is Yorkshire Bank and they aim to have your account opened in five working days, however that is not set in stone. Here is the link to their online business bank account application form: https://secure.ybonline.co.uk/business/our-products/day-to-day/business-accounts/business-current-account/eligibility
Clydesdale Bank are as good as the same bank as Yorkshire Bank, but for what’s it worth I have had plenty of people letting me know they applied for a business account with them and got it opened in a good couple of weeks then went on to get a BBL with that bank, here is the link to their business account online application form: https://secure.cbonline.co.uk/business/our-products/day-to-day/business-accounts/business-current-account/eligibility
Barclays are a bank you may have overlooked, they are however accepting new customers, in fact you could consider switching your business account to them (much faster option that applying for a new business bank account), be aware it will take up to six weeks to have a new business account application approved and opened, more information can be found here: https://www.barclays.co.uk/business-banking/accounts/established-business/
Now, Metro Bank are also accepting new applications for business accounts but be aware you need to wander into a branch and request an appointment to attend a meeting with one of their advisors to open such an account.
Feedback from others indicates that you will feel like you are in the headmaster’s study or the dock of the Old Bailey when attending your new business account appointment, as they are quite thorough, but they are opening accounts for people whose businesses appeal to the bank and their “appetite” and are rapidly approving BBL’s for their business account holders, and paying them out in 24 hours.
Find out more about how to open a Metro Bank business account here: https://www.metrobankonline.co.uk/business/
One final thing, please keep the faith regarding eventually getting a BBL, the scheme doesn’t end until November the 4th so you do have a few months left, the scheme can be extended if demand is there and there are no limits as to how much cash is available to lend, so banks are not going to run out of cash between now and then, except of course FinTech’s such as Tide who haven’t got a penny left to lend out currently as BBL’s.
Been Declined 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 what you put in your application.
SIC Code – considered a reputational risk – you would be surprised how many business types fall into this category.
Directors/owners name(s) not matching companies house and/or
Voters roll e.g. Chris vs Christopher, as your middle name.
Business address not matching, has your accountant used their address to register? 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
Compensation
Many Bounce Back Loan applicants that have been through hell and still are experiencing problems have been offered compensation from a bank ranging from £50 up to £2500 for the more complicated problems.
It is your choice as to whether you 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:
feeder.account.team@hsbc.com
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.
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.
Visit the Metro Bank BBL Section of their Website
Email the CEO of Metro Bank Dan.frumkin@metrobank.plc.uk
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
Skipton Building operate a different business model than most mainstream lenders so you will need to check their website to find out more about what they have on offer to applicants.
Visit the Skipton Building Society 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