It has been many weeks now since the Bounce Back Loan scheme was launched, and I have seen plenty of people finally get such a loan, but I have also seen, and continue to see many people still stick in no mans land, unbale to get a suitable bank account with an accredited lender and therefore unable to apply for a loan.
As most banks have been suspending their new account openings, to help them concentrate their efforts on processing Bounce Back Loans for their existing customers, today I will give you a quick update on the current state of play, and give you some idea of which banks are now accepting new applicants.
Just be aware the following information could change at any time, so it is important you check the website of each bank, to ensure they are still accepting new customers.
Clydesdale Bank – You can apply for a Clydesdale Bank account quickly and easily online currently and once opened you can then apply for a Bounce Back Loan. I have had a lot of people report that they have done both in the last week or so and have been paid out their loan speedily by that bank too.
Starling Bank – You can only apply for a new account with Starling Bank if you are a Limited Company or a Limited Liability Partnership, but they are not currently accepting Sole Trader business account applications.
They do now operate a waiting list to apply for a Bounce Back Loan and do have their own criteria for offering such loans over and above the criteria that the British Business Bank have laid down.
If you can wait for your name to be called and are either a Limited Company or a Limited Liability Partnership, then Starling Bank may be worth a try.
Santander – It clearly says on the Santander website that you can apply for a Bounce Back Loan if you have a personal current account with them, and whilst they are not accepting applicants for new Business Accounts (Sunday Night it was possible for a Business Bank Account application to be processed on their website, but as of this morning that link has now vanished) they are accepting new personal account applications.
In fact, you can apply online and should have a response in a few days, so it may be worth giving Santander a try. In fact, if you are declined for a standard personal current account you will be informed instantly online and/or via email and they will then suggest you open a basic bank account, which you could use to then apply for a Bounce Back Loan, I cannot guarantee that will be the case but anything is worth a try.
HSBC – You will face an agonizing wait and run the risk of being declined for either a Business Account or a Feeder Account with HSBC, so whilst they are accepting applications for both types of account which will then enable you to apply for a Bounce Back Loan once you have either do not pin your hopes on getting such an account.
Halifax – You can apply for a Business Account with Lloyds if you have a current bank account with Halifax that was opened before March the 2nd, see the onboarder link below.
Metro Bank – As you will see below Metro Bank do offer new business accounts, however you will need to apply for an appointment to open one in one of their branches.
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.
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
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.
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.
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.
Useful Email Addresses for Contacting HSBC:
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.
Lloyds CEO Email Address
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.
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.
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
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.
Yorkshire Bank CEO Email Address
Clydesdale Bank CEO Email Address
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.
Barclays CEO Email Address
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.
NatWest / RBS CEO Email Address
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.
Santander CEO Email Address
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.
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.
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.
TSB CEO Email Address
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.