Account access and management

• How do I open a business banking account?

  As a digital-first bank purpose-built for business Britain, we have made the process as simple as possible.

  To open your business bank account, click here.

• How long does it take to open a bank account?

  Domestic UK non-regulated businesses can open an account in as little as 20 minutes.

  Domestic UK regulated businesses, such as those regulated by the FCA and/or PRA, can open an account in as little as 72 hours.

  Non-UK businesses, or companies that have more complex ownership structures, can expect a decision within five working days.

• What ID will I need to open a bank account with The Bank of London?

  As part of our onboarding process, we’ll need some basic information about your company, its directors, shareholders and its ownership structure. We will also need to verify the identity of the person opening the account on behalf of the company and the identities of all your company directors.

  We’ll be able to verify identities in real-time using most European National ID cards, UK and international driving licences and passports from over 172 countries.

• How much does it cost to have a bank account with The Bank of London?

  Our fees depend on the transaction profiles of your business, account structures, your specific requirements and weather your company is either a regulated or non-regulated business. We pride ourselves on tailoring solutions to address your banking needs and help your business grow.

  Our fees start from £250 per month, plus other transaction pricing and fees.

• Do you carry out credit checks?

  No! To open bank account, we perform real-time electronic checks to verify your identity and comply with anti-money laundering regulations. These checks will not impact your credit score, although they may appear on your credit score.

• How is my business protected?

  Eligible deposits with The Bank of London are FSCS Protected. To find out more, download a copy of our Financial Services Compensation Scheme Fact Sheet available here.

  However, unlike other banks, we go further. We prioritise the preservation of your funds and don't generate credit, liquidity or investment risk. Your money is never loaned, leveraged or invested; all funds are held in full at the Bank of England, which means it is 100% liquid and available on demand.

• What payment rails / schemes are you connected to?

  We connect to the main real-time payment rails including the Faster Payments Service (FPS) and Bankers’ Automated Clearing System (BACS), the bank-to-bank money transfer service, CHAPS (coming soon), SEPA (coming soon) and SWIFT (coming soon) . We will add additional services as they become available.

• Do you pay interest on accounts?

  We can quote a competitive interest rate based on the type of accounts you need for your business, and the amount you're looking to deposit and whether you need instant access, easy access for fixed terms.

• Can I pay cheques into my account?

  As a digital-first business and corporate bank, we don’t accept deposit cheques. HM Revenue and Customs (HMRC) is one of the most common issuers of cheques in the UK.

  If you’ve received a cheque from HMRC, you can return it and request a direct bank transfer instead.

• What do I do if I don’t recognise or have an issue with a transaction?

  Dedicated client support emails and phone contact details will be provided once you complete our client onboarding.