The current freeholder has agreed to sell/transfer the freehold to us (the leaseholders). We have set up a new management co of which each of the 7 leaseholders are directors. We have registered with Companies house and now want to open a business bank account to receive service charges and pay our service providers. We have tried Tide but they say we dont meet the criteria?! Anyone had similar issues, anyone recommend a bank. I have heard of community bank accounts but not sure if we meet the criteria. All funds would be used for paying services, such as cleaning, energy supply to communal areas, window cleaning, building insurance or held in a sink fund for general maintenance. Any advice appreciated
What was the exact criteria your company didn’t meet…
Hi Christopher32
It basically asked for evidence of trading, social media presence, website, invoices with supporting bank statements, Certificate of Member of Professional body (does not accept incorporation certificate).
We are a residential property mgt co and only costs associated with receiving and paying service charges would go through bank account. Why would we have a social media presence or website, and because we are new we dont have a bank account to pay any invoices. Nor have we received any invoices yet from a service provider
Try Metro Bank. This is not a plug for them but I do know I’ve paid service charge to an account held there.
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They ask for a lot. I was able to open a business account with Monzo before I started trading. At the time I was a sole trader with one property and no social media profile.. Try Monzo
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