A specialist account
Insolvency Practitioner Account
Safely hold funds in trust, with the ability to make and receive payments on this account for insolvency professionals.
Quick and easy
Speak to one of our Relationship Managers who can arrange everything for you
24/7 service
We’re on hand to support you around the clock – visit us in store 7 days a week or call our contact centre 24/7
Opening an Insolvency Practitioner Account
Opening an Insolvency Practitioner Account
What we need to open your account
Bringing in the right documents can smooth out the account opening process.
Everyone involved in opening the Insolvency Practitioner Account will need to provide proof of identity and proof of address, including:
- Account operators (authorised signatories or nominated persons)
- Responsible individuals (anyone who directly or indirectly controls 25% or more shares)
- Company officials
Proof of identity
A valid passport, EU national ID card or UK driving licence is ideal, and may be all we need.
Show suitable ID for UK, EEA or Swiss Nationals Hide suitable ID for UK, EEA or Swiss Nationals
Photographic ID
- Valid UK/EEA/Switzerland passport
- Valid UK full photocard driving licence
- Valid UK provisional photocard driving licence
- Valid EU member state national ID photocard
- Valid firearms certificate or shotgun licence.
We can only accept original documents, not photocopies.
Valid Passport/EU national ID Card means in date, undamaged and machine readable. Unfortunately, we can’t accept handwritten passports or ID cards.
Non-photographic ID
If you’re providing non-photographic ID, you’ll need to bring 2 proofs of address. We can only accept original documents, not photocopies.
- Valid old-style UK driving licence (no photo)
- HMRC documentation (PAYE Coding Notice/Tax Notification/Self-Assessment/Statement of Account/NI contributions bill) issued in the last 3 months or valid for the current tax year. We can’t accept P45 or P60 forms
- Notification letter from Benefits Agency/Local Authority confirming your right to benefits (Department for Works and Pensions (including Jobcentre Plus), Benefits Agency or Veterans Agency), dated within the last 12 months
Show suitable ID for other nationalities Hide suitable ID for other nationalities
Valid passport with your current visa (with at least 6 months left on it) or a Biometric Residence Permit.
Proof of address
Must have your name and current address on it. We only accept originals. It’s handy to have 2 of these with you, just in case.
Show suitable proofs of address Hide suitable proofs of address
- Current UK full photocard driving licence
- Current UK provisional photocard driving licence
- Current old-style UK driving licence (no photo)
- Council Tax bill (valid for the current financial year)
- HMRC documentation (PAYE Coding Notice/Tax Notification/Self-Assessment/Statement of Account/NI contributions bill valid for the current tax year issued by Job Centre Plus) dated within the last 3 months. We can’t accept P45 or P60 forms.
- Notification letter from Benefits Agency/Local Authority confirming your right to benefits (Department for Works and Pensions, Jobcentre Plus, Benefits Agency or Veterans Agency), dated within the last 12 months
- Current Tenancy Agreement, from a local council or a recognised letting agency
- Bank, Building Society, Credit Union statement, dated within the last 3 months
- Credit card statement, dated within the last 3 months
- Mortgage statement from a recognised lender, dated within the last 12 months
- Life assurance/life insurance policy, dated within the last 3 months but outside of cancellation period
- Motor insurance certificate, valid for the current year but outside of cancellation period – we can’t accept cover notes
- Utility bill - gas, electricity or water, dated within the last 3 months
- Telephone bill, dated within the last 3 months. We can’t accept mobile phone bills
Sky or cable TV bills, dated within the last 3 months
As a Partnership
Show suitable documents for Partnerships Hide suitable documents for Partnerships
Partnerships, including limited partnerships, will need to provide one of the following documents:
- An existing business bank statement (dated within the last 3 months)
- A utility bill (dated within the last 3 months)
- An invoice from a supplier (dated within the last 3 months)
- A letter addressed to Metro Bank from an accountant acting on behalf of your business
- HMRC correspondence (dated within the last 12 months)
- Business premises rates bill (dated within the last 12 months)
The documents provided must have the partner's names on it, the business address and the trading name (if applicable).
If you are a partnership and you can’t provide any of these documents, a site visit can be arranged if your business address is different to your residential address.
As a Limited Liability Partnership
Show suitable documents for Limited Liability Partnerships Hide suitable documents for Limited Liability Partnerships
If you’re a limited liability partnership we will, with your permission, carry out a credit reference agency search. If the results are satisfactory, you won’t need to provide any further documents. Otherwise you will need:
- A Certificate of Incorporation, and
- A registered members list to clarify the details of the members and their individual shareholding within the company
As a Limited Company
Show suitable documents for Limited Companies Hide suitable documents for Limited Companies
If you’re a Limited Company we will, with your agreement, carry out a credit reference agency search. If the results are satisfactory you won’t need to provide any further documents. Otherwise you will need:
- A Certificate of Incorporation, and
- If the Limited Company is using a “trading as” name, a copy of the Company Board Resolution (signed by 2 Directors or 1 Director and the appointed Company Secretary, or by the sole Director, if there is no appointed Company Secretary) authorising the use of the “trading as” name
Fees and charges
Fees and charges
| Monthly account fee | Minimum balance | International & CHAPS payments | Other transaction types | |
|---|---|---|---|---|
| Zero |
|
None | £25 each | Free |
From 1 August 2022 an account management fee will be introduced based on the total number of Insolvency Practitioner Accounts you hold with us.
Using your debit card abroad
We don’t charge fees for non-sterling transactions or purchases in many European countries. If you’re outside of Europe, our rates offer the best value possible. Account fees and charges will still apply, though.
| Location | Card Purchase | Cash Withdrawal |
|---|---|---|
| In Europe* | FREE | FREE |
| Outside Europe* | 2.99% | 2.99% + £1.50 |
*Where can I use my card for free in Europe?
Show which countries you can use your card in for free Hide which countries you can use your card in for free
When we refer to Europe, we mean the countries which are part of the Single European Payments Area (SEPA).
- 19 EU Euro countries - Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain
- 8 EU non-Euro countries - Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden
- 3 non-EU, Euro countries – Andorra, Monaco, San Marino
- 4 non-EU, non-Euro countries - Iceland, Liechtenstein, Norway, Switzerland
All territories are included by their associated owning country.
If you use your card abroad, any foreign currency transaction will be converted into sterling on the day it’s taken out of your account. The exchange rate is set by MasterCard®.
MasterCard® is a registered trademark of MasterCard International Incorporated.
Fees and charges
There’s no monthly charge for this account.
From 1 August 2022 an account management fee will be introduced based on the total number of Insolvency Practitioner Accounts you hold with us.
We will charge for some transactions and services such as international payments, CHAPS payments and an Auditor's Certificate of Balance. You can find all the details of our transaction and service charges in the downloadable PDF below.
If you don’t have enough in your account
If your account balance and agreed overdraft aren’t enough to cover a payment, we may give you an unarranged overdraft. Unarranged overdrafts have a typical interest rate of 25% EAR (variable).
EAR stands for equivalent annual rate. It shows the rate you’d pay if you remained overdrawn for a year. It takes into account the interest rate you’re charged when you go overdrawn, how often it’s charged and the effect of compounding – charging interest on interest – on your debt.
‘Variable’ means we may change these rates and charges from time to time, or introduce new charges. If this means you’ll pay more, we’ll let you know beforehand.
Interest will be calculated daily on your account and applied monthly. The amount of interest payable and when it will be charged will be shown on your monthly statement.
We may also make other charges:
- £25 charge for unpaid item (when you don’t have funds to cover a cheque, direct debit or standing order payment and we have to return it unpaid)
- £15 charge for paid item (when a cheque, direct debit or standing order is deducted from your account and creates an unarranged overdraft)
Additional information
Additional information
Bank the way you want
We believe in letting you decide how you want to bank with us – whether that’s online, in store, over the phone, through your Relationship Manager or on the move with our app.
Setting up your online banking and mobile app
Manage your Insolvency Practitioner Account online or on your mobile.
Cheques
Cheques normally take 5 working days to process. If you’d like to know how quickly you can withdraw your funds after a cheque has been paid into your account you can take a look at our cheque clearance guide.
Important: Cheques will begin to be processed as soon as they are received by a bank, which could be on the same day as it’s written. Please ensure you have enough money in your account to cover all your payments, including cheques, to avoid becoming overdrawn.
Get all the details on our Insolvency Practitioner Account
Download our PDF to read when you like – it contains all the ins and out of our Insolvency Practitioner Account.
Insolvency Practitioner Account Details (PDF) (254KB)
Our Service Relationship with Business Customers (PDF) (1.1MB)
FAQs
Who can open an Insolvency Practitioner Account?
You can apply for our Insolvency Practitioner Account if you have partners, members or employees who are authorised as insolvency practitioners under the Insolvency Act 1986 and/or have professional indemnity insurance that covers their appointment as a receiver (other than an administrative receiver).
What kind of electronic payments can be made from this account?
You can pay bills and make CHAPS, faster payments, SWIFT, standing orders, Direct Debits and internal transfers on this day to day current account.
We are not currently able to set up Direct Debits which collect payments from others to be credited to your account. We'll let you know as soon as we can provide this service.
Will you carry out a credit check on me if I open an Insolvency Practitioner Account?
Yes. We'll run a credit check with a credit reference agency when you apply for a current account and / or overdraft. We may also ask for information about your business.
How long does it take for a cheque to clear?
Usually, the cheque will clear on the fourth working day after you pay it in. (Yes, we’re open every day, but just pretend working days are Monday to Friday!) If you pay a cheque in on Monday, you can use the money on Friday. Pay it in on Tuesday and you can use the money the following Monday – and so on.
If the bank the cheque is from is using extra security measures, it will take a little longer. International cheques can take 6-8 weeks to clear.
Where can I find the rate for my Metro Bank account that’s now closed to new Business Customers?
You can find the rates for any account that is not listed on the current rates page set out in Rates for Closed Business Products.
Your ways to bank
Online
Check balances, make payments, see transactions and open new accounts any time - all with Business Online Banking.
In-store
A friendly face and a quick answer - and all the usual payment services too.
By phone
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