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A SPECIALIST ACCOUNT

Insolvency Practitioner Account

Make payments and earn interest on credit balances with this account for insolvency professionals.

Earn interest on credit

You get 0.10% AER on your account as long as it remains in credit

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

TALK TO US ABOUT OUR INSOLVENCY PRACTITIONER ACCOUNT NOW

Your Local Director can talk you through how we can support your banking needs. Their details will be listed alongside your local store

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.

Ways to bank


Setting up your online banking and mobile app

Manage your Insolvency Practitioner Account online or on your mobile.

Business online banking

Business mobile banking app


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.

Fees and charges

Fees and charges

Monthly account feeCredit interest rateMinimum balanceInternational & CHAPS paymentsOther transaction types
Zero 0.10% AER None £25 each Free

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.

LocationCard PurchaseCash Withdrawal
In Europe* FREE FREE
Outside Europe* 2.75% 2.75% + £1.50

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.

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)

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. 


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.


As a Partnership


As a Limited Liability Partnership


As a Limited Company

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) (924KB)

Our Service Relationship with Business Customers (PDF) (1.1MB)

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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

Metro Bank 24/7. Check balances, make payments, see transactions and open new accounts any time - all with internet banking.

In-store

A friendly face and a quick answer. And all the usual payment services too. We're open 362 days a year.

Telephone

If you need help you can talk to a real person in our UK contact centre 24 hours a day, 7 days a week, 365 days a year.

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