Hold funds in trust safely and securely – with the ability to make and receive payments on your clients’ behalf – with this specialist account for insolvency professionals.
Speak to one of our Relationship Managers who can get you started with an account as soon as possible
We’re here to support you around the clock – visit us in store 7 days a week or call our contact centre 24/7
Bring the right document to make opening an account with us quicker and easier.
All of the people listed below will need to provide proof of identity and proof of address:
A valid passport, EU national ID card or UK driving licence is ideal, and may be all we need.
We can only accept original documents, not photocopies or printouts.
‘Valid’ means in date, undamaged and machine readable. Unfortunately, we can’t accept handwritten passports or ID cards.
(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 passport with your current visa (with at least 6 months left on it) or a Biometric Residence Permit.
Must have your name and current address on it. We can only accept original documents, not photocopies or printouts. Bring 2 of these with you if possible, in case there is an issue with one of them.
Partnerships (including limited partnerships) will need to provide one of the following documents:
The documents provided must have all the partners’ names on it, as well as the business address and the trading name (if applicable).
If you are a partnership and your business address is different to your residential address and you can’t provide any of these documents, we can arrange a site visit so that we can verify you.
If you’re a limited liability partnership we will, with your permission, carry out a credit reference agency search. If the results are satisfactory we will not need any more documents from you. Otherwise you will need:
If you’re a limited company we will, with your permission, carry out a credit reference agency search. If the results are satisfactory we will not need any more documents from you. Otherwise you will need:
|Account management fee||Minimum balance||UK transaction fees|
|Based on the number of your accounts that have a credit balance*||None||FREE|
*The account management fee is based on the total number of Insolvency Practitioner Accounts you hold that have a credit balance. The charging period starts on the first day of every month. If an account is opened after the first of the month, we'll start your first charging period on the first day of the next month. The fee will appear on your next statement, and will need to be paid within 28 days. The fee will be charged monthly, to an agreed business current account held in your name.
How we will calculate the fee:
|Number of Insolvency Practitioner Accounts||Fee|
|25 accounts with a credit balance||£25 per month|
|More than 25 accounts with a credit balance||£2 per account per month, rounded down to the nearest £50|
|25 to 50 accounts||£50 per month|
|51 to 75 accounts||£100 per month|
|76 to 100 accounts||£150 per month|
|Over 100 accounts||£2 per account with a credit balance per month, rounded down to nearest £50|
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.
|Location||Card Purchase||Cash Withdrawal|
|Outside Europe*||2.99%||2.99% + £1.50|
*Where can I use my card for free in Europe?
When we say ‘Europe’, we mean the countries in the Single European Payments Area (SEPA).
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.
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 Important Information Summary.
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 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.
Manage your Insolvency Practitioner Account online or on your mobile.
Cheques normally take 5 working days to process. If you’d like to know how quickly you can withdraw your funds after you’ve paid a cheque in, see our cheque clearance guide.
Important: A cheque will begin to be processed as soon as it is received by a bank, which could be on the same day that it was written. Please ensure you have enough money in your account to cover all your payments, including cheques, to avoid becoming overdrawn.
Download our Important Information Summary – it contains all the information on our 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).
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 collect Direct Debits from others to be credited to your account. We'll let you know as soon as we can provide this service.
Yes. We'll run a credit check with a credit reference agency when you apply for a current account or overdraft. We may also ask for more information about your business.
Usually, a cheque will clear on the fourth working day (Mon-Fri) after you pay it in. 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.
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.
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