Insolvency Practitioner Account
An account to hold funds in trust for your clients
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.
Quick and easy
Speak to one of our Relationship Managers who can get you started with an account as soon as possible
24/7 support
We’re here 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
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:
- 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
- A valid UK/EEA/Switzerland passport
- A valid UK full/provisional photocard driving licence
- A valid EU member state national ID photocard
- A valid firearms certificate or shotgun licence.
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.
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.)
- A 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 three months or valid for the current tax year). We do not accept P45 or P60 forms
- A notification letter from the Benefits Agency/your local authority confirming your right to benefits (Department for Works and Pensions, Jobcentre Plus, Universal Tax Credit, 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 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.
Show suitable proofs of address Hide suitable proofs of address
- A valid UK full/provisional photocard driving licence
- A valid old-style UK driving licence (no photo)
- A Council Tax bill (valid for the current financial year)
- HMRC documentation (PAYE Coding Notice/Tax Notification/Self-Assessment/Statement of Account/NI contributions bill issued in the last three months or valid for the current tax year). We do not accept P45 or P60 forms
- A notification letter from the Benefits Agency/your local authority confirming your right to benefits (Department for Works and Pensions, Jobcentre Plus, Universal Tax Credit, Benefits Agency or Veterans Agency), dated within the last 12 months
- A current tenancy agreement, from a local council or a recognised letting agency
- A bank/building society/credit union statement, dated within the last 3 months
- A credit card statement, dated within the last 3 months
- A mortgage statement from a recognised lender, dated within the last 12 months
- A life assurance/life insurance policy, dated within the last 3 months but outside of the cancellation period
- A motor insurance certificate, valid for the current year but outside of cancellation period – we cannot accept cover notes
- A Sky/cable/utility (gas, electricity, water) bill, dated within the last 3 months
- A telephone bill, dated within the last 3 months. We cannot accept mobile phone bills.
If you are 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 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 are 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 we will not need any more documents from you. Otherwise you will need:
- A Certificate of Incorporation, and
- A registered members list to clarify the details of the members and their individual shareholdings within the company.
If you are 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 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:
- A Certificate of Incorporation, and
- If the Limited Company is using a different trading 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’ name.
Fees and charges
Fees and charges
| Account management fee | Minimum balance | UK transaction fees |
|---|---|---|
| Based on the number of your accounts that have a credit balance* | None | FREE |
Account management fee
*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 |
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.
| 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 say ‘Europe’, we mean the countries in 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.
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
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 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.
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 Metro Bank 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 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.
Find out more about the Insolvency Practitioner Account
Download our Important Information Summary – it contains all the information on 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 collect Direct Debits 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 or overdraft. We may also ask for more information about your business.
How long does it take for a cheque to clear?
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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