Safely hold funds in trust, with the ability to make and receive payments on this account for insolvency professionals.
Speak to one of our Relationship Managers who can arrange everything for you
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
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:
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.
Valid Passport/EU national ID Card 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 only accept originals. It’s handy to have 2 of these with you, just in case.
Partnerships, including limited partnerships, will need to provide one of the following documents:
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.
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:
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:
|Monthly account fee||Minimum balance||International & CHAPS payments||Other transaction types|
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|
|Outside Europe*||2.99%||2.99% + £1.50|
*Where can I use my card for free in Europe?
When we refer to Europe, we mean the countries which are part of the Single European Payments Area (SEPA).
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.
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 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:
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 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.
Download our PDF to read when you like – it contains all the ins and out of 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 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.
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.
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.
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.
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