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Insolvency Practitioner Account

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

Interest on your balance

You get 0.10% AER on your current account provided you stay in credit.

Quick and easy

A Relationship Manager will arrange your account opening. After that, it’s same-day opening for additional accounts.

24/7 service

We're on hand to support you round the clock – our stores are open 7 days a week and our contact centre is available 24/7.

What you need to know

We’re up front with our customers about everything. We’ve created this handy summary of our Insolvency Practitioner Account key features so you can see the important information from the get-go.

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

AER stands for annual equivalent rate. It shows what the interest rate would be if interest was paid and compounded once each year.


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.


Opening an account

Open in store – we’re open 7 days a week, including after work and at weekends.

For more information, please call the Business Team on 0345 08 08 508 or simply talk to your Relationship Manager.

Find out what you need to open an account


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.


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).

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:

  • Unpaid item charge (when you don’t have funds to cover a cheque, Direct Debit or standing order payment and we have to return it unpaid) - £25
  • Paid item charge (when a cheque, Direct Debit or standing order is deducted from your account and creates an unarranged overdraft) - £15

Get all the details to read at your leisure

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)

 

Open an account

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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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