Opening a business savings account

To open a new business savings account with us, follow the three steps below. If you’re looking to add an additional account, you’ll need to go to our Additional Account page. If your organisation has a turnover of £10 million or more, you’ll need to speak to a member of our Corporate Savings team.

Step 1

Choose your business savings account

Take a look at our business savings accounts and choose the one for you. You’ll then be able to find more information, read our eligibility criteria, see our terms and condition and apply online.

Already decided on the account for you?

Step 2

Send us the information we need

To help us open your savings account(s) as quickly as possible, we've listed all the information you'll need to provide in our printable checklist.

Please note that if any information is missing, your application may be delayed – or you may need to reapply.

Key information we typically ask for

We’ll need details about your organisation’s Beneficial Owners, Business Officials and Authorised Signatories. Here’s how we define these:

Beneficial Owners

Anyone with a controlling interest or shareholding of 25% or more in the business. They ultimately own the business and the deposit for the company’s savings account. You can ignore this if no one person owns more than 25%, or the organisation is owned by someone else.

Business Officials

Anyone who has the authority to act on behalf of the company – such as a director, partner, member or trustee. You can ignore this if you’re a sole trader, or there is only one such official who is also the Beneficial Owner.

Authorised Signatories

Anyone who’s able to sign off transactions or make decisions about the savings account.

The details we’ll need from each of these people (as applicable) are:

Beneficial Owners

  • Residential address
  • Time lived there
  • Place of birth
  • Nationality
  • Tax residence

Business Officials

(at least two, unless you’re a sole trader or there’s only one)

  • Residential address
  • Time lived there
  • Place of Birth
  • Nationality

Dual Nationality Status Business Officials

  • Residential address
  • Place of Birth
  • Nationality
  • Dual Nationality Status

Your nominated account details

We also need details of the bank account you’ll use for all your withdrawals. This is known as your nominated account and should be in your business or organisation's name.

Your business details

You’ll need to tell us your organisation’s annual turnover – the income (or donations if you’re a charity) received each year – plus the number of full and part-time employees and your total assets. For businesses with complex ownership structures, we may ask for a structure chart at a later date.

Step 3

Prove your identity

Once we’ve received your application form, we’ll aim to verify your identity electronically. If we need to see some original documents too, we’ll be in touch.

How long will your application take?

Your application is being processed, which is taking slightly longer than usual due to very high application volumes. Once we’ve completed all our checks, we’ll aim to open your account within 10 working days.

You can call or email us to track the progress of a new application at any time.

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