Business Banking Solutions
If you’ve found yourself excluded from traditional business banking solutions on the high street, Arro can help with a dedicated Business Account you can open in less than five minutes, with guaranteed approval if you’re eligible.
We want the Arro Business Account to be open to everyone in business – whether you are a sole trader, limited liability partnership, limited company or any other business structure, and regardless of how long you have been trading.
Unlike the high street business banking solutions you may have been rejected from in the past, we do not ask to see your business plan, your company’s credit rating or your personal credit file – we just run a simple Fair Fit test to make sure your application passes all of our eligibility requirements, and then you’re in.
Benefits of the Arro Business Account
We designed the Arro Business Account to give you all of the essential capabilities you might expect from a traditional high street business banking account.
For example, within minutes of signing up, you get:
- A dedicated business account with sort code and account number.
- Access to the custom-built Arro money management dashboard.
- Ability to set up Direct Debits (not currently available, but it’s coming soon!) and send Faster Payments online.
- Ability to view your balance, sort and filter recent transactions.
- Details of a Business MasterCard® debit card you can use immediately.
We send your Business MasterCard® details via SMS so you can start typing them in to make online purchases; the physical card follows in the post as soon as possible for use at ATMs and in shops.
A new home for your business finances
We want to give you a safe, separate place for your business finances, whether you are a sole trader or a large company, and the Arro Business Account does just that.
You can make payments out from your account via Faster Payments, in-person contactless or chip and pin card payments, online card purchases, and even by withdrawing cash from an ATM if you wish.
You can receive payments into your account using your sort code and account number, just as you would with a traditional business bank account, giving customers a professional-looking way to pay you.
Transparent transaction fees
While there are transaction fees on certain account activity, we aim to keep these low and always publish them in full so you know if a particular action on your account will incur a charge.
The Arro Business Account is designed to be more cost-effective than the high street business bank accounts can offer, and in many cases you can move your money around for free.
Our standard pricing policy includes the following transactions at no extra cost on Arro Business Accounts:
- Opening a new Arro Business Account.
- Payments into your account.
- First 10 ATM withdrawals.
- First 10 online transfers and Faster Payments.
After that there’s a flat fee for most additional services – for example, any more online transfers will cost just £1 each.
Arro – the alternative to business banking
How are we able to offer all of this? It’s because we are not a bank. Arro is regulated to provide electronic money services – although you’ll still get a sort code just like a business bank account, and a full Business MasterCard® debit card linked to your Arro Business Account.
What it does mean is that we were able to build the Arro money management platform completely from the ground up and entirely dedicated to the account activities we provide. It’s thoroughly tested to be secure, and totally purpose-built to do the job effectively.
This allows us to provide business accounts without the overheads and running costs that the big high street banks need to cover. We’re entirely online and here to support you and your business 24/7.
How to apply
Open an Arro Business Account in 3-5 minutes with guaranteed approval for all eligible applicants – and no credit checks, ever.
Just fill in the application form to tell us your name, company name, UK trading address and date of birth, as we can only provide accounts to over-18s.
We also ask for some contact details, so that we can send you your account number and virtual Business MasterCard® details as soon as your account is set up.
We run an online identity check, but this is nothing to worry about – it just confirms the information you have provided, and it never requires access to your credit record.