The Arro Business Account
First of all, it’s important to realise that in many practical, day-to-day ways, the Arro Business Account allows you to manage your money in the same sorts of ways that a bank account would, with a sort code and account number, access to Faster Payments, and the ability to set up Direct Debits* and pay employees.
But there is no overdraft or credit card, which means no credit check and no mark on your credit file; Arro are regulated by the Financial Conduct Authority and all account balances are held separately from Arro’s own capital, which means if you ever want to withdraw your balance in full, it will be available to you.
How can I make card payments?
Although we do not provide credit cards, you do get a Business MasterCard® debit card which allows you to buy items online and in-store, or make ATM withdrawals, from your account’s positive balance.
When you open your Arro Business Account, we will send you the full debit card details immediately by SMS, and this means that you can start using the number for card-not-present purchases, such as shopping online for stock or paying supplier invoices, even before the physical card arrives in the post.
Your Arro Business Account MasterCard® also serves as the cash card for the account, which means you can use it to withdraw from ATMs throughout the UK, as well as overseas (international withdrawals and foreign exchanges will incur a small additional charge).
What does it cost?
We wanted to make sure that the Arro Business Account is completely transparent when it comes to fees, which we have found is not always the case with a traditional high street business banking account.
The full list of fees is published on our website, and many transactions are free, such as your first ten ATM withdrawals, online transfers and Faster Payments, all incoming payments and any new Direct Debits* you need to set up.
There’s a £15 monthly management fee for the account, but no extra admin charge for opening an Arro Business Account, and just a few extra processing fees for international card use, lost cards, rejected Direct Debits, card inactivity and chargebacks – and you can always check the fees list to be sure.
What business transactions can I do for free?
Just to be clear, there is no charge on an Arro Business Account for:
• Opening the account.
• Receiving payments into the account.
• Setting up Direct Debits*
• Up to ten ATM withdrawals.
• Up to ten online transfers and Faster Payments.
For sole traders and SMEs in particular, this should mean with careful money management that you can use your Arro Business Account with little to no extra cost beyond the standard £15 monthly management fee.
If you do need to make more than ten ATM withdrawals, it’s just £3 per transaction after that, and only £1 for each additional online transfer or Faster Payment.
How to apply
Just fill in our online application form to open an Arro Business Account with no credit check in as little as three minutes.
We just need your name, date of birth, contact details and company name, if you have one, with a valid UK trading address (this may be your home address if that is where you conduct your business).
*Functionality coming soon