Small business online banking – Open your Business Account online
If you’re starting up a new SME, you want to streamline your company finances or you’ve outgrown your old business account, open an Arro Business Account for instant access to our unique online account dashboard and a virtual Business MasterCard® you can start using in minutes.
As soon as your account is open you can start transferring funds in, accept client payments using your unique sort code and account number, set up outgoing Direct Debits* and one-off Faster Payments, and use your virtual MasterCard® while the physical card arrives in the post.
There’s no minimum turnover or number of employees in order to apply – all we ask is for a full set of contact details, your company name if you have one, and a UK business address.
Can’t access small business online banking? Get an Arro Business Account
Many SMEs feel let down by the high street banks, for lots of different reasons:
- Long and complex application processes for business banking accounts.
- Unrealistic demands to prove your turnover or to provide years of company accounts.
- Online banking platforms originally developed for current account customers.
- Hidden business banking fees that eat into your cash flow and profits.
The worst case scenario is when you start a business, or outgrow sole trader status, only to find your high street bank reluctant to approve you for a full business bank account.
Arro are not a bank, so we can do things differently. We don’t provide credit cards or overdrafts, so there’s no credit check, and we don’t have to worry about your credit status.
Open an Arro Business Account online and you can directly manage your own money, making your cash flow and company finances much easier to track on a powerful platform that was purpose-built by us for the job.
Do Arro provide small business bank accounts?
Arro are authorised by the Financial Conduct Authority to conduct electronic money service activities, which is slightly different than a high street bank.
For instance, any money deposited into Arro Personal Accounts and Arro Business Accounts is held separately in a regulated account, and is not available to Arro directly.
This means that if you ever want to withdraw your money for any reason, it will always be there in the protected account – so whatever happens, you will not have to make a claim via the Financial Services Compensation Scheme to get your full account balance back.
Every account has a unique account number and sort code, access to our bespoke online money management platform and a Business MasterCard® debit card.
This lets you manage your money just as you would with a small business bank account, including:
- ATM withdrawals and online purchases via debit card.
- Direct Debits* for regular payments.
- Faster Payments for one-off money transfers.
- Payments in via sort code and account number.
There’s no charge to set up Direct Debits* and you can use the account to make salary payments too – and there’s no minimum workforce size needed to open an Arro Business Account.
Arro vs. conventional small business banking
So why choose the Arro Business Account over high street small business banking? There are lots of different circumstances when you might choose to do so:
- Quick and easy applications when you want a new business account stress-free.
- Open a business account with no company history or filed accounts.
- Native online account dashboard developed in-house by Arro.
- Ring-fenced account for deposits means your balance is completely safe at all times.
On top of all of that, our business account fees list is published online so you always know if a transaction will incur a charge, and in many cases common account activity is free of charge, keeping more of your company money in your account over the long term.
How to apply for an Arro Business Account
Open an Arro Business Account in as little as three minutes when you fill in our online application form. Please just have your contact details, company name (if you have one) and your UK trading or business premises address ready to fill in the form.
You don’t have to see anyone in person or wait in line for an appointment, and applications are open around the clock so you can apply at your convenience.
Once approved, your account number and debit card details will be sent over immediately, with a physical Business MasterCard® sent out as soon as possible in the post to allow you to make withdrawals from ATMs and buy items in person via contactless and chip and pin.
*Functionality coming soon