Sole trader current account for online banking
If you have had problems opening a sole trader current account for online banking with a high street bank, or you just want an alternative to a traditional sole trader business bank account, the Arro Business Account could be the answer you are looking for.
As a sole trader or contractor, it’s essential that you are able to manage your money in a way that works for you and your business – but your high street bank might not be the best option.
With an Arro Business Account, you can keep your work finances completely separate, or open an Arro Personal Account as your day-to-day current account and use your Arro Business Account for trade.
There’s no credit check to pass, no minimum turnover or minimum number of employees, and we don’t need to see any audited accounts, which means your online application can be approved in a matter of minutes.
Problems getting a sole trader current account for online banking?
There are many reasons why an Arro sole trader business account could be the right solution for you, for example:
- New traders with no filed accounts and no provable trading history.
- Sole traders with poor personal credit history.
- Newcomers to the UK setting up in business on your own.
- Discharged bankruptcies or criminal convictions that make you undesirable to the banks.
But this list could go on and on, and everybody is welcome to apply. We just ask for a few details such as your UK trading address and your company name, if you have one.
Credit history blocking you from a sole trader business bank account?
To get an Arro Business Account with no credit check, we just need you to fill in our online application form. You can open an Arro Business Account as a sole trader, or if you have registered a company name, you can provide us with that too.
Because Arro do not provide credit (including credit cards and overdrafts) there is no need for us to check your credit rating, and this means your application will not be affected by your credit history, nor will it leave a mark on your credit file.
You will have plenty of ways to manage your money though, including an immediate Business MasterCard® and an online dashboard to view deposits and withdrawals, make Faster Payments and set up Direct Debits*.
Get an Arro Business Account in minutes
You can apply online and have your Arro Business Account up and running in as little as three minutes, and in most cases we will not need any extra information apart from the initial application form.
We just need you to confirm your name and contact details, including a current UK address that you use for your business activities, but it’s OK if you have recently moved or have only just come to the UK to set up in business.
Although we ask for your company name, it is also OK if you are a sole trader, as long as you will be using the account for business purposes – and for everyday current accounts, there’s the Arro Personal Account that you can use instead or alongside your Arro Business Account.
What do I get with an Arro Business Account?
As soon as your application is approved, you get the essentials to start using your Arro Business Account to accept payments for business transactions, pay suppliers, and buy work-related items online:
- A sort code and account number to transfer funds in and accept payments.
- An online dashboard where you can make Faster Payments and manage Direct Debits*.
- Details of your Business MasterCard® via SMS so you can use it immediately.
Your physical MasterCard® will be sent out in the post as soon as your account is opened too, and should arrive with you in a few days, so you can make in-person purchases via contactless or chip and pin.
Why open an Arro Business Account?
We designed the Arro Business Account as a straightforward alternative to high street business bank accounts. It gives you a way to manage your earnings and expenditure effectively, without the hidden fees and charges you might get from the high street banks.
For sole traders and contractors, even a single unexpected banking charge can have a big impact on cash flow. With the Arro Business Account we publish all of the potential fees upfront so you always know if a transaction will incur a charge and exactly how much it will be.
This is an account for new contractors and experienced sole traders alike – if you are at risk of missing out on a lucrative contract while waiting for approval elsewhere, apply today with Arro and you could have a sort code and account number to provide to that potential client within minutes.
*Functionality coming soon