The alternative bank account online
If you’re looking for the best business bank account, you might find that the answer is not a bank account at all – the Arro Business Account gives you many of the same essential features, but without the drawbacks of a high street bank.
Opening a business bank account on the high street can be a slow process, and you may face:
- Long waits for appointments and time wasted queuing in-branch.
- Stacks of paper application forms and endless identity checks.
- Credit checks that leave a mark on your file – even if you are rejected.
- Minimum turnover/employee requirements for SME accounts.
- Reluctance to approve business bank accounts for sole traders and contractors.
The Arro Business Account is an alternative to high street business bank accounts – in fact it is not technically a bank account, as Arro is not a bank.
We are regulated by the Financial Conduct Authority not as a bank, but as a provider of electronic money service activities, which means we give you a way to manage your business money online.
The Arro Business Account – What you get
So if the Arro Business Account is not a traditional high street business bank account, what does it give you?
The answer is all of the basic essentials you might get on the high street, but with a powerful, built in-house online money management platform and guaranteed approval with no credit checks.
Once approved you will receive:
- An instantly activated business account with its own sort code and unique account number.
- A virtual Business MasterCard® debit card with card number, CVV and expiry date by SMS.
- A physical Business MasterCard® in the post with matching details for ATM withdrawals and in-person purchases.
- Access to the bespoke Arro money management online platform to transfer funds, make payments and check on incoming deposits.
The application process is automatic and as long as we can verify the information you provide, we guarantee to accept all eligible applicants – you don’t even need to be a registered company for an Arro Business Account, as we can approve sole traders too.
How to Apply
To apply for an Arro Business Account, just fill in the online form. If you are a sole trader, you might want to open both an Arro Personal Account and an Arro Business Account to keep your professional income separate from your everyday finances.
We ask you to provide some basic information, including:
- Your name.
- Your company name (if you have registered one).
- Your date of birth (applicants must be over 18).
- Your trading address (applicants must be UK-based).
- Contact details (to send your account details and MasterCard® number).
Arro use automatic online verification to check your ID, but this does not involve your credit file in any way – your credit status does not affect your eligibility and your application will not show up on your credit history.
Within as little as three minutes you can be approved for a new Arro Business Account, with your account number and MasterCard® details, and access to the Arro online account dashboard to start depositing funds.
Am I eligible?
If you are aged 18 or over and can provide us with a current UK mailing address from which you carry out your business activities – even as a sole trader working from home – then you should be eligible for an Arro Business Account.
We need to be able to verify your identity, so in the very rare occasions that the automated verification process cannot do this, we may ask for an additional form of ID not included in the initial application; however, this is very rarely needed.
There is no overdraft on the Arro Business Account and the MasterCard® you receive is a debit card, not a credit card, so there is no need for a credit check – your current credit status will not affect your eligibility.
Finally, we are not concerned with the kinds of past indiscretions that the high street banks might reject you for, including:
- Discharged bankruptcies.
- Served criminal convictions.
- Director disqualifications.
- Defaults on loans/credit.
There’s no minimum turnover required and no minimum number of employees – you can apply as a sole trader if you wish, or if you just need an individual account for personal rather than business use, the Arro Personal Account might be the right option for you.