These "challenger" banks are a gimmick. Friend of mine recently tried to set up an account for his new business and all "challengers" refused a business account, they were slow to respond and disinterested in helping. Eventually he set up with a high street bank, but the whole thing took over a month, which is ridiculous.
I set up an account with HSBC about seven years go, and they were a nightmare. It took over a month to open the account, and everything had to be done in branch. Also, HSBC in the UK is not the same HSBC in other countries. I once had to fly back to London from Athens just to "pop in to my local branch" for some uninteresting bureaucratic process.
I closed that account and switched to Tide. It took me like 15 minutes to open the account online.
That's technically true. Most of their customers have a business account with a different bank under the hood. In my case, I have an e-money account which is safeguarded in line with some regulation, but isn't protected by FSCS.
For my [meagre] business banking intents and purposes, the difference is immaterial, and Tide is a bank.
Exact same experience, I wouldnt say refused just hoop after hoop to jump through. disinterested in helping is an apt description, they got interested 2 years later and I would get a daily phone call about "finishing my application".
I was pretty transparent with the person(s) calling - after years of doing their best to push business customers away, someone up high decided to make to get as many business customers as possible and everyone was on a fat commission to open up new accounts (I think lure of government guaranteed covid loans might have had something to do with it).
High street bank was open within 3 days, fill out the form and done.
