Introduction

This is the Account Schedule for your Current Business Account. This forms part of your Agreement with us with respect to your Current Business Account. Except where otherwise defined in this Account Schedule, terms defined will have the same meaning in this Account Schedule.

Any references to “Company”, “you”, or “your” in this Account Schedule mean the legal entity in whose name the Business Current Account has been opened and who is agreeing to this Account Schedule.

Eligibility Requirements

• A Limited Company or Limited Liability Partnership incorporated in an 'acceptable jurisdiction' Acceptable Jurisdictions.
• Evidence of your trading activities so we understand that your business does what you say it does
• Meet our standard AML/KYC, fraud and credit checks and processes.
• Refer to our Account Schedule - Business to check sectors that are not supported. We also do not offer client money accounts.

What do I need to open a business bank account?

• A smartphone (and signal).
• Valid photo ID such as a passport or driving licence.
• If you have documents that confirm the nature of your business, this will be easier. Examples could be a trade registration or bank statement showing your business activity.
• Complete the application in about 10 minutes. Then, our team will approve your details and open your account.

Confirmation Statements

You confirm that:

• The person entering into this Account Schedule on your behalf is an Authorised Individual (and you will provide reasonable written evidence of such authority promptly on request);
• Each Authorised Individual has the capacity and authority to enter into this Account Schedule (and the Agreement), give us instructions, and manage the Business Current
• Account on your behalf;
• Any details (including personal data) of any Person of Significant Control and of other Authorised Individuals are accurate and have been lawfully supplied to us by you for the purposes of commencing the registration of their details for the Business Current Account;
• You will keep the status of each Authorised Individual and any Person of Significant Control up to date;
• Each Authorised Individual, Person of Significant Control or LLP member (as applicable) is resident in the United Kingdom;
• The Company is a separate legal entity, which is incorporated, registered and has its centre of main interest in the United Kingdom;
• The Company is not engaged in or linked in any way to any of the business activities listed in the Annex to this Account Schedule;
• The Company is not a holding company; the Company is not denoted as “in dispute” by the Companies House API;
• No other company, partnership or unincorporated association has any holding or control in the Company;
• The Company is a going concern, meaning it will continue operating, is not the subject of any step or action relating to its entering administration, provisional liquidation or analogous procedure and is not in the process of being wound up or removed from the UK Companies House register;
• Neither the Company nor any of its Authorised Individuals, People of Significant Control, LLP members (as applicable), directors, officers, employees, representatives or shareholders are the subject of any sanctions administered or enforced by any Sanctions Authorities;
• None of the Authorised Individuals, People of Significant Control or any other Authorised Individual of the Company are currently bankrupt or subject to a County Court Judgement or an Individual Voluntary Arrangement;
• Your Business Current Account is for business purposes and use only;
• Your Business Current Account is your only Business Current Account with us;
• Your Business Current Account is not a Client Money account, and you do not use our services to hold and/or carry out transactions with Client Money.

If any of the confirmations listed above become false, inaccurate or misleading, you must inform us immediately.

Additional Definitions

“Authorised Individuals” means all individuals who are directors or LLP members (as the case may be) of the Company included on the UK Companies House public register and who are authorised to operate and manage the Business Current Account on behalf of the Company(and “Authorised Individual” means any one of them).

“Client Money” means money (whether in the form of cash, cheque or otherwise) which is held or received for or from a client, including money held by you as a stakeholder, which is not immediately due and payable on demand into the Company’s own account.

“Confidential Information” means any information which has been designated as confidential in writing or that ought reasonably to be considered as confidential however it is conveyed, including information that relates to the business, affairs, developments, trade secrets, know- how, personnel and suppliers of a party to this Account Schedule, including IPR, together with all information derived from the above, and any other information clearly designated as being confidential or which ought reasonably to be considered to be confidential.

“Intellectual Property Rights”/ “IPR” means all patents, rights to inventions, utility models, copyright and related rights, trademarks, service marks, trade, business and domain names, rights in trade dress or get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database rights, topography rights, moral rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications for and renewals or extensions of such rights, and all similar or equivalent rights or forms of protection in any part of the world.

“Service” means the subscription service you subscribe to as part of your Business Current Account.

“Person of Significant Control” means the person or those people listed in your Company’s public persons of significant control register because they meet the conditions in Schedule 1A of the Companies Act 2006 or Part 8A of the Limited Liability Partnership (Application of Companies Act 2006) Regulations 2009 (or any future update or replacement to those laws).

“Sanctions Authorities” means the following national and supra-national authorities: the United States Department of Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union and the UK’s Office of Financial Sanctions Implementation within Her Majesty’s Treasury.

Operation of your Business Current Account

Each Authorised Individual will have equal and full rights in respect of the operation of your Business Current Account and we will not require authorisation from all Authorised Individuals before carrying out an instruction from any one of them individually. However, if you wish to close your Business Current Account you will need to follow the procedure as set out below at Closure of your Business Current Account.

We are entitled to rely on the authority of any Authorised Individual until such time as we receive written notice from the Company that such authority has been withdrawn and we have had reasonable time to act upon such notice.

We will not be liable for any losses the Company may incur as a result of carrying out instructions from an Authorised Individual who acts outside the authority granted to them by the Company or any restrictions imposed by the Company’s articles of association, including (without limitation) in circumstances where the Authorised Individual has acted or is acting with fraudulent or criminal intent in respect of the Business Current Account or the Company’s funds.

Access to your Business Current Account

Each Authorised Individual will have access to the Business Current Account through the App and Online Banking and will have full permission to use any of the features without having to seek permission from any other Authorised Individual, including in relation to granting Third Party Providers access to, and authority to make payments from, the Business Current Account. All Authorised Individuals will be able to see all payment transactions made on the Business Current Account and access all other features of the App and Online Banking in relation to the Business Current Account, and this may include seeing the full support history on the Business Current Account for all Authorised Individuals.

Maximum Payment Limits and Restrictions

Payments from your Business Current Account are subject to limits and restrictions we set from time to time, such as the maximum amounts you can send on (i) an individual payment basis and/or (ii) a daily or other periodic basis. You can find out more about these limits and restrictions on the app and on the website. We may consider allowing you to make a payment transaction beyond any such limits or restrictions - please get in touch with us to request this.

Change of Control

If there is a change in any Person of Significant Control, you must notify us immediately. Where you inform us of a change of Person of Significant Control or we become aware of such an event, we may close the Business Current Account immediately.

Disputes

If you inform us or we become aware of a dispute within the Company, we will go through the following process:

1. We will place a restriction on the Business Current Account to state that we will only take written instructions via the App sent by all Authorised Individuals (this means we will not process payment instructions from the Business Current Account unless authorised to do so by all the Authorised Individuals); and
2. We will only remove the restriction when all the Authorised Individuals have confirmed in writing that the dispute has been resolved.

It is your responsibility to inform us if there is any such dispute. Following notification of a dispute, we will continue to allow existing direct debit mandates unless all the Authorised Individuals confirm in writing otherwise.

Closure of your Business Current Account

You may request that we close the Business Current Account, by providing written instructions from at least one Authorised Individual to do so.

In addition to our rights set out in “Restricting and Closing your Account” in Section 3 (Managing your Account) of the General Part, we may close, restrict or suspend your Business Current Account immediately on notice and terminate our Agreement in respect of your Business Current Account if:

• Any of the statements listed in the “Confirmation Statements” above are or become false, inaccurate or misleading or we reasonably suspect they are;
• The Company is wound up and removed from the UK Companies House register for any reason;
• We become aware that any action, proceedings, procedure or step is taken in relation to the winding up, dissolution, administration or re-organisation of the Company or the Company goes into insolvency, has a winding-up petition filed against it, has a receiver or administrator appointed in respect of it, is unable to pay its debts as they fall due or, in respect of any of the foregoing, any analogous or similar procedure is instituted against it;
• We become aware of any dispute between any Person of Significant Control and/or Authorised Individuals;
• In the event of a change of control of the Company, any new Person of Significant Control;
• Does not pass our identification and verification procedures, or we need to verify any matter or activity related to your Business Current Account.

Monthly Maintenance Fee

We will apply a monthly maintenance fee (paid in advance) for the Service we provide. The amount and timing of the maintenance fee will be set out in the Fees Document for all GBP Business Current Accounts. If you sign up partway through a month, at our discretion, we may waive the maintenance fee for that partial month, provided you keep our service active until at least the first day of the following month (and we have successfully taken payment for that month).

Confidentiality

Unless any disclosure is required by law or regulation:

• You will keep our Confidential Information confidential, and you will not share it with any third party without our prior written consent.
• We will keep your Confidential Information confidential, and we will not share it with any third party without your prior written consent.

Limitations of our liability

Subject to any other limitations of liability and exclusions set out in this Account Schedule and also without impacting any areas of liability we cannot exclude at law:

• we will not be liable to you for any special, indirect or consequential costs, damages, charges or expenses of any nature; loss of profits; loss of business, contract or goods; loss of revenue; loss of use; loss or depletion of goodwill or similar losses; or loss of anticipated savings; and
• our total aggregate liability to you for all losses, claims, damages, costs or expenses arising out of or in connection with all Services in any circumstances, whether in contract, tort (including for negligence or breach of statutory duty howsoever arising), misrepresentation (whether innocent or negligent) or otherwise shall be limited to 3 x the total amount of monthly subscription fees you paid us for the Services in the 12 months immediately preceding the date on which the claim giving rise to the liability arose.

Third Party Rights

Except for any of our Affiliates, nothing in this Account Schedule confers or is intended to confer a benefit enforceable by a person who is not a party to it and no term of this Account Schedule is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Account Schedule. We may vary, terminate, suspend or rescind this Account Schedule without the consent of any third-party beneficiary.

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ANNEX

Entities engaged in, or linked in any way to, any of the following activities may not open or have a Business Current Account with us:

• Banking and/or deposit-taking;
• Consumer credit activities (except where acting as a broker), including debt management and debt collection firms;
• FCA-regulated investment business;
• Claims management services;
• Electronic money;
• Insurance and reinsurance business (except where acting as a broker);
• Home finance business (except where acting as a broker);
• Pensions;
• Credit reference agencies;
• Exchanges (including currency and commodity exchanges);
• Virtual currencies;
• Money transfer (including Money Service Bureaus);
• Prepaid and/or stored value cards;
• Defence or weapons (including manufacturing and/or distribution of weapons, explosives or armaments);
• Gambling or betting (including the establishment or operation of lotteries or competitions);
• Money lending;
• Activities undertaken by unregistered or unregulated charities;
• Dealing in antiques, art, watches, precious metals or precious stones;
• Dating or escort services;
• Sale of used vehicles;
• Pornography or adult entertainment;
• Distribution of non-licensed drugs (including Cannabidiol/CBD);
• Political parties;
• Mining and commodities, including the sale, distribution or production of oil, fuel, wood, gas, charcoal and coal.