There are some banks that accept a CDB business, but none of the high street banks will as they see them as high risk.
If you’re looking for banks that accept a CDB business, then you would need to consider using some alternative banking.
Although the high street banks won’t accept an application, those that will offer nearly all the same facilities.
So you can expect t have your own account number with a sort code & account number.
You will certainly have online and often mobile banking, along with a debit type bank card.
Things like Direct debits and standing orders are standard with most accounts too.
Depositing cash and cheques is probably the only real issue, as most alternative banks that accept cbd business will only allow electronic transactions.
The key to successfully opening an account is to ensure you have all the necessary proof of business evidence and be a legally trading entity.
Generally speaking there are no upper limits on these types of accounts and all will be fully regulated by the FCA.
So why is it so difficult to find banks that accept a cbd business?
The main reason is that CBD oil is associated to Cannabis and therefore the banks see this as high risk.
However, the fact that it is being used more often for medicinal purposes means that some of our alternative banking partners will now consider them.
So whilst the account will not be directly with any of the high street banks, your money will be safe in a fully FCA regulated business account which will allow you to trade.
How long will it take to open a CDB business account?
The type of banks that accept cbd business will normally process their applications considerably quicker than a normal banks, so often opened within a matter of a few days.
As long as they have some business evidence as well as all the required personal identification documents for the principles of the business, then it can be processed very quickly.
There will be no personal visit required and once approved, you can access your account almost immediately.
Contact Us for details on what banks that accept a cbd business by either calling 020 3286 3929 or Apply Online