One of the biggest questions we´ve received recently when it comes to banking is: “What on earth do I do if I need to pay in cheques into an online-only account?” I mean, there are no branches where you can make a deposit, right?
While it may seem strange, it is actually pretty easy – IF – your bank can handle it. For example, for cheques up to around £1000, you can often use your bank’s mobile app (although, be prepared to retake and retake (and retake) the photos until you get it right!). Whereas, for larger cheques, you’ll need to post them to your bank – assuming they accept cheques.
If you´re not sure if your online-only bank accepts cheques, here is a quick guide to help you find out.
Online-only accounts that accept cheques via their mobile app
Several banks have updated their mobile app so that you can scan in a cheque and pay it into your account. This is great technology, but most banks have a limit on how much you can pay! Meaning, this method is only useful for small amounts.
While most of the high street banks do this (i.e. setting small limits), the online banks, not so much!
- Monzo Bank– pay in cheques of up to £500 via the app.
- Starling Bank – pay in cheques of up to £1000 via the app.
- Tide Bank – pay in cheques via the app – if you are a sole trader.
- Revolut Bank – pay in cheques via the app if you have a USD account!
- Chase Bank – use the mobile app to deposit cheques (note: account limits can vary).
*Processing times: Mobile app deposits usually clear within a couple of working days, but check with your bank for specifics.
| Need help choosing an online bank or setting up your accounts? Get in touch with us at [email protected] – we´d love to help. |
Online banks that accept cheques by post
- Starling Bank – post to Freepost Starling (Starling bank operations team, 5th Floor Brunel House, 2 Fitzalan Road, Cardiff, CF24 0FG). Before you send it off, scribble your bank account name, sort code, and 8-digit account number on the back of the cheque.
- Monzo Bank – post to Monzo, Freepost, PO Box 7628, Bilston, WV14 4DG. Again, make sure you put your bank account name, sort code, and 8-digit bank account number on the back of the cheque. Fun fact: You can pay in cash via UK PayPoint or Post Office branches.
*Processing times: Postal deposits can take a bit longer, so allow extra time for postal handling and bank processing.
Online banks that don’t accept cheques
And now for the banks that give cheques the cold shoulder:
- Mettle Bank – despite this being a part of Nat West Bank, you can’t use a Nat West branch to pay in cheques (sorry!). Nor can you post it to them. Your only option is to get the cheque issuer to send it to you as a bank transfer (or deposit it in a different bank!).
- Tide Bank – does not accept cheques yet for every account type (they are working on it), although some accounts can pay in cash via the Post Office and PayPoint outlets.
- Revolut Bank – does not accept cash or cheques, only online payments.
- Suits Me Bank – does not accept cash or cheques, only online payments.
- Anna Bank – does not accept cheques – although you can pay in cash via PayPoint outlets.
- Pleo Bank – does not accept cheques, only online payments.
| Important note: please bear in mind the time that this was written, as this may be out of date by the time you read it! If so, or if you need a more comprehensive list, please get in touch so we can update it. |
*Alternative payment methods: for faster and more secure payments, consider using bank transfers or popular payment apps like PayPal.
Quick security tips
While online banking is incredibly easy and valuable, it really does pay to be safe. Here´s some quick security tips to bear in mind:
App security: ensure your banking app is always up-to-date and has the latest security features. Also make sure to add two-factor authentication, if possible.
Postal security: when posting a cheque, consider using a tracked postal service for added security.
Want to know more about online accounts?
If you want to know more about online banking or want some advice about any area of your finances, get in touch with us at [email protected]. We´re always happy to talk shop to help you achieve your financial goals.
