Payment & Escrow Blog

UK Project Bank Account Providers (2023)

While project bank accounts are mandatory in most large-scale government procurement, there are not many providers for private construction projects.

Project Bank Accounts are ring-fenced trust accounts whereby construction project cash (from the Employer) is held by trustees, protected from the various contractors' risks of insolvency.

This benefits the supply chain in particular because:

  • Main Contractors can't use supply chain cash to smooth their own cashflow issues (driving efficiencies and reducing the incidence of 'bought' projects);
  • Employers are protected in the case of Main Contractor insolvency, because the sub-contractors have all been paid for works done up to the last valuation date;
  • Payments are made to suppliers and sub-contractors simultaneously, no matter where they sit in the supply chain.

Despite their clear benefits, adoption of Project Bank Accounts (or 'Project Payment Accounts' as some new FinTech companies are calling them for regulatory reasons) has been slow.

Highways England is the largest user of Project Bank Accounts.

Top UK Project Bank Account Providers

  • Lloyds Bank*
  • Barclays Bank*
  • Royal Bank of Scotland*
  • NatWest*
  • BNP Paribas*
  • SEB Bank*
  • Danske Bank*
  • dospay

* we aren't able to find any information about this online, but they appear to be a government supplier from the information we found at the Local Government Association Project Bank Account Masterclass notes.

Would you like further information?

Request a no-obligation quote for your account. We generally reply within 24 hours and can open accounts in as little as 48 hours.

dospay is a trading name of DOS & Co. Ltd, a company registered in England and Wales with company number 08294966.

DOS & Co. Ltd. is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (FRN: 833374) for the provision of payment services.  

You can read about the difference between escrow and payment services here

DOS & Co. is a Certified B Corporation