Business bank account with bad credit rating

24

Comments

  • Hi,

    I have the same problem, it would be good to hear how you got on with RBS?

    I've just come out of a trust deed and secured a very good contract for a year that is expected to take in £100k+.

    I tried to open a business account with HSBC but was declined. Like most of the bloggers above, i dont need anything but an account to pay into.

    I thought I would be able to present my TD discharge certificate but it was a flat refusal from HSBC.

    I dont really want to go with anyone except a recognised lender but I only have 4 weeks before I have to submit my first invoice!

    Any advice would be appreciated.
  • I have the same issue..........about to go into DMP and can't find sole trader account anywhere - in NI so no option of Natwest or RBS

    Any advice would be extremely welcome!
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    I have the same issue..........about to go into DMP and can't find sole trader account anywhere - in NI so no option of Natwest or RBS

    Any advice would be extremely welcome!
    Have you asked Ulster Bank? Part of RBS.

    Or could you open a GB account and operate it via Ulster Bank branches?
  • Sadly it is Ulster Bank we are trying to move from. But thank you for replying
  • Does anyone out there is MSE have an answer for me, please?

    Getting very stressed out!
  • Bump Bump Bump
  • I have had a similar problem. I've been refused from Natwest! Despite them saying it was because I had an IVA in place or been declared bankrupt, which I have not been either! So. I was screwed! Then I discovered Bath Building Society savings account. There are no credit checks so I got one and I can store lots of money in there. But there is no card to make purchases and although you can transfer in to it using BACS from any account you can only send money out to one nominated account...so the solution was to get a cash plus business pre-paid card. This can only store up to £15k at a time but that is plenty for me and the purchases I make. I can also pay bills/standing orders,etc from the cash plus. So my solution was bath building society for the main bulk of the money and cash plus for the day-to-day purchases. It's working well. Both accounts are accounts named under my business LTD company name so it's all easy to manage for tax purposes etc.

    So that's my solution for now. When I have trading history I'll upgrage.

    ps. It really get's on my nerves how narrow minded people make comments like "No you can't.
    You pays your money you lose your monies - simples.
    Does your accountant not have any contacts with any banks?"

    Nobody knows in full someone else's situation or why they are there! Typically from a MANC! grrrrrrrrrrrrrr hate!

    I'm not going to be stopped or pegged back by anyone or anything that get's in my way! Good luck to you all. Hope this helped
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898
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    edited 15 January 2012 at 5:07PM
    You will come unstuck faster than you think with an attitude like that.
    People on here give up their time to help people with problems like yourself - if you don't like it LUMP it!
  • ive banked with natwest for years as a personal customer with an advantage gold account, i tried to open a basic business account and was turned down with no reason given
  • ive banked with natwest for years and have an advantage gold account and savings accounts.
    but when i applied for a business account the declined it, even tried for a foundation account that was also declined
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