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Business bank account with bad credit rating
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# 1
larks1981
Old 10-02-2011, 5:45 PM
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Default Business bank account with bad credit rating

i have started my own small business. i am a sole trader. but i have yet to set up a business bank account. tried to do so with my bank who i have my current account with, but they said with a bad credit past, if i don't pass a credit check, i would not get the business account.

So my question is, which bank can i go to, to open a business account, that will not need a credit check, or at least would not be concerend that i have bad credit history. I do not need an overdraft or any credit facilities. i just need to be able to pay in cheques in my business name, maybe set up some standing orders from my account. the normal things you would expect.

any advice?
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# 2
larks1981
Old 16-02-2011, 9:03 PM
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anyone? really need help here....
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# 3
jonesMUFCforever
Old 16-02-2011, 9:23 PM
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Google is your friend Nat West used to have a step type of account for business.
If Nat West is your current bank forget the above.
What goes around - comes around
give lots and you will always receive lots
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# 4
larks1981
Old 16-02-2011, 9:48 PM
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Thanks Jones

i have tried to find something in google. but all i get is dodgy looking companies who say they can guarantee me a bank account, for a fee. Im reluctant to go down that route, as i am sure someone else has been in this situation before, hopefully on this forum.

I could try Natwest, but i do have a checkered past with them, with a credit card!
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# 5
izools
Old 16-02-2011, 10:18 PM
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Absolutely don't go for one of the paid accounts. Good call.

How bad is your credit history? Do you have any accounts currently in arrears / defaulted, or are all your prior arrears / defaults paid up? Have you any CCJs? When did you last miss a payment? Any accounts in a reduced repayment agreement?

You may find that if you've had problems in the past, but your credit file shows they are definitely in the past and your recent history is fine, you can still pass the credit check for a full business account. Natwest are in fact relatively lenient for bank accounts.
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# 6
larks1981
Old 16-02-2011, 10:43 PM
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thank you

I have a debt management agreement in place, and have done for over a year, both that and my current bank account have been run perfectly over the past year. but i have received a recent unexpected ccj.

should i try natwest?
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# 7
clcr
Old 08-03-2011, 8:17 PM
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Anyone help with this?
I have a bad credit rating but need to open a business bank account. Don't want a credit card or an overdraft. Just a basic business bank account with debit card.
Can I trust the organisations Google throws up saying they'll get you a business bank account if you pay them money?
thanks,
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# 8
jonesMUFCforever
Old 08-03-2011, 9:44 PM
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Quote:
Originally Posted by clcr View Post
Anyone help with this?
I have a bad credit rating but need to open a business bank account. Don't want a credit card or an overdraft. Just a basic business bank account with debit card.
Can I trust the organisations Google throws up saying they'll get you a business bank account if you pay them money?
thanks,
No you can't.
You pays your money you lose your monies - simples.
Does your accountant not have any contacts with any banks?
What goes around - comes around
give lots and you will always receive lots
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# 9
stclair
Old 08-03-2011, 11:22 PM
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Natwest or RBS foundation account maybe an option for you they are designed for people with a poor credit history.

http://www.natwest.com/business/prod...t-account.ashx

http://www.rbs.co.uk/business/curren...oundation.ashx
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# 10
pamstretched
Old 09-03-2011, 12:54 AM
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Default Business Accounts

Opening through third party
The companies that offer a bank account usually lay out the costs prior. If it's off the net you need to invest the time to read the small print on costs

They do work for some cases often opening the account for you if they cannot get you an account direct (Managed account)

I have tried the managed account then progressed to Foundation - they charge per month

They can act as a reference if you are then ready to progress to the full account
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# 11
clcr
Old 09-03-2011, 11:11 PM
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thanks so much for you help.
I am going to go into the local RBS and have a chat with them about their foundation account.
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# 12
markbfw
Old 19-09-2011, 9:42 AM
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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.
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# 13
SomewhereOverTheRainbow
Old 13-11-2011, 1:53 AM
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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!
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# 14
opinions4u
Old 13-11-2011, 8:17 AM
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Quote:
Originally Posted by SomewhereOverTheRainbow View Post
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?
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# 15
SomewhereOverTheRainbow
Old 13-11-2011, 11:59 AM
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Sadly it is Ulster Bank we are trying to move from. But thank you for replying
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# 16
SomewhereOverTheRainbow
Old 13-11-2011, 4:48 PM
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Does anyone out there is MSE have an answer for me, please?

Getting very stressed out!
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# 17
SomewhereOverTheRainbow
Old 14-11-2011, 6:59 PM
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Bump Bump Bump
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# 18
nashwan90
Old 14-01-2012, 10:55 PM
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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
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# 19
jonesMUFCforever
Old 15-01-2012, 1:20 PM
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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!
What goes around - comes around
give lots and you will always receive lots

Last edited by jonesMUFCforever; 15-01-2012 at 5:07 PM.
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# 20
blackpool1969
Old 07-02-2012, 7:01 PM
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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
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