Business Bank Account For People With Bad Credit?

Sportbilly_2

Just out of interest, is there a monthly fee for the account and/ or free banking for a period?

I'm being made redundant at the end of July and wanted to set up as a sole trader, but I've just been rejected for an A&L business account, apparently on grounds of my credit score (even though I didn't want any credit facilities and set up a personal current account with them just a few months ago). I was going to try Lloyds next, but at least this NatWest one could offer a fallback.

NowFightingBack

The Natwest account is called a "Foundation Account" and is available to people with adverse credit. Exactly the same as a normal business account but it comes without any overdraft and a Solo card. You do get a cheque book though. The only way to get the account seems to be to apply for any be turned down for a regular business account

My OH applied online at the Natwest website someone then called and offered her the foundation account and she had the sort code and account no over the phone!

Few days later we got a rejection letter in the post (for the regular business a/c) and the cheque book etc for the foundation a/c which was a bit strange.

Account is managed by Business Direct rather than in branch. Seems fine so far and I think you still get the 2 year new start up free banking as well.

Sportbilly_2

Is this the RBS equivalent?

willsasp

I am applying for a business bank account with one of those websites who guarantee it will be opened, you are correct a charge is made but with this one you don't pay until the account is opened, which I thought was pretty good I just hope it works, will let you know how i get on.

In the interim any tips on getting a full business account I have got some real bad credit (not bankrupt or in a IVA) but I do have 4 CCJ's worth £15K (all from a business deal that went wrong).

cooper-s

hi guys,

just stumbled across this thread as i myself am looking to setup a business bank account but also don't have fantastic credit myself, nothing too serious not bankrupt or in a IVA but do have a couple of CCJ's

i was just really wanting to know how willsasp got on with using one of these websites that guarantee you the account will be opened. I'm reading conflicting reports, some good and some bad, so don't really know what to think. I Would like to hear how you got on, if you could let me know that would be really good. I've found a couple of sites but dont know who's good and who's bad.

I haven't actually tried to apply for a business bank account yet but fear that if i do i will get declined due to my bad credit. Anyway, any update would be greatly appreciated. Many Thanks

emmabub

hi i am also having trouble finding a bank which will allow me to open a business account with a couple of defaults(credit cards). it drives me mad that i'm pretty much being told that i'm dodgy and a risk but i only got into problems because of losing my job due to the credit crunch..all of which was out of my control. all i want to do is get an account and move forward! does any other banks do an account similar to the natwest foundation account. i can't go with them.

itsnowtime

Hi..

I went to the Yorkshire Bank / Clydesdale - was upfront about my circumstances and what I was doing about them. I also told them that I didn't require any lending etc..

Although it takes a little longer to open the account it is in the process of being opened. :j

And I have to say the service was fantastic.