Business Account & Poor Credit History

sgx.saint

Hey All.

I am starting a small business with a partner whilst at University. We both have poor credit histories and were wondering where would be best to go to open an account?

Obviously we dont want and wouldnt be entitled to any credit facilities.

Can you open a joint Basic Bank Account?

Thanks

Slayerx

Natwest offer a NWDBB account (Natwest Direct Business Banking) which is aimed at small businesses and for people with poor credit.

sgx.saint

Thanks for that information.

Only thing is, I cannot find any information about this account on their website?

sgx.saint

Or alternatively, could me and my partner open a joint basic bank account and use that as a business account?

The amounts of income to the account will only be low.

Slayerx

If you call the branch number they should be able to give you a free phone number for the business one stop shop who will be able to post you out all paper work.

With regards to your suggestion not sure if thats allowed.

sgx.saint

Ok, I will do.

So just to confirm, I have a few defaults against my name, this business account, I should still be able to apply and get it?

Thanks

Slayerx

Not 100% sure I didnt work in that department when I worked at Natwest but the aim of the account it to offer it to people with poor credit.

You maybe given a credit only account to start with if your sucessful which means no overdraft or loans etc.

Just remembered it maybe a good idea to get a current account with them at the same time as they tend to offer no charges on the business account for a year as a normal business account is charged for writing cheques and paying money in etc.

I would check if thats the case and if it is apply for a step account which is a current account aimed at people with poor credit.

sgx.saint

Ok, thanks.

Already have a Step Account so fingers crossed.

Slayerx

Good luck let me know how it goes, I think having a step account could help