Business bank account with bad credit rating

minimin

I am in a similar situation - have been turned down by HSBC and Santander, but luckily my accountant has some links to someone in Natwest, so they are going to try and help me out. As others above, I dont want any credit on the account, just a basic account to pay my money into.
the guy in hsbc, told me to just have it paid into my personal account "who would know?" however, when i mentioned this to my accountant, he nearly had a hernia, and told me that is the worse advice i could be given.
I need to have somewhere to pay money into before 10 days when i am due my first payment ..... stressss

Justicia

clcr wrote: »

Can I trust the organisations Google throws up saying they'll get you a business bank account if you pay them money?

jonesMUFCforever wrote: »

No you can't. You pays your money you lose your monies - simples. Does your accountant not have any contacts with any banks?

nashwan90 wrote: »

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!

nashwan90; High horse. Off.

Before jumping in, I suggest you read what has actually been written carefully, rather than assuming you know what was written.

jonesMUFCforever was not making any assumptions of anyone's situation - he was responding to a question asked (see above). If you do return, I think that you owe an apology...

...It really get's on my nerves how [STRIKE]narrow minded[/STRIKE] people make comments without reading a post...

Roevin

I too was in dire straits trying to open a business account. All the major banks turned me down so I tried the bath building society and the cash plus mastercard option as described by (nashwan90) below and so far so good. There was no credit check from the building society only an identity check which I passed. You can store £200k in the building society but you have to give them notice to withdraw your funds and you cannot set up DD's or standing orders. It is solely a place to hold your money and the cashplus mastercard which costs £29.99 to open can be used for your day to day expenses. The cashplus card is a managed credit account so you have to perform an outgoing transactions while they are in the office otherwise you will have to wait.

nashwan90 wrote: »

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.

Roevin

Thank you for the post it was very helpful. I now have a Ltd company with a business account after being turned down by almost every bank in the land!

jasperconran

my hubby has had a limited company business bank account for over 25 years. now he is going on his own and splitting from his biz partner he needs to open up a new limited company business account.

HBSC has just turned us down which doesnt surprise me in a way although his credit score is 895!!! he has one default on his report which is showing as satisfied anyway.


We dont have time to appeal it as things with his business partner are gonna hit the fan!! we need to open an account to start from Monday! help!! who can we turn to????


thanks

aideng

Don't know if anyone mentioned this bank before in this thread, but I was able to open a bank account at Eccount Banking even though I have a bad credit history. Maybe you can see if they have an account for your business?
Hope I could help

jasperconran

Barclays came to our rescue!:D we got cheque book, debit card and credit card.

onwards and upwards now!

c-m

aideng wrote: »

Don't know if anyone mentioned this bank before in this thread, but I was able to open a bank account at Eccount Banking even though I have a bad credit history. Maybe you can see if they have an account for your business?
Hope I could help

Never come across Eccount Banking before.

I did a search on the subject a few months ago, but all the posts, accounts and details were out of date.

The best guide I came across was this one about opening a business bank account with a bad credit history

In the end I managed to get an account with Co-op as I banked with them personally.

larks1981

hi guys. i originally statred this thread, and never really came back after i finally got it sorted. but i got a business account with Natwest. it was really very simple. cheque book, debit card, seperate savings account. its a natwest foundation account.

i have a terrible credit history and natwest seemed fine. thank you natwest.

terenceslattery

What about getting someone with good credit to open the account after you register the Ltd company through companies house, then have them as director then you get added as director and then they removed as director in company. Would that work and if so what are the costs, I'm in this position myself?

Cheers,