Business Bank Account - Ltd company but I have a bad credit history

lepetit

Hi,

I really need to open a business bank account for my Ltd company but I have a very bad personal credit history (trying to correct!).

Already been turned down by Santander and by the looks of Co-op eligibility criteria there's no way I would get one with them either?

Any where that would accept me?

Savvy_Sue

Where do you do your personal banking, and have you asked them?

inmypocketnottheirs

Cashplus do a business prepaid MasterCard that accepts payments. Have a look at http://www.mycashplus.co.uk/business/default.aspx.

lolavix

NatWest do an account without credit facilities called the Foundation account

c-m

I had the same problem, but opened an account with Barclays in the end. It was pretty painless.

There's an up to date guide on business account for people with a bad credit history here:
http://defylife.co.uk/blog/business-start-up/opening-a-business-bank-account-with-a-poor-credit-histroy/

fishybusiness

I went to the Bank of Scotland, no credit facilities, just pay in, pay out, after 6 months banking they gave me a debit card, after 2 years they gave me a business credit card.

Not having facilities made life difficult at times, but there was no choice so I stuck with it.

c-m

Was that the RBS foundation account then?

EDIt:

You mean BOS as part of the HBOS group? What's the account called?

lucethejuice

Hi, i also have recently set up a ltd company. I have a default on my account and my other director is a dishcharged bankrupt. Got refused by lloyds who i bank with and everywhere else!! i contacted a company called ltd companies who guarantee a bank account with a high street branch and they set me an account up with barclays within 2 weeks for around £160. Priceless as far as i am concerned. give them a try, as a ltd we couldn't operate on the guaranteed mastercard account or get merchant services though it is a good alternative if you are a sole trader i guess

lucethejuice

p.s please dont think that because i am a newbie that i work for them, i dont, just so pleased to get the account sorted, been a big source of stress!!!

c-m

I think that would be an absolute last ditch resort for many. Really it's something that you would be able to do yourself for free.

However if you have the money, and you're desperate enough, then at least it works and you can get on with your other business.

paddyrg

What do they do that you can't do direct? I am curious, as the end result is the same (bar the fee)?