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

EricHart

Have you tried the Federation Of Small Businesses (FSB) they offer free banking, it will cost a membership fee to FSB though.

angel13

Don't bother with the FSB I was just looking at it and the free banking is through co-op and if you do not match their set criteria they will not allow you to open an account

loonybunch

I'm hoping for some guidance here too! I've applied to RBS for their foundation account (I have previously held a business account with them) however due to my poor credit history (settled credit cards at lower amount so they defaulted me before settling). RBS have declined even considering I am currently using a personal account with them purely for business purposes.
HSBC and Natwest have also declined to open a limited business account even without any credit facilities. I have money paid in via bacs twice a month, no direct debits and a quarterly VAT refund. Unfortunately HMRC wont pay a cheque to me directly and the bank are returning the refunds when sent via bacs as the account name doesn't match the payee name. I've got a few thousand built up now in refunds due but no way of getting at it. The personal account used for the business is in credit by a substantial sum yet they have refused. Any advice would be truly appreciated

c-m

Last ditch solution - http://www.mycashplus.co.uk/business/

EDIT: They don't allow cheques, but if HMRC will send BACS that My Cash Plus would work just fine in your business name.

Are you near a Metro Bank? You can open a business instant access savings account. https://www.metrobankonline.co.uk/Commercial/Deposit-Accounts/Business-Instant-Access-Deposit-Account/

loonybunch

I'll try both of them thank you c-m.

loonybunch

Oooh, the mycashplus is £30 a year and I don't live near a Metro Bank. May have to suck it up and pay the £30!

lucethejuice

paddyrg wrote: »

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

They say they have relationships with manager higher up the bank. They must do, i filled out the form, they called me and then 2 weeks later barclays called me and came to me at my place of busines - i filled out the forms and 5 days later i had a business bank and savings account and merchant account. I got turned down by natwest, lloyds and HSBC when i tried to go through normal channels so for £160 i think it is well worth it if you really need the account

lucethejuice

loonybunch wrote: »

I'm hoping for some guidance here too! I've applied to RBS for their foundation account (I have previously held a business account with them) however due to my poor credit history (settled credit cards at lower amount so they defaulted me before settling). RBS have declined even considering I am currently using a personal account with them purely for business purposes.
HSBC and Natwest have also declined to open a limited business account even without any credit facilities. I have money paid in via bacs twice a month, no direct debits and a quarterly VAT refund. Unfortunately HMRC wont pay a cheque to me directly and the bank are returning the refunds when sent via bacs as the account name doesn't match the payee name. I've got a few thousand built up now in refunds due but no way of getting at it. The personal account used for the business is in credit by a substantial sum yet they have refused. Any advice would be truly appreciated

Seriously - contact LTD Companies and they will set it up for you for £160.

Lizzi08B

Hi,

I'm looking for the LTD Companies web site but there are hundreds - do you know what it was?

Thanks

c-m

Perhaps there's a couple of options to try here before parting with £160

http://www.moneysavinganswers.com/opening-a-business-bank-account-with-a-bad-credit-history/