Can't get a Business Bank account????

Hi,

So I setup my company about a month ago now and have been struggling to open a business account, I first tried my bank NatWest and they have declined me, they won't even give me a foundation business account! Ok my credit rating is poor but its not that bad!! So I tried barclays - DECLINED, Lloyds - You guessed it DECLINED!!

What are my options as this is really starting to annoy me! I don't need to borrow or need an overdraft, I just want a business account with a debit card (inc business name) Cheque facilities & DD facilities.

Surely someone can offer me something?
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Comments

  • macman
    macman Posts: 53,129 Forumite
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    What is your definition of 'poor but not bad'? Why is the debit card with a business name so important? Any standard current account can give you everything else, just set up a 'no 2' current account and use that as your business.
    If your own bank won't grant this, then it's most unlikely that any other will.
    No free lunch, and no free laptop ;)
  • lovinituk
    lovinituk Posts: 5,711 Forumite
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    The banks definition of poor obviously differs greatly to yours! As above, just use another personal account - I did for a few years and only opened a business account when the business was incorporated.
  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 18 March 2013 at 6:58PM
    macman wrote: »
    Any standard current account can give you everything else, just set up a 'no 2' current account and use that as your business...
    AFAIK, personal accounts are supposed not to be used for business purposes.
    lovinituk wrote: »
    ...As above, just use another personal account....
    lovinituk wrote: »
    .... If you've been using a personal account for business purposes then you have broken the terms you agreed to when you opened your account.
    dunno.gif
  • I got one with Halifax (my own bank) well actually I got it in Halifax and it was for Lloyds.

    My credit report is not good! No defaults or anything like that though, just missed payments.
  • lovinituk
    lovinituk Posts: 5,711 Forumite
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    grumbler wrote: »
    AFAIK, personal accounts are supposed not to be used for business purposes.
    dunno.gif
    And? I didn't say don't do it, just pointing out the facts. I never got caught ;)
  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 18 March 2013 at 7:41PM
    And what if the OP would get caught after following your 'just' advice? At least you should have warned him.

    In that thread the OP has their account frozen for more than 3 weeks already and still has no idea what is going on and when this witch-hunt will come to the end.
  • pmduk
    pmduk Posts: 10,670 Forumite
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    grumbler wrote: »
    In that thread the OP has their account frozen for more than 3 weeks already and still has no idea what is going on and when this witch-hunt will come to the end.

    However, we don't know the reason for that account being frozen, it's unlikely to be because it's a personal account being used for business purposes.
  • lovinituk
    lovinituk Posts: 5,711 Forumite
    1,000 Posts Combo Breaker
    grumbler wrote: »
    And what if the OP would get caught after following your 'just' advice? At least you should have warned him.

    In that thread the OP has their account frozen for more than 3 weeks already and still has no idea what is going on and when this witch-hunt will come to the end.
    We don't know the reason behind that. Look back over my posts, I've advocated using a personal account for sole trader business for a long time.
  • grumbler
    grumbler Posts: 58,629 Forumite
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    pmduk wrote: »
    However, we don't know the reason for that account being frozen,
    Exactly
    it's unlikely to be because it's a personal account being used for business purposes.
    If it's that unlikely, why was it suggested and discussed as a possible reason?
  • pmduk
    pmduk Posts: 10,670 Forumite
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    It was suggested as one of many reasons for closing an account, but discounted in that case as being outside most banks' terms and conditions. (ie the procedure would be for the bank to give notice of closure, not freezing the account.)
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