My bank won't give an an account!

moosecraftsman

Hi guys, you read that right. I bank with Santander business but they won't give me a personal account.

I run a business that turns over in excess of £1m p/a. My salary is currently 70k.

My problem is that I sacrificed my credit score in setting up my business. Say what you will about that but I sacrificed a lot and took a big gamble which has now paid off.

I don't have my own personal account as I lost that a few years back when times where very tough. I currently pay £4k+ a month into my wife's account.

My business of which I am a director and 50% shareholder has an account with Santander. My wages are paid from my business Santander account into my wife's Santander personal account.

I have asked Santander that I am added to my wife's account as a joint account but my 'application' was declined due to my credit history. I appealed and asked that the underwriters take into account the fact they they gave me a business account which is now very healthy and also that £4000 a month of my money is paid into my wife's account.

I told them I don't want an overdraft or any kind of credit facility but the bank has just got in touch to say my appeal was rejected and I cannot be added to her account.

I understand the credit score thing but anyone with any kind of sense that looks into my case properly would add me to an account that I currently feed wouldn't they?

I'd appreciate any comments or advice.

Thanks for reading.

M

Malmo

Perhaps look into getting a basic bank account?

Tixy

Santander do seem to be one of the tougher banks in opening new accounts at the moment.

What negatives are showing on your credit files?

If you have significant negatives on your credit file and are struggling to set up a new bank account then you may need to consider a basic bank account, be that with santander or elsewhere.

To open a basic bank account you should only need to be able to prove your identity, not be an undischarged bankrupt and not have any suggestion of fraud showing on your credit file.

Stressedgem

Grr, how frustrating! It's crazy that they won't give you an account, even a restricted one for a while.

Co-op and Barclays do 'basic' accounts which just means there is no overdraft facility. It's a standard Visa card with online banking I and everything else a a 'normal' account offers so you could definitely get on of those and do your day to day banking with them.

Best of luck and congrats on your business success!

BrassicWoman

you talk about turnover and salary. does your business make a profit? that's the important part.

FredG

I don't have a great credit history currently due to an erroneous Lloyds default around 5 years ago but I got a Santander 123 account in the past few months.

I often wonder how many decent customers banks are losing out on because they've lost their personal touch to automation.

BlueKiev

Best to get a normal bank account with basic things on it.


One way to look at banks that don't give you credit is, Would you lend to people that you have in the past that didn't pay you back ? more than likely not.

DCFC79

Go elsewhere then.

You couldn't have sacrifice your credit score as it doesn't exist.

Thrugelmir

moosecraftsman wrote: »

My problem is that I sacrificed my credit score in setting up my business. Say what you will about that but I sacrificed a lot and took a big gamble which has now paid off.

You made your own choices so have to live with the consequences of your actions. Nothing credible in sacrificing your own credit score. As ultimately it's a reflection of you. That's what you'll be judged on. Not the turnover of your business now.

fat-pudding

moosecraftsman wrote: »

My business of which I am a director and 50% shareholder has an account with Santander. My wages are paid from my business Santander account into my wife's Santander personal account.

Why not tell your business banking people why you're moving your business account to another bank then?

If you're profitable for them maybe they'll reconsider but if not it's their loss not yours.