Credit Rating not good enough for a Business Bank Account

gunner786

In the same boat. Barclays refused.

Dont want to apply everywhere incase it messes up credit score even more. The cashplus business account will be a last resort as i have read some horror stories about them and as mines a fast food business cannot afford for them to hold our money or not make payments.

Got a couple of defaults on my credit score.https://uk.trustpilot.com/review/www.mycashplus.co.uk

Mr_Poves

Well I use cashplus business account and honestly never had an issue in 2 year's , sending / receiving / paying suppliers by card , direct debits and so on .
Only downside is no free banking and no cheque facility .

edit - I have just read those reviews and some are shocking , I think it must be ok to get you on your feet , but maybe if you have a big turnover and make larger than average payments it may not be the best option for you .
As stated above , I've had no issues though .

gunner786

How many £69 fees do u pay?

I paid once for them to send my card out and get it started and today they asked me again to top up account with £69. The £69 i paid before is showing in the transactions as card setup fee

Mr_Poves

It's an annual fee , it comes off the first deposit you make into the account , and then gets debited annually , I'm pretty sure I pay £49 per year , with no transaction in or out charges , I honestly can't fault them .

Ciwan

Can accountants do your accounts if you don't have a dedicated account for the business?

c-m

Have you tried the Cash Plus and Cardone Banking accounts?

They are expensive, and have their limitations but can be useful to get yourself up and running. Then once you are and you have a solid set of financials behind you, you can try the banks again.

http://moneysavinganswers.com/business/banking/how-to-open-a-business-bank-account-with-poor-credit-history/

jaybeetoo

My wife had a hard time getting HSBC to give her a business account for her limited company. This is despite having banked with them for 20 years (including having a mortgage) and never gone unauthorised overdrawn and never missed a mortgage payment. Excellent credit score. She didn't want a chequebook, overdraft or loan. Pretty unbelievable that HSBC were so difficult to deal with.

CKhalvashi

Ciwan wrote: »

Can accountants do your accounts if you don't have a dedicated account for the business?

Yes.

When I was cabbing (and working for an employer at the same time) I used to throw any notes (apart from 6x £5 and 2x £10) into my personal account every few days (usually when I needed some 20p's)

The bank at that point had no problem with the arrangement (it was my wages, plus about £7-800/week in cash going through the account), however I don't know if they've upgraded their computer systems to show this as not 'normal' now.

I tallied up the numbers on the meter at the end of each night, kept a log on a spreadsheet and gave them to the accountant at the end of each year, with weekly diesel/maintainence and monthly insurance, along with the receipts. This is a strategy that has stayed with a much larger CK Towers today.

gunner786

Read my reviews guys. Eye opener

https://forums.moneysavingexpert.com/discussion/comment/70366362#Comment_70366362

Ciwan

That is terrible

I can't wait to get away from them, sadly they were my only available choice.

I deposited £200 onto the CashPlus account, and 3 days later, I still couldn't see the £200 on there! It is supposed to take a max of 2 hours (through FPO).

I called them and they said I should send them a screenshot of my bank statement showing the money leaving my account. I did so, and now the money is on there.

But as you said, how on earth can a bank keep messing up like that!

They are one seriously cr*p bank.