Business bank account for someone with poor credit history and/or CCJ's?

[Alan @ BroomeAffinity]

Thank you for the replies.

Lisa I was considering the Umbrella company but I wanted to take the risk and see if I could get myself set up (both a ltd company and a business bank account).

I am happy to inform that Santander came back with a positive and have provided me with a business bank account and a business saving account (including associated cards).

I was genuinely surprised didn't expect them to say yes so I am going to stick with them and its free banking for 18 months so I can't complain in that respect (I will still look at Cashplus /Cardone as a future option if I need an additional bank).

Thanks,

T

That's a big surprise. I really didn't expect any joy on high st. Well done. But, don't just stick with them for the free trial period. As the only one willing to take a punt on you, you should be a customer for life. :-)

[LisaContractorUmbrella]

Thank you for the replies.

Lisa I was considering the Umbrella company but I wanted to take the risk and see if I could get myself set up (both a ltd company and a business bank account).

I am happy to inform that Santander came back with a positive and have provided me with a business bank account and a business saving account (including associated cards).

I was genuinely surprised didn't expect them to say yes so I am going to stick with them and its free banking for 18 months so I can't complain in that respect (I will still look at Cashplus /Cardone as a future option if I need an additional bank).

Thanks,

T

Result Well done

[jamespoole]

You will be doing yourself no favours with constant applications to banks. They can all see each others applications and they will be aware that you have been refused and follow suit.

You can choose to go with one of the cash-plus accounts, but prepare to be limited in what you can do and charged for every step you take. I would always recommend against them, but in some cases they can be a necessary evil. Do not put money for a Ltd company into yours or anyone else's personal account! The implications can be significant and you can end up doing more harm than good.

Your final option is to just have a savings account in the business name. You can get a cash card which means you can draw funds in and out and it will be in the business name. You wont be able to make card payments initially, but having a funded account in the business name will only help you to re-apply with them in six months when you have proof that the business is earning money.

[SueEllen]

If you read the thread @jamespoole you would notice the OP has an account.

[jamespoole]

Yes!!

Saw that just after I had posted.

[Vurso]

Yes!!

Saw that just after I had posted.

No mate still valid advice as someone else will be reading these posts.

I secured my first contract under my new company now I need to get my head down and work hard!

Thank you all

[TheFaQQer]

If anyone wants to recount their troubles opening a bank account, this appeared in my Twitter feed just now:

https://twitter.com/teamIPSE/status/704340650422980608

[nigelbb]

This was also the case with Co-Op who said that the CCJ needed to be 6 years or older (?).

CCJs only stay on the Register of Judgments for 6 years so will drop off your credit history after that time. This is in line with the general principle that debts older than 6 years are unenforceable so defaults on credit cards etc also drop off your credit history after 6 years. What the Co-op are saying really is that after 6 years they won't know about your old expired CCJ.

[mikedefieslife]

Bad credit business bank accounts

From looking at the boards at MSE, there's a fair few people been turned down for the Natwest Foundation account, which you can only get by first applied for a regular account, then being accepted at Santander. The latter seem keen to grow the number of businesses on their books.

How have you been finding them a few months in?

Hopefully the IPSE will do something and try and petition a bank to create something akin to a basic business account. For others struggling to open an account it's important not to keep applying willy nilly, as rejection at one bank only makes it more likely to be rejected elsewhere.

Have a read through the guide below, on steps to take to improve your chances of getting accepted.

How to open a business bank account bad credit history

For comparison you can try

Business bank account comparison

[WTFH]

From looking at the boards at MSE, there's a fair few people been turned down for the Natwest Foundation account, which you can only get by first applied for a regular account, then being accepted at Santander. The latter seem keen to grow the number of businesses on their books.

How have you been finding them a few months in?

Hopefully the IPSE will do something and try and petition a bank to create something akin to a basic business account. For others struggling to open an account it's important not to keep applying willy nilly, as rejection at one bank only makes it more likely to be rejected elsewhere.

Minor point - your link is to "Money Saving Answers", which is nothing to do with "Money Saving Expert" and Martin Lewis. I'd be careful with that link if it is trying to pretend to be part of MSE.