Business Bank Accounts

[Zeppelin]

Thanks very much Kevpuk and Pinnacle. The Nat West account sounds ideal and will contact them to verify. Thanks all for the input.

Agreed, Natwest offer a foundation account which, if you only have defaults should be fine. Best bet is to go online and get the Business banking number, rather than go into a branch, that way they can go through the process/ application with you and it takes about 7-10 working days to get your stuff through. I speak from experience .

If your concerned as to what is showing on your credit file, get your credit file from Experian and Equifax.

There are also other options such as CardPlus, which is in essence a prepaid card system, which offers basic online banking as well, however with the informational you have mentioned Natwest will be no problem.

[PinnacleCredit]

Another vote for Natwest Foundation account

Take a look at the NatWest Foundation account......as I understand, they offer this Business Account to those with more colourful credit history, albeit with no overdraft/credit lines etc.

Agreed, Natwest offer a foundation account which, if you only have defaults should be fine. Best bet is to go online and get the Business banking number, rather than go into a branch, that way they can go through the process/ application with you and it takes about 7-10 working days to get your stuff through. I speak from experience .

If your concerned as to what is showing on your credit file, get your credit file from Experian and Equifax.

There are also other options such as CardPlus, which is in essence a prepaid card system, which offers basic online banking as well, however with the informational you have mentioned Natwest will be no problem.

[kevpuk]

Take a look at the NatWest Foundation account......as I understand, they offer this Business Account to those with more colourful credit history, albeit with no overdraft/credit lines etc.

[Zeppelin]

Hi. Thanks for taking the time to reply.

The SC forms didnt ask for financial details at all, perhaps as the client only requires Basic Clearance?

Did you declare on SC form? It might well delay SC process too, you sure client will wait?

[Zeppelin]

Thanks for taking the trouble to reply, much appreciated.

Just that they have an existing relationship with Barclays and RBS although they've stated RBS are "easier to deal with". I havn't yet rasied the issue of a credit check with my accountancy company as I didnt want needless credit checks to be run against my account which usually seems to lessen the overall credit score.The appointment with RBS is next Monday - I called Santander to check the potential benefits of their scheme which seem excellent and include free banking for 18 months. However, I stopped the process before they started to run any credit checks for the same reason as above. Am very concerned though as suggested earlier the Contractors Handbook was generally encouraging about this matter.

Just an opinion - I wouldn't want business banking and personal account with the same bank given the mess they all have got themselves in recent years and various system outages more recently. Santander reportedly have a habit of sharing logins and email addresses between the accounts.

What reasons has the accountancy given to suggest RBS / Barclays over your preferred choice? Do they share your concerns re the credit check?

[stek]

Hi

I'm a contracting newbie looking for advice on business bank accounts please. Brief background is that my Ltd Co has been registered and I have business insurance in place pending a start date from the client following SC. However, I'm worried I may have a real problem in setting-up a business bank account as I have defaults on my credit reference file. They all date from years ago and are all under active management as per the repayment agreements. Will this prevent me from opening a business bank account with any bank? I understood from the Contractors Handbook that whilst some banks would be reluctant I should nonetheless be able to find a bank willing to arrange this. My accounting company seem very keen for me to use RBS or Barclays, although I'd rather use my own bank (Santander) however they have also mentioned the need for a credit check.

Very grateful for any advice on this please!

Thanks

Did you declare on SC form? It might well delay SC process too, you sure client will wait?

[Contreras]

Hi

I'm a contracting newbie looking for advice on business bank accounts please. Brief background is that my Ltd Co has been registered and I have business insurance in place pending a start date from the client following SC. However, I'm worried I may have a real problem in setting-up a business bank account as I have defaults on my credit reference file. They all date from years ago and are all under active management as per the repayment agreements. Will this prevent me from opening a business bank account with any bank? I understood from the Contractors Handbook that whilst some banks would be reluctant I should nonetheless be able to find a bank willing to arrange this. My accounting company seem very keen for me to use RBS or Barclays, although I'd rather use my own bank (Santander) however they have also mentioned the need for a credit check.

Very grateful for any advice on this please!

Thanks

Just an opinion - I wouldn't want business banking and personal account with the same bank given the mess they all have got themselves in recent years and various system outages more recently. Santander reportedly have a habit of sharing logins and email addresses between the accounts.

What reasons has the accountancy given to suggest RBS / Barclays over your preferred choice? Do they share your concerns re the credit check?

[Zeppelin]

Hi

I'm a contracting newbie looking for advice on business bank accounts please. Brief background is that my Ltd Co has been registered and I have business insurance in place pending a start date from the client following SC. However, I'm worried I may have a real problem in setting-up a business bank account as I have defaults on my credit reference file. They all date from years ago and are all under active management as per the repayment agreements. Will this prevent me from opening a business bank account with any bank? I understood from the Contractors Handbook that whilst some banks would be reluctant I should nonetheless be able to find a bank willing to arrange this. My accounting company seem very keen for me to use RBS or Barclays, although I'd rather use my own bank (Santander) however they have also mentioned the need for a credit check.

Very grateful for any advice on this please!

Thanks