By popular demand I am writing this guide to help people who have adverse or bad credit to get a bank account to start there own business. I believe its true that in the UK today if you have a bad credit score, few banks generally want to entertain you,

Bad Credit Business Bank Accounts

Your almost looked upon as a second class citizen by banks and given the impression by the same that according to them you wont succeed, but wait a while will you, because do you know what YOU CAN and I am going to show you how to get a business bank account with bad credit, no matter your credit history or credit score it can be done.

It may seem like a stigma, but actually its not. Many banks will give you a second chance account. The advancement on making decisions on who gets a bank account and who does not has gone beyond human decision making to computers. As some of us will remember, at one time you could arrange an appointment with your local bank and go in to see the bank manger and sit down and come to an agreement. Those days sadly are long gone.It may seem that Bad Credit Business Bank Accounts are not in vogue…however as we will see they are in fact available.

Banks who offer business bank accounts for people with bad or adverse credit.

Complete information for you to help you get started no matter if you have bad credit, are Bankrupt or have an IVA, here we go, no fees just information that works no matter if you have bad credit history or not with a second chance account with the big 4 banks.

Barclays Bank:

The deal here is a basic bank account, make an appointment to go and see them, or better still arrive at your local branch. Present your situation, be totally honest and mention you need a basic bank account with cash card. Barclay’s more than likely will offer you a:

-          Cheque Book

-          Paying in Book

-          VISA debit card

-          Standing orders/Direct debits

The VISA card is off course based on you having funds in your account, the setup of this account takes a very short time and then your good to go.

Bad Credit Business Bank Accounts

Cooperative Bank:

The coop I found to a degree not so keen, this could be for a number of reasons but worth a try. Again the route here is a basic business account. They provide:

-          Ability to pay in money at your local post office or branch of the bank

-          Electron Card – Not good as its not accepted everywhere but good as a cash card

-          Cheque book

-          Standing orders/Direct debits

They may or may not give you more depending on your circumstances, but one thing all these banks do is give you a chance to rebuild your credit. The coop also offers basic personal accounts, same deal more or less as the business bank account. I used them for a personal account and it’s ok. In any case if your looking for adverse credit business bank accounts, this is the place to get started.

Bad Credit Business Bank Account

Lloyds Bank

Lloyds’s are a bit trickier, I initially paid a company on the net £149 to help get me an account, matter of fact I need not have bothered as the help they provided was not good at all in my search for a business bank account. I went to my local branch as an appointment was made, the girl who interviewed me didn’t want to know at all. undeterred, I went to the central bank of Lloyds in Manchester, spoke to an opening account lady and hey presto I got the account.This bank appear to be bad credit business bank accounts specialists.

Tip here: Go to the main branch not a sub branch! Don’t try and open the account via there website, the credit scoring will kill you before you start.it seems to be programmed to auto decline people who are looking for bad or adverse credit business bank accounts

Lloyds offer:

-          Basic Business Account which includes:

-          Cheque Book

-          Paying in book

-          VISA debit card

-          Account managers

-          Standing orders/Direct debits

I started at Lloyds with this and had no credit. Over time I have gained a business credit card with 2K limit, overdraft of £5000 and more if I need it. In addition, my company has an A++ rating in the bank, the highest there is.

HSBC

Well, they may offer a basic business account but from my own experience it was not so good. I called them up and they gave me a local number of a branch to call. The girl never returned my call once she was told I had bad credit she quickly lost interest. I then went into the Liverpool  branch and the guy who was an “account manager” sat there like an emperor and I felt very uncomfortable and a tad humiliated. I got turned down for an account and so can’t give this bank a plus or minus as it was unclear what they offered. Would I recommend HSBC Bank? from my own experience a big No. I think overall there not  interested in dealing with bad credit business bank accounts.

Halifax

Bad Credit Business Bank Accounts

Again, I got the details of a company on the web, the Halifax offer a treasurers account which gives you a paying in book and cash card. Just a note here, I didn’t see it advertised so I guess they try and keep it quiet. No credit but they do pay interest on money in your account and offer BACS, standing orders etc. Useful if your desperate, but better as a temporary measure.

Bad Credit Business Bank Accounts

How to get a business bank account with bad credit? The answer is the above banks . I will be providing more banks over time and updating this page.

UK Business Banking

Before starting the banking activity it is necessary for you to find the right bank to meet your needs. Unless they have the best deal, it is usually not advisable to use your current bank for your business needs…..

UK Business Banking can provide all you need to make it in business. It is a good idea to keep your business and personal affairs separate, and means that a bank is not in control of all your capital. Moreover, banks often offer better deals to new banking customers in order to attract new business.

Once you have finalized the selection of bank you need to open an account for your business. This is perhaps the most significant step and a number of things are required to do before you can open an account. Make a plan of your business to present to the bank officials to show them where you run your business. Also, if you are a new company, then probably you will need to obtain evidence of your initial financial support. Personal credit history of you and your business partners, if any, will also be verified and once this process is completed, there will be no obligation on you to open an account. See also our business banking review.

Bank’s rates and other offerings will normally depend on to the volume of your business, and the outcomes of your credit controls and evaluation of your business plan. Starting with a simple account is best option so that you can withdraw the money without any hassle. Once your business increases then you can add more features like a high interest savings account, as your progresses.

Online banking is one of the best ways to carry out your banking business. If you are looking for a business account, then you should consider having the online features. This will make basic banking much faster and save you having to go to bank every time you need money either to pay or to transfer funds.

I hope this helps you.

Kind Regards

Mike

Remember: Bad Credit Business Bank Accounts do exist, just take a loo and you will find them!

Bad Credit Business Bank Accounts