Business Bank Account

A question about : Business Bank Account

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Hello, I've just set up my limited company and I've been declined for a business bank account with my own bank. I do have a couple of defaults and I'm on a DMP which I have been paying back for almost 2 years without any hiccups. I have run my current bank account extremely well.

I would like a dead basic business account without any credit facilities. I'll probably be banking at least Ј9K per month. Is there anything that I can do to get an account which I really do need for my limited company? Any help will be greatly appreciated. The bank that declined me was A&L.

Thank you in advance

Best answers:

• Try other banks? :confused:
• Thanks Paul. I'll give them a go. I got the letter from A&L today with a lovely A4 sheet explaining about CreditExpert! Bless.
• Thanks Paul.. I'm going to try Natwest first. I hear that they do a no frills business account which is right up my street....
• People usually say "don't use the same bank for personal and business accounts" - I think because if the bank perceives a problem with one they may give you grief with the other. However, in your case that may have to be what you do. And if you do, remember that in 6 months' time you may be able to get a different business account, so you wouldn't then be vulnerable ...
• I would recommend HSBC; been with them for a year. If you go in and see them they can probably advise you of your chances before you put in an application (don't want too many rejections on the record). Might also be worth checking your credit report to make sure there's nothing amiss. I was staggered when I checked mine to see a couple of credit card companies from 5-6 years ago hadn't actually done what I asked and closed my account and that Vodafone were claiming an unpaid bill when everything had gone through just fine. Unfortunately, we are at the mercy of incompetent corporate processes.
• Thanks SavvySue and AnitaMarie. I will give them a go. I have applied to Natwest and will keep my fingers crossed.
• Now rejected by Natwest. According to Natwest you cannot have more that £1000 of adverse credit on your Equifax file. I really need a business account. I'm stressed by this all. I may have to try one of those guaranteed schemes or using one of my current accounts which is not the done thing for a ltd company
• Open a treasury account with the halifax. I did it for my Ltd. They'll push you to going to a full account but I just said my accountant asked me to start with a treasury account. You get a paying in book only but you can access it online/ via phone.
• Thanks Rich. Do you have a link for it? I cannot find it on their website...
• Hi WTFUK,
  Hope you don't mind me jumping in, my OH just refused Business Acc and needs one as although only starting up he has been awarded a grant that can only be accessed with business acc. If I find a solution will keep you posted.
  Rich, what is a treasury acc, does it not require a credit check?
  Thanks T
• Hi Tara, I don't mind at all and thank you.
  I've been looking at business bank accounts all day and I can't focus on anything right now. I know I messed up my credit file but all I need is somewhere that allows payment via BACS or CHAPS. If a deposit account can do it...then i'd be happy with that....
  I could not find any details of Halifax's Treasurer Account. I found Bank Of Scotland's one which is the same as Halifax. The thing is though they only do those accounts in Scotland.
• https://www.halifax.co.uk/savings/treasurersaccount.asp
  
  Halifax Treasurers Account
  An account specially designed for customers managing funds for a company, club or charity.
• Tiered variable interest paid annually at rates up to 3.85% AER (on balances of £100,000+) - so the more you save, the more interest you earn
• Open an account from as little as £1
• Up to four people can use the account
• Make unlimited deposits and withdrawals in branch using a passbook
• View your Halifax Treasurers' Account online

There'll not be a credit check carried out as it's a savings account. You'll be able to open it at any local Halifax branch.
Good luck.

• Thanks Dixie,
  Will try this and let you (WTFUK) know how I get on.
  T
• Thanks Dixie will try it tomorrow and let you all know how I get on. I already have a Halifax account so I'm keeping my fingers crossed this will be easy to set up.
  Thanks again
• Can a sole trader open one of these accounts? I'm due to start a market type stall in April & so far cannot open a business account due to adverse credit
• I'm not too sure.....but as a sole trader you can use your current personal account.
• Just to clarify...they need personal ID for the signatures on the account and company ID number (the one you get from companies house when you set-up your LTD). Be warned you may find like I did the staff aren't up on this account.
• Thanks Rich. When I get a bit of free time I'm going to check out Halifax. Does this account accept payment via BACS/CHAPS?
  Thanks again