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Finding the right bank account is an essential part of your business.
Basic business bank accounts are ideal for business owners who may be experiencing difficulties with their credit score. These type of bank accounts offer you the option to open a basic account with no credit checks.
What they offer:
Basic accounts generally offer no monthly fee, with fixed fees on payments in and out, withdrawals and deposits - meaning you'll always know what you're paying.
UK banks are more than likely going to reject business owners and directors who apply for a business current account if they have a poor credit history. Regardless of the company type for example; a limited company (a company which is a separate legal entity) – banks will still run a credit check on the directors and owners as standard.
Numerous banks will be more lenient with businesses, however this depends on the reason for the poor credit history. There are two types of bad credit which will not be overlooked, they are; bankruptcy and County Court Judgements.
Generally the bank will often decline a business because of the poor credit history, another reason for them declining the account is if the business owner or director has recently moved to the UK, or moved back therefore they are unable to provide the bank with any credit history.
For many directors and owners they just want to keep their personal finances separate to their businesses finances. Basic business bank accounts could be a cheaper option compared to the complex and pricey bank accounts.
If you are self-employed it is acceptable to use your personal current account. But, be aware that the bank can add fees onto your account if they see numerous transactions, which would ultimately turn into a business current account.
There is no single bank which provides the best bank for start-up businesses, as each provides different features. The best start-up option will be the provider which offers the service benefits for your specific requirements. There are many high-street banks which provide startup business accounts, however 'challenger banks' are becoming a popular alternative.
These challenger banks are smaller than the traditional banks and usually specialise in providing an online alternative. Many of these accounts are designed specifically for start-ups, with features catering to the needs of a small operation. The following accounts are designed specifically for start-ups and include both high-street and online banking options: