Why not consider opening an alternative business bank account if you are struggling to open an account with any of the high street banks?
If one high street bank declines you then most others will too, so looking for an alternative business bank account might be your only option.
With the banks risk profiles being limited to only those with an excellent or good credit report, anyone with bad credit will get declined.
What this means is that your only option may be to look to a banking provider that avoids the need of a credit check.
What is an alternative business bank account?
An alternative business bank account is one that is not directly with any of the mainstream banks.
However they all offer all of the key features that a mainstream bank will offer.
So you can expect to have a UK sort-code & account number with Internet and mobile banking.
There are some options that will allow you to deposit some cash and cheques into the account.
Every alternative business bank account will be fully FCA regulated and approved.
They will not perform a credit check, so anyone with any form of adverse credit can be sure of being accepted.
Plus with a UK sort code, all your money would be safe within one of the UK’s clearing banks, ensuring the safety of your money.
If you open an alternative business bank account they all offer their facilities with no contracts, so you can ordinarily cancel at any time.
This may give you the time to repair any credit issues you have whilst still allowing you to run and operate your business.
So our advice if you have any adverse credit and need to open a bank account for your business is, consider an alternative business bank account.
It does not have to be forever and could be a very good option until you can repair your credit file and qualify for a mainstream bank.
For any help or advice please call 020 3286 3929 or simply apply online here.