There are some instances when you can open a free business bank account, however they may not be available or even suitable for you.
However, they will eventually charge you either a monthly fee or per transaction for your business account
Also they will perform a credit check during the application process on all Directors or main shareholders.
So if anyone has any adverse credit, there is a higher chance your application may get declined.
Another new provider called Starling Bank also offers a free business bank account.
They will not charge any monthly or electronic transaction fees for those who turnover less than £1.7m
However as with the other more established banks, they will perform a credit check which could cause a problem if you have any adverse credit.
If you have any credit issues or are likely to be declined for a free business bank account, what are the other options?
Whilst all are free to apply for, they will all make some charges on their accounts either on transactions or monthly fees.
As such, you would have to ask will they offer the type of facilities your business requires in respect of it’s banking needs?
Every provider will differ in some way with what they offer although most offering direct debits, standing orders, online/mobile banking etc
Other services such as multi-currency, banking cheques, paying in cash and branch access may only be provided by selected providers.
So it is worth doing some proper research for the best free business bank account available to you.
Plus ensure it provides the banking services your business needs.
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Alternatively you can call us on 020 3286 3929