If you need to open a business bank account with an IVA (Individual Voluntary Arrangement) then we would almost certainly advise to avoid any of the high street banks.
All the main banks will most likely decline your application once they discover you are in an IVA.
During the application process they will check your credit file so once they are aware of your IVA they will decline your application.
So what options are there to open a business bank account with an IVA?
The best options are those that will offer you business banking but without the need of a credit check, as they will not offer you any credit, so therefore will have no impact on your application.
Once you know your options it is then best to find the best account for your business needs, so making sure what ever account you apply for it will provide all the necessary business banking facilities you need.
There is a growing number of new business banking providers available and they all will differ slightly in what they offer and the type of functionality their accounts have.
Some may offer you the facility to bank cheques but most will not, as that is a very specialist process.
The majority will allow you to deposit some cash into your business account with others restricting the amount or allowing a greater amount to be paid in, but at a higher cost.
Others may offer a multi-currency accounts to make and receiving International payments, where others will only offer a GBP account.
So if you are looking to open a business bank account with an IVA, it is worth making sure you not only find the best one available but also the one that offers the best functionality that works best for you business requirements.
Need some help to open a business bank account with an IVA?
Contact us on 020 3286 3929 or Apply Online here