If you have applied for a Santander Business Bank Account and been declined don’t despair, there are other options.
It can be quite difficult to open a Santander Business Bank Account for a number of different reasons.
The first problem can be actually managing to get an appointment, as with most high street banks, it can take weeks.
Then as part of their application process they will perform a credit check on all Directors and main shareholders.
So should anyone have any adverse credit, then that could cause your application to get declined.
If that is the case, then would strongly recommend that you don’t apply to any other high street banks.
If you do, they will see on your credit file that you have been checked by Santander so will know you would have been declined.
As such, they too will almost certainly decline you as well.
So what other options outside of the Santander Business Bank Account will be available?
The alternative options available will really depend on the type of business activity.
Some of the alternative business account providers will accept most ‘regular’ types of activity but can decline anything considered high risk.
So if you are a healthcare professional, consultant or a contractor, then there will be lots of options available.
This is because you are considered low risk and all transactions will be electronic.
If you are a Landlord, Shop owner or another business that takes cash, then that might be slightly harder.
Many of the newer type business account providers don’t accept cash deposits, so fewer options.
For a Money Service Business, anyone in gaming or gambling or activities like Crypto Currencies, then that will be harder.
All of these activities are considered High Risk, so many providers will decline their applications.
So there could be a number of reasons why your Santander Business Bank Account application could have been declined.
Our advice would always be to look for something that will allow you to trade and either get your business going or keep it going.
Even if you have to compromise a little, keeping your cash flow running is critical to all businesses.
No provider will sign you up for life, so most are fully flexible and come with no contracts.
This will allow you to continue to run your business whilst looking for an alternative.
Then once you have, you should simply be able to close your account and move it to where you would like it to be.
If you have your Santander Business Bank Account application declined, contact us to see how we can help find you a suitable alternative.
Telephone 020 3286 3929 or Apply Online (no obligation) and we will see what will be available to you.