Business account for a new Ltd company

[andy2965]

Hi all myself and a friend have just set up a ltd company and we are struggling to open a business account because of poor credit. My own bank Lloyds TSB have no issue with me but my friend failed the credit check so theres nothing they can do, I have a chequered history with Natwest so i assume a Foundation account is out of the question. I have been refused an account with a few other banks in the past including Halifax, Barclays, Santander because of my own credit problems. Can anyone advise me of a lesser-known internet bank or building society that will give us a basic account with no borrowing? all we need is to pay money in and set up a couple of direct debits.

Thanks in advance for any help

Andy

[CHRIS44G]

You could join the FSB and try their banking scheme, run through Alliance and Leicester if I recall. Yorkshire Bank may be worth a go too, or even the Co-op. Good luck!

[andy2965]

Hi Chris thanks for the reply, I have read about the exclusive account linked to the fsb, I think it is run through co-op. I imagine we would be credit scored regardless of our fsb membership thus I am a bit reluctant to shell out the £200 membership fee but I will certainly try and get a bit more info on this. Thanks for the Yorkshire idea also, thats one I have yet to approach.

[CHRIS44G]

This might work for you too, no credit checks.

 

http://www.mycashplus.co.uk/offers/cashplus/corp-del/default.aspx?pc=BUS490b

 

May get you off the ground anyway!

[andy2965]

Yes thats my last resort account if all else fails! Does anyone have any info on the N&P building society account? I've seen this name crop up a few times on other forums where people have struggled with the high street banks.

[andy2965]

Update to my original post i now have a business bank account with NatWest! I went to my local branch and spoke directly to the business relationship manager- i dont know if this makes a difference but all my online applications with other banks were declined. I also had a step account with natwest in the past which i didnt manage very well but this didnt go against me which i thought it might. It took around a month to get the account open, with a lot of calls chasing the business manager for updates but finally the account is up and running, so my advice to anyone in the same boat as me(ccj's, defaults etc) is to get down to your local branch of NatWest and speak to the business relationship manager- it worked for me!

[Mike_hawk]

Natwest....... to be trusted about as far as you can throw them, dirtiest of the lot - any indication of a PG requirement?

[andy2965]

Natwest....... to be trusted about as far as you can throw them, dirtiest of the lot - any indication of a PG requirement?

 

Unfortunately when one is turned away by all the other banks one does'nt have much choice, although i and many others would like to know of any other banks you know of that accept people with adverse credit for a business account? That was the whole point of my original post...

[Mike_hawk]

Respond to the PG issue and I may have some options, too many fallen into the trap of 'all that's available' only to find themselves bent over by RBS group in the future.

[andy2965]

Well the choice i had at the time was to open an account or be unable to trade, as there was no info from you or anyone else regarding a suitable alternative, so i'm happy to be accepted by NatWest. I'm sure i'll find out in due course if they can be trusted or not but like i said if you have lots of alternatives please post them for the benefit of the other people in my situation. As for a PG requirement do you mean personal guarantees? if so then no there was no requirement.

[Mike_hawk]

Yes to personal guarantee, very rare on new start up to be accepted without so I guess that's a well done on negotiating the facility. Can only suggest best kept to no personal exposure if Natwest are agreeable in the long term. Best of luck with the new business venture

[boltzandnutz]

as long as its not Barclays, you should be fine.