If your personal or business credit score is on the low side, you may struggle to get approved for some business bank accounts. Show
This is because most UK banks carry out a credit check before approving applications. Credit checks can even be carried out on owners or directors of limited companies. Even if you’re able to pass these checks, they can still take time to carry out. If you have a poor credit history but need a bank account for making and receiving essential business payments, don’t worry. Some banks are more lenient than others, meaning you can get a business account with no credit check. Plus, there are alternatives available, including Wise for Business. You can open a Wise Business account online with no credit checks, and start making and receiving international payments almost immediately. Can I get a business bank account with bad credit?Businesses or business owners with a poor credit score will be limited to the types of accounts and banks they can choose. But the good news is that yes - you absolutely can get a business bank account with bad credit. You may face some limitations in terms of features, but you’ll still be able to access the essential business banking services you need. We’ll be looking at just a few of the options available to you later in this guide. Opening a business bank account with no credit checks - what you’ll need to provideJust because no credit check is carried out, this doesn’t mean you won’t need to provide some proof of ID and other documentation. Here’s what you’re likely to need¹:
You may also be asked for documents relating to the insolvency status of your business. Business accounts for poor credit - your optionsNeed a bank account for your business, right away? We’ve rounded up some of the best business bank accounts with no credit checks. Let’s take a look: Wise for BusinessWise for Business is one of the options that you can consider if you’re looking for a cost-effective and quick to open business account. It's free to receive international transfers in different currencies through the multi-currency account, and if you need to convert them you’ll always get the real, mid-market exchange rate. You can Hold 50+ currencies in your account at once, switching between them when you need to, and pay invoices in just a few clicks. You can manage your account using the handy Wise app, and even integrate with accounting software such as Xero and Quickbooks. You can also take advantage of:
Start saving today with Wise Cashplus Business Current Account²Cashplus has a business current account specially designed for small businesses, especially those needing basic banking services quickly. There is a low annual fee to pay, but after that you won’t pay monthly maintenance fees. It offers:
Cashplus promises a fast, easy online application process, with no credit checks required to open an account. You could have your new account number and sort code in as little as 4 minutes. Revolut Business Current Account³Revolut Business account is an online-only account which can be managed via the Revolut app. The account offers the following features:
Revolut doesn’t do credit checks for business current accounts, only if you want to apply for any lending products⁴. CardOneMoney Small Business Account⁵The CardOneMoney account is ideal for self-employed sole traders, partnerships and Limited companies with a low credit score. You’ll get standard business banking features including Direct Debits, plus:
It costs £55⁶ to apply for an account but there are no credit checks. All you’ll need is to verify your ID, address and the insolvency status of your business. Acorn Account for Business⁷The Acorn Account for Business is an online account offering a new type of business money management. You’ll get your own dedicated account manager, who helps you set up direct debits and manage your invoices. Here are just a few of the key features:
Acorn promises you can open its business account in as little as 24 hours, with no branch visits or physical signatures required. Crucially, you can still be accepted even if you have a low credit score and there’s no account opening fee⁸. Trade internationally? Wise for Business is the ideal solutionThe above accounts are decent options for making and receiving business payments in the UK, but if your business trades overseas or intends to in the future, consider trying a Wise multi-currency account. With a Wise Business account you can make international payments cheaper than with a bank⁹ - and up to 19x cheaper than PayPal. It's free to receive money, and if you need to convert currencies you’ll always get the real, mid-market exchange rate. So, if you or your business has a patchy or even downright terrible credit history, don’t panic. There are still plenty of business bank accounts to choose from, including Wise - the perfect solution for low-fee international money transfers. Sources used for this article:
Sources checked on 7-March-2021. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Which business bank account is easiest to open?Cashplus. -Manage your account 24/7 on mobile and desktop. ... . Revolut. Mobile business account, accessible online and on desktop 24/7. ... . PayPal Debit. Manage account 24/7 online and on the app. ... . CardOneMoney. 24/7 online and mobile banking. ... . Countingup. Manage your account 24/7 using the app. ... . Coconut. ... . Acorn Account. ... . Which online banks do not use ChexSystems?What banks or credit unions do not use ChexSystems?. Acorns.. Chime.. Wells Fargo.. Navy Federal Credit Union.. US Bank.. Renasant Bank.. United Bank.. Does Novo run a credit check?Novo will not check your credit history when you apply for a Novo account. Also, having an account with Novo will not affect your credit score.
What is the easiest bank to get an account with?The 8 Easiest Banks To Join. Chime. Chime1 is probably the easiest to join. ... . TD Bank. To sign up with TD, users can go online and enter their basic information, including a driver's license number or state ID. ... . United Bank. United Bank has the same requirements as TD. ... . Synchrony. ... . Chase Bank. ... . Axos Bank. ... . Ally. ... . Wells Fargo.. |