View Full Version : Bank account suggestions

27th September 2004, 18:28
Already been turned down for business account by two high street banks (including where I do my personal banking and have run account without problem!)

This is because of an old problem on my credit file.

Can anyone recomend a bank that will open a simple business account with no credit facilities whatsoever without credit scoring?

And if not, what on earth can I do with the money I'm being paid!?


Admin note IT contractor bank account (www.contractoruk.com/money/free_business_bank_account.html)

28th September 2004, 13:09
If you seriously can't open a Busines bank account then I think your only option is an Umbrella Company. BUT ASK AN ACCOUNTANT thats what they know about !

Have you tried some of the online / non higt street ones, Abbey National, Cater Allen , Bank of Ireland ....

28th September 2004, 21:00
Thanks. My accountant has only really been able to advise that I definately need a business account.

Abbey turned me down. I didn't bother with cater allen as it said on the introduction letter that any adverse credit history would stop an account being opened.

I havn't given up yet. It is annoying though that this is stopping me getting an account to pay money into. I'm not asking for any credit whatsoever.

I've seen that anyone with adverse credit can now get a basic personal account with any of the high street banks. Unfortunately this doesn't seem to be the case with business accounts. So a bank will give me a personal account but would get upset if I used it for business even though they won't give me a business account! Daft.

I am currently trying Nat West. Fingers crossed.

29th September 2004, 07:33
Serious question: do you really absolutely need a business account?

Is it not possible to have payments made to your personal account? Of course the Revenue would want to know why (so you tell them) and give your personal account a bit of scrutiny; but if it lets you get an income.....

29th September 2004, 11:19
Had a thought

If you Co. has another Director then let them have all the shares; open the account (shouldn't be a problem since your not involved) then transfer the shares back to you.


PS sounds a bit dodgy to me but ...

Darren at 1st Accountancy Serv Ltd
29th September 2004, 12:43
MG is quite correct, this would work as long as you resigned as a director. However, NatWest Direct Banking tend to allow most through.

30th September 2004, 13:13
Does anyone know whether you must have a company bank account? I mean, if you put everything through your personal account, your own accounting would serve the same purpose as the bank's accounting, i.e. it would track the company's money.

30th September 2004, 13:45
Does the company legally own the money if it is sitting in the directors personal bank account?

A company bank account would receive interest gross but if it were in a personal bank account then it would be received net.

I would say you require a company bank account. I think the IR and or Companies Act (on keeping proper books and records) would want you have company bank account too, but can't find anything to back this up........sorry

30th September 2004, 14:25
Uh, huh, I'd bet they wouldn't like it.

But logically it shouldn't be a problem: proper accounts are proper accounts independently of the location of the money they refer to (indeed, if you have a personal and a business acount at the same bank, it's only their accounting that keep it separate).

What if (just for argument) you dealt only in cash? Then the company's cash could be kept under the same mattress as your own..... as long as you didn't confuse them.

Debbie Reinvented
1st October 2004, 20:56
Does anyone know whether you must have a company bank account?

Legally if the company has the contract and the company invoices for the services provided, payment can only be made to the company. Most reputable agencies/ companies would be aware of that.

Having said that I know of a situation where an ex director of a ltd (not contract or IT), set up a bank account in the same name as the company but without the LTD and then got a big deal from the company paid for into the other account .......