UK high street banks will generally reject an application to open a standard business current account if the applicant has a history of bad credit. Even if the business is a limited company (which is a separate legal entity to the individual(s) running it) banks will still credit check the owners/directors.
Some banks can be more lenient than others with regards to different types of bad credit (bankruptcy, CCJs, defaults are the worst) but on the whole the bank will refuse to open an account.
Many people just want a basic business bank account with no credit checks where they can simply make payments in and out of the account. They don’t need overdrafts and they don’t want to go through the process of producing a business plan for the bank. Banks in the UK don’t seem interested in this type of potential customer.
All is not lost, though, for those in this situation. There are options available and we have listed some of them below: (You will be required to provide 2 forms of ID (identity and address) plus proof of your business to open these business bank accounts.)
1. ANNA Business Current Account
2. MultiPass International Business Account
3. Zempler Bank Business Go Bank Account
4. Tide Business Current Account
5. CardOneMoney Business Account
6. UK High Street Business Account
8. GoSolo UK Business Account and Free Limited Company
9. Other Bank and Building Society Accounts
10. Currensea Business Debit Card Payment Account
1. ANNA Business Current Account
ANNA offer app based business current accounts for UK businesses. Accounts can potentially be opened within a few minutes and you will receive a debit Mastercard within 5 days. There is an initial free banking period of 6 months and then a charging structure of between £0 and £49.90 + VAT per month depending on the plan chosen in relation to the requirements of your business.
More details about this ANNA Business Current Account >>
What ANNA Business Banking offers:
- Debit Mastercard.
- Guaranteed acceptance (subject to UK identity and business checks).
- Ideal for undischarged bankrupts or those in an IVA.
- No credit checks.
- Ideal for startups, small businesses and sole traders.
- Free for first 6 months.
- Can be opened in as little as 3 minutes.
- No transaction fees.
- ATM fees from £1 per withdrawal to Free depending on plan chosen.
- Free Direct Debits.
- Free Standing Orders.
- Transfers from 20p per transfer to Free depending on plan chosen.
- Monthly charge of between £0 and £49.90 + VAT per month depending on the plan chosen in relation to the requirements of your business after initial free period.
- No overdraft.
- No cheque book provided.
2. MultiPass International Business Account
MultiPass is a banking solution for UK registered global businesses. It provides multi-currency IBAN, local UK, EU & US accounts, instant FX and corporate cards for International bank transfers. Customers will benefit from custom payment solutions, API access, batch payments, multi-user account access and more. Virtual and physical payment cards will help to handle daily corporate expenses easily. Real-time FX rates are 30% more profitable than the average bank rate, with no extra fees applied. Convert EUR, USD, GBP and 30+ other currencies instantly with just a couple of clicks.
More details about this MultiPass International Business Account >>
What the MultiPass International Business Account offers:
- Multi-currency virtual IBANs, local EU, UK and US accounts.
- Virtual and plastic corporate cards.
- Transact in 30+ currencies across 180 countries.
- Get local presence in 20+ countries.
- Perform live FX and move money between your own accounts instantly.
- Access to bank-beating exchange rates that guarantee significant savings versus traditional banks.
- Account opening from £29/32 Euros.
- Monthly charges do apply. From £29/32 Euros per month.
3. Zempler Bank Business Go Bank Account
The Zempler (formerly Cashplus) Bank prepaid Mastercard is probably best known for being the first and most popular consumer personal prepaid debit card in the UK with more than 2 million cards having been issued since 2005. What is probably less well known is that Zempler (formerly Cashplus) Bank also offer a Mastercard account to businesses (sole traders, partnerships, limited companies) and charities with the business or organisation name printed on the card.
Zempler (formerly Cashplus) Bank have so far processed nearly £12bn in payments across both business and consumer products. Cashplus Bank were originally authorised and regulated by the FCA with their funds safeguarded in a regulated bank account. In recent years they have been in the process of applying for a full banking licence. That application was recently successful.
Zempler Bank has a full banking licence and is now a fully fledged UK bank.
No credit checks are carried out and the account is guaranteed provided suitable personal ID and proof of the business can be presented. The only real downside is that it is not possible to deposit cheques into the account (yet). Several variations of the business account are available each one coming with a slightly different charging structure.
More details about this Zempler Bank Business Go Bank Account >>
What Zempler Bank Business Go Banking offers:
- Business prepaid Mastercard debit card. Withdraw cash and pay for goods and services with the card at home and abroad.
- Zempler Bank has a full UK banking licence.
- No credit checks.
- No annual fee.
- No monthly fee for Go Account (£9 per month or Extra Account).
- Maximum account balance is £500K.
- Guaranteed acceptance (subject to identity and residency checks).
- Ideal for undischarged bankrupts or those in an IVA (Individual Voluntary Arrangement).
- Standing Orders and Direct Debits.
- Deposit cash for free at any UK Post Office or at any of the 1600 Cashplus stores.
- Inward electronic payments (e.g. BACS) allowed.
- Outward electronic payments (Direct Debits, Standing Orders and electronic bank transfers) allowed.
- Online banking.
- Cannot deposit cheques.
- No cheque book provided.
- Fees and charges apply. Bounced Direct Debit fee £15 (max £60 per month).
“The Zempler (formerly Cashplus) Business Account offers all the online features of traditional business banking with online payments and transfers (including Direct Debits and Standing Orders), online account management and free Purchase Protection – all for one low annual fee of £69. APS’ accounts are available to applicants regardless of their past credit history. Customers also receive their Sort Code and Account number within minutes of applying. APS are the only non-bank to have real time withdrawal and cash loading capability at the UK Post Office®.”
Zempler Bank Ltd is registered in England and Wales at Cottons Centre, Cottons Lane, London SE1 2QG (No.04947027). Zempler Bank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 671140.
4. Tide Business Current Account
(No monthly, annual or application fees and low transaction fees)
The Tide e-money Business Current Account offered by Prepay Solutions (PPS) is a current business account available to UK registered businesses owned by individuals who want to open a business account quickly and who may or may not have an adverse credit history.
Prepay Solutions are not a bank but are classified as an electronic money issuer authorised and regulated by the Financial Conduct Authority (FCA).
The account is one of the new breed of phone app based business accounts that can also be accessed via a standard web browser.
There is no credit check (so bad credit is not a problem) and provided you pass the identity checks and have your business officially registered beforehand then this is as close as you will get to a guaranteed business bank account.
In fact this sort of basic type business account is in such demand that they claim that 1 in 12 new business accounts in the UK are opened with Tide. Tide currently have over 250,000 customers. You can see what people are saying about this business account at the Tide official forum.
It comes complete with a contactless business Mastercard debit card and there are no application, annual or monthly fees. You only pay 20p for each electronic transaction in and out of the account. Cash withdrawals using the card cost £1. Cash deposits at the Post Office or Paypoint also incur fees.
More details about this Tide Business Current Account >>
What Tide Business Banking offers:
- Tide contactless business Mastercard debit card.
- Guaranteed online app-based business account (subject to identity and residency checks and official business registration).
- No credit checks.
- Ideal for undischarged bankrupts or those with an IVA (Individual Voluntary Arrangement).
- Available to sole traders, partnerships or limited companies.
- Great for startups without the hassle of business plans which are generally required when you apply for a high street bank business account.
- Get your Tide sort code and account number in minutes.
- Easy access via phone app (Android and IOS).
- No application fee.
- No monthly or annual fees.
- Low transaction fees (20p per transaction in or out).
- 1 in 12 business current accounts opened in the UK was with Tide, within a year of their launch, so popular.
- Multi-currency accounts available.
- Maximum account balance is £25K for sole traders and £100K for limited companies.
- Monthly card transaction limit is £10K. Withdraw up to £500 per day from an ATM (£1 fee).
- Deposit cash at any UK Post Office using your debit card (£1 fee).
- Pay in cash at any Paypoint outlet (3% fee) using your debit Mastercard.
- Instant credit of up to £15K available (subject to status).
- Direct Debits and Standing Orders.
- Faster Payments, SWIFT, CHAPS and BACS.
- 24 hour telephone account access.
- Monthly statements.
- No international payments in or out (yet).
- Can only access web version of account using QR code on app from phone.
- Relies on having access to phone, so losing it could be an issue.
- No overdraft facility although credit a possibility.
- Can’t deposit cheques.
- Business must be registered prior to opening account.
- Some charges do apply (although very limited compared to other accounts).
5. CardOneMoney Business Account
CardOneMoney (formerly CardOneBanking) are well known for providing guaranteed personal accounts but they also have a ‘guaranteed’ business account. This is a managed UK business current account complete with corporate prepaid Mastercard debit card.
With this managed (rather than basic) account, all funds are paid into what they call the ‘Jam Jar’ business billing account. Bills are paid and Standing Orders and Direct Debits are set up from this ‘Jam Jar’ account. Then remaining funds can be moved to the ‘spends’ Jam Jar which is the prepaid debit card. This process can be automated.
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We aim to open your account in hours with no credit checks.
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Set up automatic payments for Direct Debits and Standing Orders, order up to 4 cards for your team and add money directly from your account.
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Set up international payments in a range of currencies with IBAN and SWIFT codes provided.
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Manage your business finances 24/7 online or in-app. Need to speak to someone? Our customer service team is available Monday-Friday, 08:30-17:00.
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Export statements to accounting softwares including Xero, Sage, FreeAgent.
How we keep your money safe – The Card One Money current account is not covered by the Financial Services Compensation Scheme. Your funds are held in safeguarded bank accounts separate from our other assets. Please see our FAQs for more information.
More details about this CardOneMoney Business Account >>
What CardOneMoney (formerly CardOneBanking) Business Banking offers:
- Corporate prepaid Mastercard debit card. Withdraw cash at ATM machines worldwide and pay for goods and services online or by phone. Max. card balance £5000.
- Guaranteed acceptance (subject to identity and residency checks).
- No credit checks.
- Ideal for undischarged bankrupts or those in an IVA (Individual Voluntary Arrangement).
- Available to sole traders, partnerships or limited companies with a turnover of no more than £2 million per year.
- Maximum account balance £250K.
- Deposit cash and cheques for free at any branch of Barclays.
- Inward electronic payments (e.g. BACS) allowed.
- Outward electronic payments (Direct Debits, Standing Orders and electronic bank transfers) allowed.
- Online, mobile text and automated telephone banking.
- Account manager provided.
- £55 application fee (refundable should you be refused an account for any reason).
- Minimum £12.50 monthly charge.
- No overdraft.
- No cheque book provided.
- Some charges do apply.
6. UK High Street Business Bank Account with Visa Debit Card (Information Product)
Although no UK high street bank explicitly offers a basic business account the one detailed below is probably the closest that is available. This business account was introduced in 2008 and is the only business account from any UK high street banking institution that is specifically aimed at those who have an adverse credit history. It also targets new businesses and offers them 2 years of free banking.
It is a CREDIT ONLY account but does come with a Visa debit card and cheque book. It can be managed in branch, by phone and perhaps more importantly online. This allows the account to be operated electronically (receive payments and set up Directs Debits/Standing Orders etc).
This business account can be applied for by phone or at a local branch by filling in an application form.
What this adverse credit UK high street business bank account offers:
- Visa debit card.
- Possible cheque book.
- Paying-in book provided.
- Direct Debits and Standing Orders.
- 2 years free banking for startups (if you have been in business for less than one year).
- Telephone and online banking.
- Ideal if you have CCJs (County Court Judgments), defaults, a poor repayment history or are discharged from bankruptcy.
- Available to UK limited companies, sole traders or partnerships.
- Account is a specialist business account of a major UK high street bank. Specifically targeted at those with very little or an adverse credit history.
- The ONLY full UK business bank account on the market (from a mainstream UK bank) that advertises the fact that it is for those with a bad credit history.
- Most adverse credit accepted.
- No application fees.
- No overdraft facility (CREDIT ONLY).
- No undischarged bankrupts or IVAs.
To get details (information ONLY) of this account for only £29.95 click on the Order Now button below.
Please also read our FAQ
Important: When ordering, please enter a correct postal address for verification purposes. Details of the page where the UK business bank account details and all updates can be found will then be emailed to you.
You will receive your order by email once it has been verified.
Make sure you have given a working email address and checked your junk/spam folder just in case it has been directed there.
Information correct as of 15th July 2024
7. Acorn Business Account
The Acorn Business Account offered by Spectrum Card Services Limited (the same company which offers the CardOneMoney business account above) is available to UK registered businesses owned by individuals who may have an adverse credit history.
This is a managed UK business current account complete with corporate prepaid Mastercard debit card and is very similar to the Cashplus and almost identical to the CardOneMoney no credit check online business bank accounts above.
This ‘basic’ business account consists of a billing account where business funds are deposited and withdrawn and an attached prepaid Mastercard account for everyday business use.
What Acorn Business Banking offers:
- Mastercard prepaid debit card. Up to 4 additional Acorn Corporate Mastercard Cards available.
- Guaranteed acceptance (subject to identity and residency checks).
- No credit checks.
- Ideal for undischarged bankrupts or those in an IVA (Individual Voluntary Arrangement).
- Available to sole traders, partnerships or limited companies with a turnover of up to £2m per annum.
- Acorn Business Current Account can be opened in 4 hours.
- Maximum amount allowed in billing account is £250K.
- Maximum card balance is £5K. Withdraw up to £450 per day from ATM or up to £2000 per day from any high street bank with ID.
- Deposit cash and cheques for free at any branch of Barclays.
- Deposit cash for free at any UK Post Office.
- Deposit funds using Paypal.
- Direct Debits with enhanced security.
- Inward electronic payments (e.g. BACS).
- Standing Orders and Faster Payment electronic bank transfers.
- Online and Mobile Banking.
- 24 hour telephone account access.
- Account manager to give you advice on running your account.
- Free text alerts.
- £65 activation fee.
- £12.50 minimum monthly charge.
- No overdraft.
- No cheque book provided.
- Some charges do apply (see Acorn Account® for Small Business Terms and Conditions).
8. GoSolo UK Business Account and Free Limited Company
Unfortunately this business account is not available at present.
GoSolo is a UK based electronic money financial services company that offers an app and online based business account for Limited Companies based in the UK.
It is only available to UK limited companies and you must be the only Director and Sole Shareholder of the business.
If you don’t already have a registered UK Limited Company they can also provide an incorporation service free of charge.
Business accounts can be opened online in as little as 10 minutes.
A physical Mastercard Business Debit Card is also provided with the account.
You can make payments using online banking only between UK accounts but can use the business debit card to make international payments.
You must be a UK resident which you must prove by providing a suitable document.
You must also have a valid photo ID document which can be compared against a selfie video.
Most functions on the account are free to operate.
More details about this GoSolo UK Business Account and Free Limited Company >>
What GoSolo Business Banking offers:
- Free account opening.
- Free company formation (if required) and free business bank account.
- No credit checks.
- Suitable for undischarged bankrupts or those in an IVA.
- Suitable for start-ups and small Limited Company businesses.
- Can be opened online in as little as 10 minutes.
- Monthly fees from Zero to only £5 per month.
- Web and iOS / Android GoSolo app.
- Use your Mastercard debit card to make payments outside of the UK.
- Your money is 100% safe with all funds being held in a safeguarded ring-fenced account of a Tier 1 UK Bank.
- Mastercard business debit card (delivered within 10 working days).
- Instant payments across UK.
- Support via app.
- Not available to Sole Traders or Partnerships.
- Can’t deposit cash into account.
- No cheque book provided.
- No overdraft.
9. Other Bank And Building Society Accounts
Some UK building societies and banks also provide accounts to businesses (sole traders, partnerships, limited companies) and non-profit organisations (charities, clubs and associations etc) usually in the form of a basic savings or deposit account that can be managed in the usual manner (card, electronically, phone) and sometimes in branch using a passbook or by post.
There don’t appear to be any basic passbook business accounts from high street banking institutions any longer. Do a search for non-personal accounts and it may be possible to find a few business accounts from building societies.
Some of the accounts are easier to open than others. Some of these building society accounts are strict savings accounts that require the applicant to already possess a normal business account and will only accept initial opening funds by cheque from an existing business account.
Some appear to be a bit more lenient although exact opening procedures for many of them appear to be a little vague. Enquiries would need to be carried out beforehand regarding opening requirements / procedures and what type of activity would be acceptable with these types of business accounts. An example of a UK bank with a high street presence that provides such a business deposit savings account is Metro Bank:
Metro Bank Business Instant Access Deposit Account
For those living in Greater London, the South East and a few other areas of the UK this basic instant access business deposit account from Metro Bank UK may be suitable. A branch (or store as they call them) visit is required to apply.
What Metro Business Banking offers:
- Basic business deposit account.
- No minimum opening deposit or operating balance required.
- Deposit funds (cash/cheques) in store.
- Withdraw cash in store. Unlimited access to your funds. One banking weekday’s notice is required to withdraw over £1000 in cash.
- Instant access. No notice required for withdrawals.
- Manage account online or by phone.
- Receive electronic payments (BACS, CHAPS, standing orders).
- No charges or fees.
- No Metro Bank business current account required.
- Monthly statements by post or online.
- Limited number of stores (branches) mainly in Greater London and South East area only.
- No card or cheque book.
- No Direct Debits or overdraft.
Building societies which provide passbook/branch or postal business accounts include:
The Cambridge Building Society which offers a business savings account called Business Saver that is available to businesses (sole traders, partnerships and ltd companies), charities and clubs and associations. A minimum investment of £1000 is required. One cheque and up to £1000 in cash per day can be paid in. Two withdrawals maximum per calendar month are allowed (cash/cheque) without loss of interest. The account can be managed in branch or via post and funds can be deposited over the phone or in branch using a debit card. There is also an app to manage your account online.
The Bath Building Society which has a Business Instant account that is available to sole traders, partnerships and limited companies. It has a minimum opening and operating balance of only £1. The initial deposit must be paid in the name of the account title. A passbook is available. Electronic transfers can also be carried out into and out of the account. An application form can be obtained from a branch or downloaded from their website.
Of course, if an individual decides to operate their business as a sole trader then it can be run under the name of the owner. There’s no law stating that the self-employed must use a business account – it’s just that the banks prefer it so that they can charge for an account. As such, it may be possible to get away with using a personal bank account for this purpose. However, if the bank finds out (for example, by noticing that a lot of transactions are going through the account) then they may put a stop to this (or start to charge fees by possibly opening a business account).
If you’re looking for a business account for a Hong Kong based Limited Company then the Neat Business Account may be of use.
10. Currensea Business Debit Card Payment Account
Currensea offer a debit card account that allows businesses to make fee free international payments using the Mastercard payment system. This allows businesses to save on bank transaction charges and exchange rate fees.
Payments can be made in most currencies and are deducted from an external nominated business bank account by direct debit. Basically, you pay for goods and services using your existing business account, just with a different debit card.
A physical and virtual Mastercard is available. A personal debit Mastercard is also available.
You can potentially save over 3% in bank fees per transaction and monitor how much you’ve saved via the desktop dashboard and mobile app.
You can sign up in an average of 7 minutes.
There are no monthly or annual fees (they make their money through the seller). The account is FCA authorised.
What the Currensea Business Debit Card Payment Account offers:
- Fee free international payments using a Mastercard debit card with your existing business account.
- Free account opening with no annual or no monthly fees.
- Free largest real-time interbank rate availability in the UK.
- Free Virtual or physical Mastercard debit card (with free card delivery).
- Up to £500/month fee free ATM withdrawal. Additional 1% after that.
- Suitable for all businesses, self-employed, contractors and freelancers.
- Available to companies/businesses in the UK
- Phone app and web panel.
- Payment in any currency.
- Must have good credit history.
bunq Business Bank Account
Unfortunately this business account is no longer available to UK residents. It is only available to those in the Netherlands, Germany and France.
Bunq are an independent bank based in the Netherlands which has been in operation since 2015. They offer an app based Euro business account called the easyMoney Business Account that is available to UK business owners and can opened in as little as 5 minutes. Each account can have as many as 25 business bank accounts each with its own Dutch IBAN number. Each business account can come with a choice of up to 3 different payment cards (Mastercard debit, Maestro and Travel Mastercard credit card). All customers funds are insured by the Dutch Central Bank.
What Bunq Business Banking offers:
- 3 cards of choice (Mastercard debit, Maestro and Mastercard Travel credit card).
- Guaranteed acceptance (subject to UK identity, residency and business checks).
- No credit checks.
- Ideal for undischarged bankrupts or those in an IVA (Individual Voluntary Arrangement).
- Available to sole traders, partnerships or limited companies.
- Can be opened in as little as 5 minutes.
- Up to 25 accounts available with each opened account each with their own unique IBAN number.
- Low fees (see pricing of account).
- Direct Debits.
- Low cost inward and outward electronic payments.
- €9.99 monthly charge (€19.99 monthly charge if up to extra 25 accounts required).
- No overdraft.
- No cheque book provided.
Other Possible Solutions
Barclays have a reputation for being a bit more accommodating if the credit history is not too bad and just limited facilities without an overdraft are required. In this situation it is best to make an appointment at a main branch and tell them that just the most basic of business accounts is required. Explain the situation honestly and provide a good business plan.
Lloyds Bank could be approached in much the same way. Once again make an appointment at a main branch not a minor one and tell them that only the most basic of business accounts is required. Do not apply via their website.