Even if your business or personal credit score is lower than you’d like it to be, there are still business current account options available. These 9 business current account providers don’t run a credit check before approving you. Their applications are online, fast, and straightforward.
|PayPal Debit||No monthly fee!|
|Revolut||£25-£1000 a month (depending on usage)|
|CardOneMoney||£12.50 a month plus £55 application fee|
|Countingup||£4.95-£9.95 a month or free (depending on how much cash you process)|
|Coconut||£3.60-12 a month|
|Cashplus||£69 a year|
|Acorn Account||£12.50 a month plus £60 activation charge|
|Bunq||€4.99-20.99 a month|
1. PayPal Debit
- Manage account 24/7 online and on the app.
- Not a replacement for a business current account.
- No monthly fee.
- 0.5% cashback on eligible purchases.
- Handy for businesses regularly making PayPal payments and transfers.
- Includes pre-paid MasterCard debit card for paying in person and online.
- Takes funds first from your PayPal account then your designated secondary funding source in multiples of £5.
- Withdraw cash from ATMs at £1 per transaction.
- No foreign exchange fees.
- Apply through your PayPal business account.
- Mobile business account, accessible online and on desktop 24/7.
- £7-100 monthly account fee.
- Trade in 30+ currencies with no fees.
- Set up sub-accounts in each currency.
- No credit check for current account, just for lending products.
- Physical and virtual company debit cards.
- Control spend and permissions for team cards.
- Automate expenses.
- Integrates with accounting software including Xero and QuickBooks.
- Payroll, loans, and overdrafts are offered but credit check may apply.
- 24/7 online and mobile banking.
- Includes pre-paid MasterCard debit cards for you and your team.
- Free text alerts.
- Administrative access to control employee expenditure.
- UK call centre and account management.
- £55 application cost.
- £12.50 application fee.
- No charges for spending with your card.
- Awarded Best Business Card Programme 2014 at the Card and Payments Awards.
- Suitable for sole traders, partnerships and limited companies.
- Manage your account 24/7 using the app.
- Open an account in a few minutes.
- Includes contactless MasterCard debit card.
- Free accounts are available for businesses depositing £500 or less each month.
- Monthly fee of £4.95-£9.95 depending on the amount you deposit.
- Includes standard account features include Direct Debits standing orders, payments and transfers.
- Also includes invoicing and bookkeeping functionality.
- Accounting features including expense management and profit and loss.
- Designed for freelancers and limited companies.
- Rated excellent on Trustpilot.
- Manage everything 24/7 on the Android and iOS app.
- Allows you to sync your current account to their accounting tools.
- Over 25 banks and credit cards can be connected.
- Access a real-time view across all your accounts.
- Account fee of £3.60-12 per month.
- Sole traders can create tax estimations.
- Organise and categorise your expenses.
- Designed for sole traders and limited companies.
- Access smart bookkeeping and tax tools.
- Sign up with your email and Coconut will send you a link to download the app.
- -Manage your account 24/7 on mobile and desktop.
- -Set up an account in 4 minutes.
- -Receive your sort code and account number straight away.
- -Contactless Mastercard.
- -Instant notifications.
- -Capture and add digital receipts in the app.
- -Make deposits at Post Offices.
- -Integrate with accounting apps such as Xero, QuickBooks and FreeAgent.
- -UK-based support team.
- -Suitable for freelancers, sole traders, SMEs and growing businesses.
7. Acorn Account
- Manage your account 24/7 online and on the app.
- Open your account within 24 hours (weekdays only, it could take longer during the weekend).
- Activation charge of £60.
- Monthly account fee starts at £12.50.
- Includes a debit card.
- Make deposits and withdraws at Barclays and Post Office branches.
- Free card transactions.
- ATM cash withdrawals cost £1.50.
- Provide you with an account manager.
- UK based call centre.
- An online account that can be managed through the app 24/7.
- Offers Maestro and MasterCard Debit cards.
- Open an account in just 5 minutes.
- Account fee of 4.99-20.99EUR per month.
- Up to 25 sub-accounts that you can sort payments into.
- Real-time notifications.
- Multiple local IBANs and currencies.
- Sync with accounting and bookkeeping tools.
- Suitable for startups and small businesses.
- Apply with your phone, business details and ID.
Can you get a business bank account with bad credit?
It’s definitely possible to get a business bank account with bad credit, but your options can be a bit more limited.
Mainstream banks run a credit check as standard, which is usually soft and has no negative effect on your credit report, but you may still struggle to get approval. The account providers above don’t run a credit check, so your current credit score shouldn’t have any impact on you being approved.
How to open a business bank account with bad credit?
You can apply to any business bank account provider you choose, usually online or over the phone. The account providers above all have fast, easy online applications.
What do you need to open a business bank account with bad credit?
To open your business bank account, you’ll need to prove your identity and ownership of the business.
You’ll usually need to provide:
- Companies House registration number.
- Tax information, turnover and information about any other capital.
- Details of all directors or partners, including name, date of birth, address and National Insurance numbers.
How much do these accounts cost per month?
Business bank account costs vary quite a lot. Some accounts are free or have a free trial period of several months. Traditional bank accounts, and many online accounts, usually cost from £5-£10 a month. Some charge extra for multiple users and extra features.
How long does it take to open a business bank account with bad credit?
It’s faster than ever to open a business current account, whatever your credit score. If you’re successful, your account should be open within a few hours, sometimes even minutes! If the bank or provider needs to check further details, it could take over 24 hours.