Guaranteed business bank accounts
While the term guaranteed is slightly misleading, there are business accounts that carry out no credit checks and are thus easy to get approval for.
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Apart from death and taxes, there are very few things that are “guaranteed” in life, and business bank accounts are not one of them (pardon the nerdy Benjamin Franklin quote reinterpretation).
However, sometimes the term “guaranteed” is used to refer to business bank accounts that carry out no credit checks at the time of application, which does make it easier for people with bad credit to get approved.
Business accounts with no credit check
What's in this guide?
- Business accounts with no credit check
- Is it possible to get a guaranteed business bank account?
- How long does it take to get approved for a business bank account with no credit checks?
- What do you need to provide to get approved for a business bank account with no credit checks?
- How can I boost my chances of being approved for a business bank account?
- How are "guaranteed" business accounts different from standard ones?
- Frequently asked questions
Is it possible to get a guaranteed business bank account?
Not really. No bank account offers 100% guarantee of approval. If you come across the word in some company’s marketing material, you should thoroughly check what they mean by that before making any kind of application.
However, a business bank account with no credit checks will have a very high approval rate, and is likely to accept you even if your credit record isn’t great or you have declared bankruptcy in the past.
You can compare business bank accounts with no credit checks on this page.
How long does it take to get approved for a business bank account with no credit checks?
It can vary, but it’s usually a very quick process. While setting up a full business account with a traditional bank can be quite admin-heavy and take time, if you go for a digital-only company, which are usually the ones offering accounts with no credit checks, things will be much quicker and easier.
Tide is one of these companies and says that you can apply and get set up all in one go, and that it takes “minutes”. An additional benefit is that you won’t have to go through the trouble of visiting a branch.
What do you need to provide to get approved for a business bank account with no credit checks?
Documents and information requirement can vary depending on the provider, but expect to be asked about:
- Yourself. You will need to provide your personal details and your ID.
- Your business. Including its name, what it does, its Companies House registration number and expected turnover.
We’ve also got a more in-depth guide here on what you need to set up a business account.
How can I boost my chances of being approved for a business bank account?
If your application for a standard business bank account has been refused, for example at a traditional bank, there is no need to panic. Here are some things you can do:
- Double check your application. Actually, triple check it. Make sure that all the documents and information you have provided are accurate and up-to-date.
- Check your credit file. It’s rare, but there may be a mistake. Sometimes it happens, and you can ask credit reference agencies to rectify it.
- Are you on the electoral roll? That’s the very first thing to do to improve your credit rating.
- Check the bank’s eligibility criteria. Sometimes your credit score may not be the reason why you’ve been refused. Did your type of business qualify for an account in the first place? Have you applied for the right product?
If you are sure you’ve got all the basics covered, but you still can’t get an account, then you can consider the alternatives, including business accounts with no credit checks.
Pro tip: avoid making too many applications one after the other, if you can. For banks that carry out “hard” credit checks when you apply, the application will appear on your credit report, and doing too many too close together can impact your credit score.
How are “guaranteed” business accounts different from standard ones?
Business accounts with no credit checks are a bit different from the kind of full business account you can get at a traditional bank:
- No credit options. No bank or company will offer you an account with an overdraft without checking your credit history.
- More expensive? It’s not always the case, but business accounts that are explicitly meant for people with bad credit sometimes have higher fees.
- Digital-only. Most of them are, so don’t expect too much in the way of in-person banking. But some will still allow you to deposit cash. You can also try and talk to your traditional bank and see if they offer “basic” business accounts (that is, business accounts with no overdrafts and limited features).
- Less perks and tools. You’ll have less choice of accounts and features. But some accounts still offer useful features to help you manage your business, such as budgeting tools or an invoice service.
Frequently asked questions
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