Compare business bank accounts for bad credit with no credit check

If you have a less than perfect credit history, it's still possible to get a business bank account.

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Business accounts for bad credit with no credit check

Easy and quick to open, no credit check

Tide

★★★★★

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24/7 customer support

Instant notifications

Software integration
Tide is a fintech app which offers business accounts to small businesses and freelancers, hoping to relieve them of some of the financial stress that comes with a growing company. Tide’s business accounts come with a number of features that address some of the most stressful aspects of working for yourself and offer all of this for free.
  • 24/7 customer support
  • Categorised spending
  • FCA regulated
  • Quick set-up
  • No monthly fees
  • Easy to manage accounts and track payments within the app
  • Ability to set up direct debits and standing orders
  • Can receive online bank statements
  • No branches - all done via the web
  • Doesn't accept cheque deposits
  • No personal accounts
  • No international
  • Transfers or interest offered
Account fee £0
UK ATM Charge £1
Account software integration platforms Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow and Sage
UK transfer charge £0.20
Additional cards 35 additional cards
Additional card fee Free
Credit check No - Tide performs an electronic check but no credit check

No credit checks when you apply

Cashplus business

★★★★★

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Poor credit friendly

Instant notifications

Software integration
Opening a business bank account with bad credit can be complicated. Most banks will carry out a credit check when you put in your application and reject it if you don’t meet the requirements. All is not lost, though! Some companies, like Cashplus, offer banking services perfect for people who have a poor credit history. There are no credit checks when you apply. The only thing that needs to be verified is your contact details.
  • Have account up and running in 2 minutes
  • Overdraft option "Cashplus iDraft" once you're eligible
  • Currency cards to use overseas
  • Online services in addition to the mobile app
  • Charge to have your bank card issued
  • Not all services can be accessed via the app
  • Traditional bank still needed for majority of your business finance needs
Account fee £69
UK ATM Charge £2
Account software integration platforms FreeAgent, Xero
UK transfer charge £0.99
Additional cards
Additional card fee 5.95
Credit check

Can I open a business bank account with bad credit?

The answer is yes. If you have a poor credit history then it’s likely you’ll find it more difficult to gain access to some financial services, including a business bank account, but it is possible to open one.You may have a bad credit score for a number of reasons, including missing payments on any bills you owe, or defaulting on mortgage, loan or credit card repayments. Your score will also be badly hit if you’ve been declared bankrupt or have had a County Court Judgement (CCJ) made against you or your business.

But there are measures you can take to increase your chances of being approved for a business account if you have bad credit, as well as some providers who offer business accounts without conducting a credit check (more on both of these things below).

What can I do to prepare for a business account application?

To give yourself a better chance of being accepted for a business bank account, you can take several steps to improve your credit score:
  • Make sure you’re registered on the electoral roll
  • Check your credit report to ensure there are no mistakes on it
  • Pay back any credit you owe on time
  • Pay off as much as you can on any existing loans and credit cards
  • Don’t make too many credit applications in one go
  • Don’t apply for credit again immediately after being rejected

How can I open a business account?

You’ll need to choose a banking provider to go with and apply to them individually (although don’t make lots of applications at the same time, as multiple rejections will further harm your credit score).Each bank will have its own process (many are online) for opening a business account and will require different documentation, including things such as your personal details, ID verification and the name of your business.

Some providers may also go further, conducting credit checks and asking you additional information about your business and its finances.

It might be worth approaching your current banking provider first (a bank that you have other financial products with, such as a personal current account or credit card). If you’ve used any existing accounts sensibly, your bank will be able to see this and take it into account when looking at your new application.

If you have a bad credit history, another outcome here is that your provider may offer you a basic version of a bank account first, to get you started on rebuilding your credit score. You can then look into moving to a full business account at a later date.

For more information on the range of business accounts that exist in the UK, visit our business banking section.

Is it possible to open a business account without a credit check?

Yes, it is possible to open a business bank account without a credit check. Examples of providers that offer this are Cashplus and CardOneMoney.The process is usually fairly quick, with approved accounts opened in anywhere from a few minutes to a few hours.

This type of banking provider will still require some contact details from you and will check that your business is registered, but they won’t conduct a credit check.

However, do bear in mind that business accounts which target banking customers with a poor credit history do often come with higher fees than some of the other business accounts on the market.

What can I do if I have been refused a business account?

If you’ve been refused a business account, it’s worth re-visiting your preparations to make sure you have all your finances and documentation in order. This includes making sure your business is registered, that you personally are on the electoral roll and that you’ve done all you can to improve your credit score.As mentioned above, if you haven’t already, you could consider approaching your existing bank to open a business account.

There’s also the option of going to a business account provider that doesn’t carry out credit checks at all, but be aware that the fees associated with these accounts are among the least competitive out there.

What credit score do you need to open a business account?

It is impossible to answer this question for a number of reasons.

First off, different bank account providers will have different limits when it comes to accepting applicants with low business credit scores. Also, these banks have a choice of different credit reference agencies using different algorithms to measure your score.

On top of that, your credit score is only one factor used to determine your eligibility for a business bank account. If your business scores well for other eligibility criteria, a bank may be more willing to overlook a poor credit score.

Compare business bank accounts for bad credit

Data indicated here is updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Tide
Free
£0.20
Free if both accounts are with Tide
Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow and Sage
Free
App
Free company registration when you open a Tide business account (usually £12)
Cashplus business
£69
£0.99
Free transfers in first 3 months
FreeAgent, Xero
2.99%

On invitation
App, Online
Pleo
£6
Xero, Economic, Sage, Fortnox
No fee
App, Online
Soldo
£5
Per card
Quickbooks and Xero
a flat 1% FX fee for any transaction in the non-domestic currency
App, Online
Spending limits, real time notifications, company cards
Coconut Start
Free
Free
2% currency conversion fee
Get £10 when you open an account by October 31st
Monese Business Account
Free
Free
Avios, Paysafe
£2000 allowance with 2% fee after

No but will deduct the money from your balance the next time you make a deposit and will not charge you a fee
Revolut
Free
Free
5/month free then 20p per transfer
Xero, Time management, Freeagent and Slack
£3
Can hold multiple currencies, issue prepaid corporate cards and track expenses
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Compare up to 4 providers

Business accounts for bad credit: A summary

Many consider opening a business bank account with bad credit to be a difficult challenge, however it is possible. Here we have summarised the options available.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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