{"id":545346,"date":"2024-10-11T16:14:36","date_gmt":"2024-10-11T15:14:36","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=545346"},"modified":"2026-03-18T15:33:23","modified_gmt":"2026-03-18T15:33:23","slug":"opening-a-business-bank-account-with-an-iva","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/business-banking\/opening-a-business-bank-account-with-an-iva","title":{"rendered":"Opening a business bank account with an IVA"},"content":{"rendered":"<p>Having an individual voluntary arrangement (IVA) can have a long-term <a href=\"https:\/\/www.finder.com\/uk\/credit-score\/iva-credit-score\">negative impact on your credit score<\/a>.<\/p><p>This can make it far more challenging to open a business bank account. However, there are options available to you, as we explain. This guide is for those looking for a business current account \u2013 we have a separate guide on opening a <a href=\"https:\/\/www.finder.com\/uk\/current-accounts\/opening-a-bank-account-with-an-iva\">consumer bank account after an IVA<\/a>.<\/p><h3>Business bank and e-money accounts you can open with an IVA<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n    \n    \n    \n    \n    \n     \n        \n                    \n\n\n                \n    \n\n\n\n\n\n\n\n\n\n\n\n\n\n<style>\n.best-hero .hotstats .product_infobox tr { display: flex; flex-direction: column; flex-basis: 0; flex-grow: 1; }\n.best-hero .hotstats .product_infobox th { border-bottom: 0px; width: 100%; padding-left: 0px; padding-bottom: 4px; font-size: 14px; }\n.best-hero .hotstats .product_infobox td { border-bottom: 0px; width: 100%; padding-left: 0px; padding-top: 0px;  }\n.best-hero .hotstats .product_infobox td svg.luna-icon--medium { height: 24px; width: 24px; }\n.best-hero .luna-button--success { white-space: normal; line-height: 1.2; }\n@media only screen and (max-width: 600px) {\n.best-hero .hotstats .product_infobox tbody { display: flex; }\n.best-hero .hotstats .product_infobox th { text-align: center; line-height: 16px !important; padding-left: 3px; padding-right: 3px; }\n.best-hero .hotstats .product_infobox td { flex-grow: 1; align-content: center; text-align: center; line-height: 20px !important; padding-left: 3px; padding-right: 3px;  }\n.best-hero .hotstats .product_infobox tr:first-of-type td, .best-hero .hotstats .product_infobox tr:first-of-type th { padding-left: 0px !important; }\n.best-hero .hotstats .product_infobox tr:last-of-type td, .best-hero .hotstats .product_infobox tr:last-of-type th { padding-right: 0px !important; }\n}\n<\/style><div class=\"best-hero\" id=\"best-hero-e26be7eb149a4d349719b91f544cfd69\"><article class=\"luna-card luna-card--border\"><div class=\"luna-card__block no-padding-top no-padding-right no-padding-bottom no-padding-left\"><div class=\"u-grid u-grid--gutterCollapse\"><div class=\"u-grid__col u-3\/4@m u-2\/3@s\"><div class=\"has-padding-small\"><div class=\"u-grid u-grid--alignMiddle has-padding-bottom-xsmall\"><div class=\"u-grid__col u-1\/3 u-1\/4@m u-1\/5@l\"><img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/66966b3876c39.png\" width=\"140\" height=\"88\" alt=\"Zempler Bank Business Extra\" srcset=\"https:\/\/www.finder.com\/niche-builder\/66966b3876c39.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/66966b3876c39.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/66966b3876c39.png?fit=420 420w\" sizes=\"(max-width: 420px) 28vw, 420px\" loading=\"lazy\"><\/div><div class=\"u-grid__col u-3\/4@m u-2\/3\"><p class=\"no-margin-bottom u-font--bold\" style=\"font-size: 22px; line-height: 27px;\">\nZempler Bank Business Extra<\/p><span class=\"alignleft\" style=\"font-weight: 1000; color:#000; font-size: 1.6em;\"><span class=\"scoreCombined score__container finder-score\" style=\"justify-content: center;\"><span class=\"score__badge score__badge--great\"><span class=\"score__value\">8.7<\/span><\/span><span class=\"score__text-wrapper score__text score__text--great persist\" style=\"display: flex;\">\nGreat\n<\/span><\/span><\/span><\/div><\/div><div class=\"is-hidden@s has-margin-bottom-small hotstats\"><div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_hotstats\" class=\"UKFSA-CUR business_bestpage_hotstats \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Account fee<\/th><td class=\"i_infobox_data product_infobox_data\">\u00a39 per month<\/td><\/tr><tr><th>Arranged overdraft<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--success luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#check\"><\/use><\/svg><span class=\"table-popover\" rel=\"popover\" data-content=\"On account application\" title=\"More info\" data-original-title=\"\" tab-index=\"0\"><\/span><\/td><\/tr><tr><th>Requires credit check<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><\/tbody><\/table><\/div><a class=\"luna-button luna-button--primary luna-button--ghost luna-button--fluid has-margin-top-xsmall has-margin-bottom-xsmall\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/cashplus-business-review\">Read review<\/a><\/div><div class=\"u-color--blue-700 weight-semi-bold u-rounded--sm has-margin-bottom-small\" style=\"font-size: 16px; padding: 0.425em 0.6em 0.5em 0.6em; line-height: 22px; background-color: rgb(240 247 255);\"><svg class=\"luna-icon refreshedMasthead__icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"18\" height=\"18\" preserveaspectratio=\"none\" viewbox=\"0 0 24 24\" style=\"height: 18px; width: 18px; margin-top: 2px;\"><path d=\"M0 0h24v24H0z\" fill=\"none\"><\/path><path d=\"M21.41 11.58l-9-9C12.05 2.22 11.55 2 11 2H4c-1.1 0-2 .9-2 2v7c0 .55.22 1.05.59 1.42l9 9c.36.36.86.58 1.41.58.55 0 1.05-.22 1.41-.59l7-7c.37-.36.59-.86.59-1.41 0-.55-.23-1.06-.59-1.42zM5.5 7C4.67 7 4 6.33 4 5.5S4.67 4 5.5 4 7 4.67 7 5.5 6.33 7 5.5 7z\" fill=\"#002ebf\"><\/path><\/svg> No annual or monthly fee when you apply using the Finder link.<\/div><p>Zempler is another business account that requires no credit check when you apply, making it a good option for those with poor credit. There are 2 accounts to choose from, one of which has no monthly fee. Both accounts are quick and easy to open and you\u2019ll benefit from tools such as cashflow tracking and integrated accounting. You\u2019ll also have UK telephone customer support and FSCS protection. Upgrading to the Extra account (which requires a monthly fee) means you can earn cashback on your card spend as well.<\/p>\n\n\n\n\n\n  <ul class=\"luna-accordionGroup accordionGroup\">    <li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Pros and cons<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\">    <div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p class=\"u-font--bold\">Pros<\/p><ul class=\"list-4\"><li>Open an account in 5 minutes<\/li><li>Pay in cash at any of the UK\u2019s 11,500 Post Offices<\/li><li>Tools like cashflow tracking, instant notifications and integrated accounting<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><p class=\"u-font--bold\">Cons<\/p><ul class=\"list-13\"><li>Traditional bank still needed for majority of your business finance needs<\/li><\/ul><\/div><\/div>    <\/div>\n  <\/div>\n<\/li>    <li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">More details<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\">    <div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_details\" class=\"UKFSA-CUR business_bestpage_details \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Accounting integrations<\/th><td class=\"i_infobox_data product_infobox_data\">Clear Books, FreeAgent, KashFlow, QuickBooks, Sage, Xero<\/td><\/tr><\/tbody><\/table><\/div>    <\/div>\n  <\/div>\n<\/li>  <\/ul>\n\n\n\n<\/div><\/div><div class=\"u-grid__col u-1\/4@m u-1\/3@s box no-margin-bottom is-hidden is-visible@s\"><div class=\"has-padding-small\"><div class=\"hotstats has-margin-bottom-small\"><div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_hotstats\" class=\"UKFSA-CUR business_bestpage_hotstats \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Account fee<\/th><td class=\"i_infobox_data product_infobox_data\">\u00a39 per month<\/td><\/tr><tr><th>Arranged overdraft<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--success luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#check\"><\/use><\/svg><span class=\"table-popover\" rel=\"popover\" data-content=\"On account application\" title=\"More info\" data-original-title=\"\" tab-index=\"0\"><\/span><\/td><\/tr><tr><th>Requires credit check<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><\/tbody><\/table><\/div><\/div><a class=\"luna-button luna-button--primary luna-button--ghost luna-button--fluid\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/cashplus-business-review\">Read review<\/a><\/div><\/div><\/div><\/div><\/article><\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n\n    \n    \n    \n    \n    \n     \n        \n                    \n\n\n                \n    \n\n\n\n\n\n\n\n\n\n\n\n\n\n<style>\n.best-hero .hotstats .product_infobox tr { display: flex; flex-direction: column; flex-basis: 0; flex-grow: 1; }\n.best-hero .hotstats .product_infobox th { border-bottom: 0px; width: 100%; padding-left: 0px; padding-bottom: 4px; font-size: 14px; }\n.best-hero .hotstats .product_infobox td { border-bottom: 0px; width: 100%; padding-left: 0px; padding-top: 0px;  }\n.best-hero .hotstats .product_infobox td svg.luna-icon--medium { height: 24px; width: 24px; }\n.best-hero .luna-button--success { white-space: normal; line-height: 1.2; }\n@media only screen and (max-width: 600px) {\n.best-hero .hotstats .product_infobox tbody { display: flex; }\n.best-hero .hotstats .product_infobox th { text-align: center; line-height: 16px !important; padding-left: 3px; padding-right: 3px; }\n.best-hero .hotstats .product_infobox td { flex-grow: 1; align-content: center; text-align: center; line-height: 20px !important; padding-left: 3px; padding-right: 3px;  }\n.best-hero .hotstats .product_infobox tr:first-of-type td, .best-hero .hotstats .product_infobox tr:first-of-type th { padding-left: 0px !important; }\n.best-hero .hotstats .product_infobox tr:last-of-type td, .best-hero .hotstats .product_infobox tr:last-of-type th { padding-right: 0px !important; }\n}\n<\/style><div class=\"best-hero\" id=\"best-hero-f45c3378f5b14764a75919dfabc2e0b8\"><article class=\"luna-card luna-card--border\"><div class=\"luna-card__block no-padding-top no-padding-right no-padding-bottom no-padding-left\"><div class=\"u-grid u-grid--gutterCollapse\"><div class=\"u-grid__col u-3\/4@m u-2\/3@s\"><div class=\"has-padding-small\"><div class=\"u-grid u-grid--alignMiddle has-padding-bottom-xsmall\"><div class=\"u-grid__col u-1\/3 u-1\/4@m u-1\/5@l\"><img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/652947bc588f8.png\" width=\"140\" height=\"88\" alt=\"Revolut Business Account (Basic)\" srcset=\"https:\/\/www.finder.com\/niche-builder\/652947bc588f8.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/652947bc588f8.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/652947bc588f8.png?fit=420 420w\" sizes=\"(max-width: 420px) 28vw, 420px\" loading=\"lazy\"><\/div><div class=\"u-grid__col u-3\/4@m u-2\/3\"><p class=\"no-margin-bottom u-font--bold\" style=\"font-size: 22px; line-height: 27px;\">\nRevolut Business Account (Basic)<\/p><span class=\"alignleft\" style=\"font-weight: 1000; color:#000; font-size: 1.6em;\"><span class=\"scoreCombined score__container finder-score\" style=\"justify-content: center;\"><span class=\"score__badge score__badge--great\"><span class=\"score__value\">8.7<\/span><\/span><span class=\"score__text-wrapper score__text score__text--great persist\" style=\"display: flex;\">\nGreat\n<\/span><\/span><\/span><\/div><\/div><div class=\"is-hidden@s has-margin-bottom-small hotstats\"><div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_hotstats\" class=\"UKFSA-CUR business_bestpage_hotstats \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Account fee<\/th><td class=\"i_infobox_data product_infobox_data\">\u00a310 per month<\/td><\/tr><tr><th>Arranged overdraft<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><tr><th>Requires credit check<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><\/tbody><\/table><\/div>\n\n<a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/savings-accounts\/revolutbusinessaccount-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Go%2Bto%2Bsite%22%2C%22site%22%3A%22UKFSA-CUR%22%2C%22class%22%3A%22luna-button%2Bluna-button--success%2Bluna-button--fluid%2Bhas-margin-top-xsmall%2Bhas-margin-bottom-xsmall%22%2C%22offer_id%22%3A%2221366%22%2C%22niche_code%22%3A%22UKFSA-CUR%22%2C%22product_id%22%3A%22f45c3378-f5b1-4764-a759-19dfabc2e0b8%22%2C%22product_name%22%3A%22Revolut%2BBusiness%2BAccount%2B%2528Basic%2529%22%2C%22provider_id%22%3A%229a6f2149-3d31-4773-afb0-5e54d6ddac12%22%2C%22provider_name%22%3A%22Revolut%22%2C%22post_id%22%3A%22545346%22%2C%22post_path%22%3A%22business-banking%252Fopening-a-business-bank-account-with-an-iva%22%2C%22post_country%22%3A%22uk%22%2C%22partial%22%3A%7B%22id%22%3A543031%2C%22name%22%3A%22ukfin_best_hero%22%2C%22country%22%3A%22uk%22%7D%7D\" class=\"luna-button luna-button--success luna-button--fluid has-margin-top-xsmall has-margin-bottom-xsmall\">Go to site<\/a>\n    \n<a class=\"luna-button luna-button--primary luna-button--ghost luna-button--fluid has-margin-top-xsmall has-margin-bottom-xsmall\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/revolut-business-review\">Read review<\/a><\/div><div class=\"u-color--blue-700 weight-semi-bold u-rounded--sm has-margin-bottom-small\" style=\"font-size: 16px; padding: 0.425em 0.6em 0.5em 0.6em; line-height: 22px; background-color: rgb(240 247 255);\"><svg class=\"luna-icon refreshedMasthead__icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"18\" height=\"18\" preserveaspectratio=\"none\" viewbox=\"0 0 24 24\" style=\"height: 18px; width: 18px; margin-top: 2px;\"><path d=\"M0 0h24v24H0z\" fill=\"none\"><\/path><path d=\"M21.41 11.58l-9-9C12.05 2.22 11.55 2 11 2H4c-1.1 0-2 .9-2 2v7c0 .55.22 1.05.59 1.42l9 9c.36.36.86.58 1.41.58.55 0 1.05-.22 1.41-.59l7-7c.37-.36.59-.86.59-1.41 0-.55-.23-1.06-.59-1.42zM5.5 7C4.67 7 4 6.33 4 5.5S4.67 4 5.5 4 7 4.67 7 5.5 6.33 7 5.5 7z\" fill=\"#002ebf\"><\/path><\/svg> Exclusive \u00a3100 welcome bonus when you sign up and add money to your account.<\/div><p>There are no credit checks involved when opening the Revolut business account, which means it\u2019s worth considering if you have poor credit. There are 4 different pricing plans to choose from, each offering different features, depending on how big your business is and how much you use the account. Benefits of the business account include the option to sync your transactions and expenses with accounting software like Xero, QuickBooks and Sage, and 24\/7 customer support. You\u2019ll also have access to multi-currency accounts, allowing you to exchange money in more than 25 currencies, as well as an allocated number of free international payments depending on the payment plan you're on.<\/p>\n\n\n\n\n\n  <ul class=\"luna-accordionGroup accordionGroup\">    <li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">Pros and cons<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\">    <div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p class=\"u-font--bold\">Pros<\/p><ul class=\"list-4\"><li>Flexible account options<\/li><li>Mobile app with lots of good features<\/li><li>Ability to issue cards to all employees<\/li><li>Easy to apply<\/li><li>Freeze card if lost or stolen<\/li><li>Safe and secure<\/li><li>Free purchases<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><p class=\"u-font--bold\">Cons<\/p><ul class=\"list-13\"><li>Basic account does not include many free transactions<\/li><li>Only incorporated companies are eligible<\/li><li>All ATM withdrawals incur a charge<\/li><li>Can't deposit cash or cheques into your account<\/li><li>Direct debits only available for EUR accounts<\/li><\/ul><\/div><\/div>    <\/div>\n  <\/div>\n<\/li>    <li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000003\" data-toggle=\"collapse\" data-target=\"#accordion0000000003\">\n        <span class=\"luna-accordion__title\">More details<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000003\" data-accordion=\"details\">\n    <div class=\"accordionContent\">    <div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_details\" class=\"UKFSA-CUR business_bestpage_details \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Accounting integrations<\/th><td class=\"i_infobox_data product_infobox_data\">Clear Books, FreeAgent, KashFlow, QuickBooks, Sage, Xero, Coconut, Multiple providers<\/td><\/tr><\/tbody><\/table><\/div>    <\/div>\n  <\/div>\n<\/li>  <\/ul>\n\n\n\n<\/div><\/div><div class=\"u-grid__col u-1\/4@m u-1\/3@s box no-margin-bottom is-hidden is-visible@s\"><div class=\"has-padding-small\"><div class=\"hotstats has-margin-bottom-small\"><div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_hotstats\" class=\"UKFSA-CUR business_bestpage_hotstats \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Account fee<\/th><td class=\"i_infobox_data product_infobox_data\">\u00a310 per month<\/td><\/tr><tr><th>Arranged overdraft<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><tr><th>Requires credit check<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><\/tbody><\/table><\/div><\/div>\n<a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/savings-accounts\/revolutbusinessaccount-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Go%2Bto%2Bsite%22%2C%22site%22%3A%22UKFSA-CUR%22%2C%22class%22%3A%22luna-button%2Bluna-button--success%2Bluna-button--fluid%2Bhas-margin-bottom-xsmall%22%2C%22offer_id%22%3A%2221366%22%2C%22niche_code%22%3A%22UKFSA-CUR%22%2C%22product_id%22%3A%22f45c3378-f5b1-4764-a759-19dfabc2e0b8%22%2C%22product_name%22%3A%22Revolut%2BBusiness%2BAccount%2B%2528Basic%2529%22%2C%22provider_id%22%3A%229a6f2149-3d31-4773-afb0-5e54d6ddac12%22%2C%22provider_name%22%3A%22Revolut%22%2C%22post_id%22%3A%22545346%22%2C%22post_path%22%3A%22business-banking%252Fopening-a-business-bank-account-with-an-iva%22%2C%22post_country%22%3A%22uk%22%2C%22partial%22%3A%7B%22id%22%3A543031%2C%22name%22%3A%22ukfin_best_hero%22%2C%22country%22%3A%22uk%22%7D%7D\" class=\"luna-button luna-button--success luna-button--fluid has-margin-bottom-xsmall\">Go to site<\/a>\n<a class=\"luna-button luna-button--primary luna-button--ghost luna-button--fluid\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/revolut-business-review\">Read review<\/a><\/div><\/div><\/div><\/div><\/article><\/div><h3>Opening a business bank account that doesn\u2019t require a credit check<\/h3><p>Because an IVA negatively affects your credit score, it\u2019s worth looking for a business bank account that doesn\u2019t require a credit check. That way, your application is more likely to be accepted. <\/p><p>Accounts to check out include those from <a href=\"https:\/\/www.finder.com\/uk\/business-banking\/anna-business-account-review\">ANNA Money<\/a>, <a href=\"https:\/\/www.finder.com\/uk\/business-banking\/cardonemoney-business-account-review\"> Card One Money<\/a> and <a href=\"https:\/\/www.finder.com\/uk\/business-banking\/zempler-business-review\">Zempler<\/a> (formerly Cashplus). <\/p><p><a href=\"https:\/\/www.finder.com\/uk\/digital-banking\/challenger-banks-list\">Challenger banks<\/a> such as <a href=\"https:\/\/www.finder.com\/uk\/business-banking\/monese-business-account-review\">Monese<\/a> and <a href=\"https:\/\/www.finder.com\/uk\/business-banking\/monzo-business-account-review\">Monzo<\/a> also offer accounts with no hard credit check, as long as you\u2019re not applying for an overdraft. <\/p><p>You can usually open these accounts quickly via the provider\u2019s app, but it\u2019s important to check eligibility requirements to ensure your business type is accepted. Some plans also charge monthly fees and keep in mind that if your account is managed via an app, you won\u2019t have a bank branch to pop into. Not all accounts let you deposit cash either.<\/p><p>However, many of these accounts connect to accounting software and include invoicing and budgeting tools to make life a little easier.<\/p><p>You can also find out more in our guide to <a href=\"https:\/\/www.finder.com\/uk\/business-banking\/opening-a-business-account-with-a-bad-credit-score\">business bank accounts for bad credit<\/a>. <\/p><h3>Opening a basic bank account from a high street bank<\/h3><p>If you have poor credit, you might be able to get a basic, everyday business bank account with certain high street banks. These can be used for general banking transactions, but there will be limited perks with this type of account.<\/p><p>Because of your poor credit history, you won\u2019t be given an overdraft and you won\u2019t qualify for a business credit card. But a basic account could tide you over until your credit score has started to improve.<\/p><p>It\u2019s best to contact your local bank branches to find out whether they can help you.<\/p><h3>How an IVA can impact getting a business bank account<\/h3><p>If you have an IVA, this shows you\u2019ve had problems managing your money in the past. As a result, providers may be more reluctant to let you open a business bank account.<\/p><p>As we\u2019ve mentioned, an IVA can have a long-term negative impact on your credit score. If you\u2019re a sole trader, you and your business are one and the same. This means banks will always look at your personal credit score when you apply for a business bank account.<\/p><p>If you\u2019re a limited company, your personal and business finances are separate, which means banks will first look at your business credit score \u2013 which won\u2019t be affected if you have a personal IVA.<\/p><p>However, if you\u2019re a director of your limited company, many banks will look at your personal credit score as well. This will also be the case if your business is new as you won\u2019t have much of a business credit history.<\/p><p>This can reduce the number of business bank accounts you\u2019ll be able to apply for, and those you do get accepted for are unlikely to come with an overdraft. <\/p><h3>Alternative options<\/h3><p>If you\u2019re struggling to get accepted for the business accounts mentioned above, you could consider applying for <a href=\"https:\/\/www.finder.com\/uk\/business-banking\/prepaid-business-cards\">a prepaid business card<\/a>. No credit check is carried out when you apply for one of these cards, so you won\u2019t need to worry about poor credit.<\/p><p>What\u2019s more, these cards can be ideal for budgeting as you need to load up your card in advance and can then only spend what\u2019s on it. You can often give cards to your employees, and they can be a great way to prevent your employees from overspending. <\/p><p>The drawback is you won\u2019t be able to set up standing orders or direct debits on your account and there\u2019s no overdraft facility either. <\/p><h3>How to manage your existing business bank account<\/h3><p>If you have debts such as an overdraft or credit card with your existing bank and these are included in your IVA, it\u2019s usually best to open a new business bank account with another provider. That\u2019s because your existing bank could freeze your business account or take funds from it to pay off your debts.<\/p><p>This also applies if you have debts with any providers in the same banking group \u2013 for example, if you have a debt with HSBC and a bank account with First Direct.<\/p><p>If you already have a business bank account and this isn\u2019t linked to any of your creditors, you don\u2019t necessarily need to open a new one. However, if you have an overdraft, it\u2019s best to stay out of it, and always make sure you pay your bills on time. <\/p><h3>Bottom line<\/h3><p>If you have an IVA, it can be harder to open a new business bank account, but it\u2019s not impossible. The key is to compare your options carefully with both challenger banks and high street banks to see what works best for you. When comparing accounts, consider factors such as fees, eligibility requirements and account management before you apply.<\/p><div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000000\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000000\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">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 <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. 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. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article>","protected":false},"excerpt":{"rendered":"<p>We explore your options for opening a business bank account with an IVA.<\/p>\n","protected":false},"author":1047,"featured_media":122514,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[3786],"tags":[],"asset_tag":[],"class_list":["post-545346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-banking"],"apple_news_notices":[],"yoast_head":"<!-- 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