With the advent of fintech, a slew of new banks and fintech firms have entered the market, primarily providing no credit check business bank account.
This article examines the finest 5 No Credit Check Business Bank Account In The UK. These accounts include a complete UK account number and sort code and a Mastercard or VISA debit card that can be used for chip and pin, contactless, ApplePay, or Google Pay purchases.
There are no background checks; opening an account with them is pretty straightforward and is a good option for persons with poor credit histories or no credit history. Continue reading to learn more about the top free bank accounts that do not need credit checks.
5 No Credit Check Business Bank Account In The UK
#1. Tide
In 2017, Tide began providing business checking accounts, and it has since grown into a prominent rival in banking for small businesses. It’s one of the fastest and simplest business accounts to establish and one of the most affordable options.
There is a 20 pence charge per transaction for electronic transfers in and out, but there are no costs to join up for the service and no monthly account fees. Most crucially, there offer no credit check business bank account, which means that even those with poor credit histories may apply for it.
Tide Bank has established itself as a serious competitor in the SME banking industry. Due to the low barrier of entry, it is an excellent choice for those experimenting with new ideas or starting tiny enterprises.
#2. Revolut
Revolut was a pre-paid currency card; nevertheless, the company has since evolved into one of Europe’s most successful digital account providers.
It holds a banking license in the European Union and has filed for a banking license in the United Kingdom. Its headquarters are in London. Despite this, opening personal and commercial accounts is possible, providing a standard array of services.
The use of cards, as well as the execution of direct debits and standing orders, as well as the sending and receiving of electronic payments, are all free of charge.
Paid accounts, which begin at £7 per month for freelancers and go to £25 per month for more prominent organizations, get a variety of free international payments and currency conversions.
When starting an account with Revolut, obtaining a physical card is unnecessary, and no credit check business bank account is performed on the user.
#3. Mettle by Natwest
Natwest provides its customers with a digital account called Mettle. No fees are associated with the account, and no credit check business bank account. It’s almost too fantastic to be true. But in a way, it is, and in other ways, it isn’t.
It used to be that the Natwest Foundation account was the account of choice for company owners and operators with poor credit records. Unfortunately, NatWest erased any references to the account and any promotional materials that could have been associated with it.
It is still possible, but it is only open to customers whose applications for standard NatWest Business accounts are denied. Even then, whether they will be given the option is still determined.
Mettle would have been an excellent choice to replace the Foundation account. NatWest, on the other hand, has different thoughts. Mettle is managed independently from NatWest and RBS, and as such, it is not permitted to operate under the banking license held by any of those companies.
It indicates that there is no protection from the FSCS. Although NatWest protects its customers’ savings with a ring fence, it is essential to remember that the company required a bailout from the government in 2008.
#4. Starling Bank
When creating a business bank account, Starling does conduct a check of the applicant’s credit history; this item was still included on the list for two reasons, even though it could surprise some readers. It is one of the most significant business bank accounts available everywhere.
In the second place, Starling does what is known as a “soft search” rather than a comprehensive credit check on its applicants. It implies that the search won’t be accessible to other creditors and won’t impact your ability to get credit.
Therefore, even if you have poor credit or an application for an account is denied, you can still apply for one of the other accounts on the list.
In conclusion, the financial institution now has a percentage of the market for small and medium-sized company banking equal to 7%, and it intends to surpass Barclays over the next few years by increasing that share to more than 15% of the market.
That’s a significant number of new clientele for the company to include in its books.
#5. Card One Money
Card One Money was at one time considered to be among the best options for no-credit-check business bank accounts. It is the most costly account on our list because it requires an application fee of £55 and a monthly account fee of £12.5, making it the only account that provides a guaranteed business account.
Card One Money provides a novel approach to business banking in that monies are divided between the card and the account rather than being kept in one location. This is a crucial difference since there is a cost of £5 incurred whenever monies are transferred from a card to the primary account.
Aside from that, Card One Money assesses a fee of 30 pence for each online transaction, but on the bright side, it enables customers to receive overseas payments and payments made by check.
Is It Possible To Open No Credit Check Business Bank Account In The UK?
If you have better credit, opening a business bank account in the UK may be more accessible. This is because the majority of the central banks in the UK will evaluate your business credit before choosing whether or not to accept your application.
If you run a company that requires a bank account while having poor credit, you will need to seek a bank account that is intended expressly for persons in your position. These accounts will do what is known as a “soft credit check,”
They will undertake due diligence on crucial information without looking into your credit score. Soft credit checks do not impact your credit score in any way.
Account for no credit check business bank account may be subject to particular limitations, such as increased fees or the need to use a prepaid debit card rather than a chequebook.
However, they may provide access to essential banking services for your company and help you start re-establishing your credit. Banks that operate only online are more ready to create a business account even if you have a poor credit history.
These banks may have fewer physical branches, but they often provide various digital banking services, such as sending and receiving money, mobile check deposits, and online bill pay.
How Long Does It Take To Get A No Credit Check Business Bank Account?
A few minutes to a few hours, at the very least. Every one of the accounts that we’ve mentioned here may be instantly set up over the internet. The days of manually filling out paper forms and juggling mail have passed.
Most of them employ automatic checks, and if all goes according to plan, you should be able to have your account opened within minutes. If further checks are required, the process may take up to two hours.
Final Words
A corporate no-credit-check business bank account is a relatively recent innovation that certainly provides cause for celebration.
Why? Individuals who work for salary packets need help to grasp the financial risks that entrepreneurs and people who establish their enterprises incur. You can only really know how financially precarious working for yourself may make you if you try it for yourself. After that, you will only have a good idea of what it’s like.
And even when they do their hardest, people’s businesses sometimes turn out differently than they hoped they would, which may negatively influence their credit score in the long run.
Things are nonetheless shifting in their current state. There are fewer options available these days for corporate checking accounts.
During the last several years, the banking and financial industries have been much more accessible, which has been beneficial to applicants with poor credit.
There is no competition for the business of customers who, twenty years ago, would have had a difficult time simply scheduling an appointment with the business bank manager at their local institution.
It would help if you did not depend on any of the solutions that are now accessible on the market to provide you with all the additional features typical of a comprehensive and conventional business account.
You may not have to wait as long as you think to acquire assistance from a bank to build your company into the most successful and most lucrative version of itself that is feasible, given the continued expansion of banking choices for people with terrible credit.
