Business Bank Accounts with no Credit Check that you can open Online

If your personal or business credit score is on the low side, you may struggle to get approved for some business bank accounts.

This is because most UK banks carry out a credit check before approving applications. Credit checks can even be carried out on owners or directors of limited companies. Even if you’re able to pass these checks, they can still take time to carry out.

If you have a poor credit history but need a bank account for making and receiving essential business payments, don’t worry. Some banks do more checks than others, meaning it’s possible to open a business bank account with no credit check.

Alternatives to traditional banks exist, including Wise for Business. You can open a Wise Business account online with no credit checks, and start making and receiving international payments almost immediately.

Discover more about Wise Business 💡

Can I get a business bank account with bad credit?

Businesses or business owners with a poor credit score will be limited to the types of accounts and banks they can choose.

But the good news is that yes - it is very much possible to get a business bank account with bad credit. You may face some limitations in terms of features, but you’ll still be able to access the essential business banking services you need.

We’ll be looking at just a few of the options available to you later in this guide.

Opening a business bank account with no credit checks - what you’ll need to provide

Just because no credit check is carried out, this doesn’t mean you won’t need to provide some proof of ID and other documentation. Here’s what you’re likely to need¹:

• Proof of ID - such as a valid passport, UK photocard driving licence or certified copy of birth certificate

• Proof of address - such as a recent utility bill, rental agreement, bank statement, credit card statement or council tax statement.

• Business details - name, legal status and contact details for your business

• Business finances - estimated turnover, plus any bankruptcy information

Business accounts for poor credit - your options

Need a bank account for your business, right away? We’ve rounded up some of the best business bank accounts with no credit checks. Let’s take a look:

Wise Business

Wise Business is one of the options that you can consider if you’re looking for a cost-effective and quick to open business account.

It's free to receive international transfers in different currencies through the multi-currency account, and if you need to convert them you’ll always get the real, mid-market exchange rate².

You can hold 40+ currencies in your account at once, switching between them when you need to, and pay invoices in just a few clicks. You can manage your account using the Wise app, and even integrate with accounting software such as Xero and Quickbooks. You can also take advantage of:

• Fast and cheap local and international transfers

• Multi-currency account for business with a debit card

• Easy access to account statement through the app and website

• Integration with accounting software

• Direct debit in EUR, GBP, USD and AUD for recurring payments

Start saving today with Wise

Cashplus Business Current Account³

Cashplus was started in 2005, was authorised as a bank in 2021. Like Wise, it is regulated by the FCA and is covered by the Financial Services Compensation Scheme (FSCS).

The Cashplus business accounts - Go and Extra are designed for those who work for themselves, including freelancers, sole traders and small and growing businesses. especially those needing basic banking services quickly. Go has no monthly fee and offers 3 free transactions per month. The Extra account has a monthly fee of 9 GBP per month and 20 free payments/transactions per month. Other features include:

• Faster payments in and out

• Business expense cards

• Centralised account management system

• 24/7 account management through the Cashplus mobile banking app

• Deposit and withdraw cash at the Post Office.

Cashplus promises a fast, easy online application process, with no credit checks required to open an account. You could have your new account number and sort code within minutes.

Revolut Business Current Account⁴

While Revolut Bank UAB is authorised by the European Central Bank in the European Economic Area and is a bank in 30 EEA countries, it does not yet have a banking licence in the UK.

Revolut is therefore an e-money institution in the UK and authorised under the UK Electronic Money Regulations. It is also regulated by the FCA.

The Revolut Business account is an online-only account which can be managed via the Revolut app. The account offers the following features⁵:

• Smart company debit cards for local and international spending

• Automate expenses and capture receipts within the Revolut app

• Send, receive and exchange in over 25 currencies

• Integration with accounting software such as Xero or QuickBooks

• 24/7 customer support.

Revolut doesn’t do credit checks for business current accounts, only if you want to apply for any lending products⁶.

Tide Business Account⁷

Whilst Tide is a business financial platform and specialises in providing digital business banking services in the UK, it is not a bank. Tide offers e-money accounts provided by PrePay Solutions (PPS) and business bank accounts, provided by ClearBank and is regulated by the FCA.

Tide offers a range of account plans, aimed to scale with your business, ranging from the no monthly fee account charging 20p a transfer to paid plans called Plus, Pro and Cashback offering a range of services, including a fixed number of free transfers per month with Plus or unlimited transfers with Pro.

Key features of a Tide business account include:

• Create and send invoices for free

• Accounting integration with systems such as QuickBooks, Xero and Sage

• 24/7 fraud helpline

• Expense cards for your team

A Tide business bank account has no credit check, although electronic checks are carried out to verify your identity and comply with money laundering regulations. Accounts can be opened in minutes.

ANNA business current account

ANNA is a mobile business account, providing admin support and tax reminders, but is not a bank. An ANNA business account has an account number, sort code and debit card, but ANNA does not offer credit or loans⁸.

ANNA has 3 types of business account - Pay as you go, Business, costing £14.90 + VAT per month and Big Business for larger companies costing £49.00 + VAT per month

Key features of an ANNA mobile business account include:

• Business debit card

• Payment links for secure payments

• Instant invoicing

• Integration with accounting software

CardOneMoney Small Business Account⁹

As an e-money account provider, CardOneMoney is not a full bank, so deposits are not protected by the Financial Services Compensation Scheme (FSCS).

The CardOneMoney account is ideal for self-employed sole traders, partnerships and limited companies with a low credit score. You’ll get standard business account features including Direct Debits, plus:

• Bill payment service

• Up to 4 prepaid Corporate Mastercards

• Online, text and phone account access

• UK call centre

• Free text alerts to keep track of transactions.

It costs £55 to apply for an account but there are no credit checks. All you’ll need is to verify your ID, address and the insolvency status of your business.

Doing business internationally? Wise Business could be the answer

All of the above options provide online business accounts with no credit checks. Some also enable you to make and receive international business payments in the UK.

However, if your business trades overseas or your expansion plans involve buying or selling internationally to in the future, why not try a Wise multi-currency account?

A Wise Business account could save you money on international payments. It's free to receive money, and if you need to convert currencies you’ll always get the mid-market exchange rate.

So, if you or your business has a poor credit history, don’t panic. There are still plenty of business bank accounts to choose from. Also, Wise Business could provide the perfect solution for low-fee international money transfers

Get started with Wise Business 🚀

Sources used for this article:

Sources checked on Apr 14, 2024.