Hi everyone.

I'm starting up my own sports coaching business and I am looking to open a basic business account- no overdraft etc, just as basic as possible. im in northern ireland so NatWest isnt an option for me, and my credit score is supposedly 1/5 according to noddle... anyone know of any bank that will offer me a basic business acount?

I thought I had pretty shocking credit but I have recently been accepted for 2 Sole Trader accounts with Lloyds TSB. The below will tell you what led to this in the first place.

I initially completed an online application for their personal basic cash account. This gives you a Visa Debit card, no overdraft facilities. However, you could only withdraw cash at a Lloyds ATM not any others. When I received the paperwork I went to the branch to show my id and complete the application process. I also pointed out to them that my surname had been spelt incorrectly.

The personal account manager in branch, encouraged me to reapply instead for a Classic Current Account. I told him that I'd had credit problems in the past and didn't think I'd be offered one, hence why I'd applied for the basic account. He said if I passed for that account, I would be able to apply for a Sole Trader Account without additional credit checks. Well imagine my surprise when I DID pass the credit check and was offered the Classic Current Account. I got a full Visa Debit card with no overdraft (didn't want one) and was able to get a Sole Trader Account for each of my businesses. I got a Visa debit card and cheque book, no overdraft.

I am telling you this because only in January I'd applied for a Sole Trader account with Barclays and they turned me down. So it's worth a shot. I've never banked with Lloyds directly before, but I do have a Bank of Scotland Current Account and a couple of Halifax Easycash accounts. Lloyds now own Bank of Scotland, so I don't know if this helped. I am surprised though as my actual Halifax Current defaulted a couple of years back but it was in dispute due to bank charges.

Let us know how you get on.

deedee

I dont think Lloyds are in Northern Ireland either... or at least there isnt one near me?

I'm not sure but do check here: http://www.lloydstsb.com/branch_locator/search.asp?WT.ac=HPhaBranch to find your nearest branch. Honestly, I'm still in shock. I'd have not bothered with Barclays, if I had known sooner.

I've double checked, no Lloyd's branches in Northern Ireland Congrats on getting yourself an account!!

That's a shame. Any Halifax branches?

If push comes to shove, try the Cashplus Business Card. It's a prepaid Mastercard which also comes with bank details (sort code and account number). You can make payments from the account and receive them. This is what I initially set up after the Barclays rejection. It costs £29.99 per year for a card. To get the Total Access (so you can receive payments by bank transfer etc) - you will need to send a certified copy of your passport, driving licence and/or current bank statement. The certification can be done in the Post Office using the Identity Document Checking Service. I am telling you all of this because I had slight issues getting my account upgraded because the website gives out the wrong info (long story; I've had a go at them for it) so I am trying to make sure your application is as smooth as possible.

When you make your application choose the "Pay Later" option or you can pay the £29.99 with a debit card if you want. Get your docs certified at the Post Office and then fax it with your application reference number on the covering sheet to 020 7929 3245.

It has worked really well for me, in fact I have an account for each of my businesses. I've been using my Cashplus account quite happily for nearly 4 months. I can make payments from the account, set up direct debits, standing orders and much more. As I said before, I wasn't expecting to get a business bank account for at least another 3 years until last week. I am still keeping my Cashplus accounts, as they're linked to my Paypal accounts. The Mastercard debit card gives you FREE purchase protection on purchases over £100 (just like a credit card).

There is a downside - withdrawing cash costs £0.99 but I don't draw out much cash and when I do, I make sure that I don't need to do it more than once a week. Let me know how you get on.

Yes, my own current account is with Halifax, I thought you shouldn't bank at the same place you have debt (ive an overdraft), so maybe it would be ok, though Cashplus business card sounds good. Can I use it under my trading name? Or would it have to be in my own name?

Hi Emma. You can use the Cashplus under your trading name or your name, you choose. My card has my name and then the business name underneath. On invoices, the details are made payable to the business name and it the payments reach my account fine with no problems.

Regarding banking where you have debt, it's getting harder to escape anyone as the big 4 own most of the "brands" out there. I'd never considered Lloyds before; it was the quest to get another account to put money aside for my tax, that lead me to applying with them in the first place.

Apart from the admin issues (re upgrading account), the account has been a real lifesaver and has allowed me to make and receive payments. I've not felt as though I don't have a "proper" account. I download .CSV statement files from the account and upload them to my Accounts package (Clearbooks), so that I can do my book-keeping.

Hi Emma. You can use the Cashplus under your trading name or your name, you choose. My card has my name and then the business name underneath. On invoices, the details are made payable to the business name and it the payments reach my account fine with no problems.

 

Regarding banking where you have debt, it's getting harder to escape anyone as the big 4 own most of the "brands" out there. I'd never considered Lloyds before; it was the quest to get another account to put money aside for my tax, that lead me to applying with them in the first place.

 

Apart from the admin issues (re upgrading account), the account has been a real lifesaver and has allowed me to make and receive payments. I've not felt as though I don't have a "proper" account. I download .CSV statement files from the account and upload them to my Accounts package (Clearbooks), so that I can do my book-keeping.

How do you work around the cheques? Do you tell people you just don't accept cheques?

Yes I don't accept cheques. They're a pain. Ironically I used to have a Barclays Business Account for another business and I hated cheques and cash. They cost money to pay in and transact. So it's electronic payments only for me. Can't be doing with it any other way.

Yes I don't accept cheques. They're a pain. Ironically I used to have a Barclays Business Account for another business and I hated cheques and cash. They cost money to pay in and transact. So it's electronic payments only for me. Can't be doing with it any other way.

Sounds good. £30 isn't that bad for a year. Can you pay cash in, or would you have to put it into another account and transfer it over? Just as I'm coaching people may pay me cash?

Never mind just relooked on their website and it allows cash deposits

Glad you found the info! It's not a bad account. Apart from cash withdrawl fees, there aren't fees to use the card or a monthly payment attached. As I said before, I'm definitely still keeping mine. The free purchase insurance on items costing over £100 is worth the £30 a year just for that alone. If I have big purchases to make, I will definitely transfer the money over and use the account.

Oh and you can also get free Dollar and Euro cards linked to the account too.

That's a shame. Any Halifax branches?

 

If push comes to shove, try the [removed] It's a prepaid Mastercard which also comes with bank details (sort code and account number). You can make payments from the account and receive them. This is what I initially set up after the Barclays rejection. It costs £29.99 per year for a card. To get the Total Access (so you can receive payments by bank transfer etc) - you will need to send a certified copy of your passport, driving licence and/or current bank statement. The certification can be done in the Post Office using the Identity Document Checking Service. I am telling you all of this because I had slight issues getting my account upgraded because the website gives out the wrong info (long story; I've had a go at them for it) so I am trying to make sure your application is as smooth as possible.

 

When you make your application choose the "Pay Later" option or you can pay the £29.99 with a debit card if you want. Get your docs certified at the Post Office and then fax it with your application reference number on the covering sheet to 020 7929 3245.

 

It has worked really well for me, in fact I have an account for each of my businesses. I've been using my Cashplus account quite happily for nearly 4 months. I can make payments from the account, set up direct debits, standing orders and much more. As I said before, I wasn't expecting to get a business bank account for at least another 3 years until last week. I am still keeping my Cashplus accounts, as they're linked to my Paypal accounts. The Mastercard debit card gives you FREE purchase protection on purchases over £100 (just like a credit card).

 

There is a downside - withdrawing cash costs £0.99 but I don't draw out much cash and when I do, I make sure that I don't need to do it more than once a week. Let me know how you get on.

Hi this is my first post - I have just been reading your opinions on the Cashplus business account and just want to say thank you for all the information you have given. Its made my day. I am trying to get a business off the ground, im a graphic designer and only ever needed a basic business account. unfortunately i have have been battling an illness over the last 6 years that had lead to horrendous credit problems, CCJ's galore and so on. Thankfully I always kept my personal bank account in good order and have been with them for 15 years. Never missed one DD and Never been over drawn once. Stupidly I though that I would be able to get a basic business account no problem as I don't need credit facilities on it but they almost laughed me out of the bank!

Anyway I already had a personal cashplus card and thought it was OK, then delighted to find out that they offer a business account. I'm just about to apply for one but needed to research it first.

I have a few questions if that's ok?

How does this account work with things like paypal? Can you set up your Paypal account to deposit money into the cashplus account? Some of my customers will want to pay me this way

Also when accepting payment from customers how have you found the deposit process? for example I don't want to have to tell a customer to have to go to the post office to pay the money into my account.

Thanks

Hi MindProject and welcome to CAG!

It works no problem with Paypal, as you get given an account number and sort code. The name of the bank is APS Financial Ltd (needed when you link it to Paypal account). Regarding cash deposits, I don't take them. However, you could ask your clients to transfer the money to you (using the account number and sort code given with the account), or if you MUST accept cash, then they will have to deposit via the Post Office or another method see topping up link

I am not a sales person for them! I am just sharing my experience of using them, as they saved my bacon when I couldn't initially get a Business Bank Account. May I ask who your personal bank account is with? If it's Lloyds, then you might just be able to get a Sole Trader account (see my experience in 2nd post).

Hi there -

Thank you for the great information here. Can anyone please tell me how easy it is to make payments out of this account to another bank account. I need a busines bank account to receive business payments from clients i bill.

i then want to nake payments to my personal account for salary or expenses. can this be done and are there any limitations that are known.

also I presume it comes with a sort code and an account number

thank you

Hi everyone

Thanks so much for all this information.

I have very poor credit but fortunately set up a basic accounts with the Clydesdale Bank prior to getting into difficulty. Having said that, and as expected, CB are utterly hopeless.

I already use Cashplus as a personal CC and just found out tonight about the business side.

I was just wondering if you could let me know how quickly transfers take place ? I know that when I transfer money into my CC account that it takes a few hours. Is it the same transferring from business Cashplus account say to my personal bank account ? Also, if I was to pay in a cheque, do you know how long they take to clear ?

In case of emergencies

Having said that, from what you have said on your posts, think I will go ahead and set it up anyway.

Thanks, Maria

mtm0066 and PJ10, how have you got on with setting up your Cashplus accounts?

Hi,

I've recently set up a business following redundancy in October. I'm up and running and receiving the NEA grant however, I cannot open an account. With regards to the Cashplus account, can someone please confirm the answer to the following question:

1. Can I transfer money into Cashplus / out to my current account and how long does it take - I don't suppose it's as quick as online banking Faster Payments?

I presume the Tax Man and Companies House are happy with the Cashplus account arrangement too?

Many thanks,

Nicola

If done before 3.30pm, a Faster Payment transfer will hit your account on the same day.

Not had any problem with my account. You get a sort code and account number (issued by Co-Op bank I believe) and the Mastercard Debit card is issued so you can do card payments and withdraw cash if required.

Hope this helps.

Dee.

Hi,

This thread is great thanks. I need a very basic account for my Ltd business. I only need money to go in electronically and out electronically once per month, don't need people to be paying me, or a card.

Can people who have this account let me know, firstly I can set it up for a Ltd company and how fast does money land in an account once transferred out of this account?

Thanks in advance.