Cashplus for business

[silverfirefly]

I have a poor credit rating because of financial difficulties leading me into debt, etc. These debts are being cleared now but I think it stays on the record for 6 years or whatever. Long story. In short, I don't think any of the main high street banks would let me have a business bank account.

I hope to start my online business in the next month or so. And of course I'll need a business bank account (with a card for paying suppliers/buying business essentials online), but I don't want an overdraft or cheque facilities. I could use my personal bank account instead since I'm likely to go down the route of being a sole trader, but I'd rather keep business and personal expenses apart.

I found Cashplus for business. No credit checks required. It has a prepaid Mastercard, and a business bank account with the main features except for the ability to process cheques - for £49 a year.

https://secure.membersaccounts.com/tc/bus-tc1/terms-and-conditions.pdf

http://www.mycashplus.co.uk/business/default.aspx

http://www.mycashplus.co.uk/business/our-solutions/business-account-alternative/default.aspx

Has anyone here ever had any experience with Cashplus for business?

 

[StevensOnln1]

There have been a few threads about Cashplus before, I've not used it but thought it looked ok. Natwest used to do a Foundation Business Account which didn't require any credit checks although I don't know if it is still available. Others have said in the past that Barclays are good for a basic business account for those with a poor credit rating.

 

[silverfirefly]

I've had another gander, and I phoned them to clarify a couple of points. I'm not so keen now because the account limit is £15,000 and the lady on the phone said she's never known the limit to be raised above £25,000. My estimated turnover for the first year is likely to be around the £80,000 mark, and even with all the business expenses paid, plus my £2,000 living allowance, there's likely to be tens of thousands surplus. So unless I withdraw the surplus to my personal account, I don't think this is going to be the right solution for me.

Bit worried now because my credit score isn't great. Not sure what it is yet, will check on that soon.

But just wondering if it's better for me to go to my bank (Lloyds) with my biz plan in hand and hope they might offer a solution? Like I said, I don't require any overdrafts or credit cards, but I will need a debit card and the ability to make debit card payments in US dollars and UK pounds, and internet banking is a preference.

I'm looking at what Natwest, HSBC, Santander and Barclays are offering. I can't find any of their basic or foundation accounts, but they all have a start-up offering which pretty much offers the same things across the board. Not sure how successful I can expect to be in applying for one of these.

 

[Jeremiah@RHJ Accountants]

some of my clients have a Cashplus account and it is basically like and expense card for there employees where you can top it up when ever you like. But it does have a limit.

Not really good for what you need.

As mentioned most high street banks offer foundation accounts so this could be an option with them and if you try your own bank Lloyds would be my first point of call.

You may want to take a look at Cater Allen private bank which offer business bank accounts in US Dollar, Pound Sterling and Euros.

They also have free banking for life.

Take a look here:

http://www.rhjaccountants.com/accountant-services/bank-accounts-carter-allen-private-banking.php

Hope this helps