Business Accounts with No Credit Check

With the advent of new financial technologies, several new banks and fintech firms like Monzo have entered the market, with some of them focusing exclusively on providing free business accounts.

We reviewed the top UK business bank accounts that don't need a credit check, giving you access to a UK account number and sort code as well as a VISA or Mastercard debit card that accepts contactless, chip and pin, Google Pay or Apple Pay transactions.

They can be opened in a flash, and they're great for folks with spotty credit or no credit at all since there are no credit checks involved. 

See also our comparison of business checking accounts if you already have a company and are just wanting to move banks.

If not, keep reading to learn about the top free business checking accounts that need no credit check.

At a Glance, Pros and Cons

Let’s summarise the pros and cons of today’s top SME business accounts with no credit checks.

Pros

✔️ Eased accounting — If you keep company, investments, and personal finances separate, filing your taxes will be a breeze. You won't have to go through their bank statements attempting to figure out what company costs were and weren't since everything you need is in one place. 

✔️ No ToC violations — By establishing a separate Business Bank Account, you may avoid violating your personal bank's policies without sacrificing convenience. One's own needs are the primary focus of a Personal Current Account. Furthermore, most financial institutions prohibit its usage for commercial transactions. 

✔️ You'll improve your company's credit standing — Establishing your company's creditworthiness before applying for a loan or a credit card is a smart move. Many business financial products need a company account, and you cannot access these without one. 

Cons

❌️ Variety of bank fees — Nonetheless, there is a wide variety of accounts available, and if you take the time to identify the one that best suits your client's requirements, you may find that they are not charged any fees at all. 

❌️ More management — Now that you have two accounts, you'll need to be a bit more methodical in your approach. There will be more cards and more passwords to remember, but the additional work today will pay off in the future when you can avoid the aforementioned hassles. 

Top business current accounts — Reviews

Not all have FSCS protection, so please check first. Without further ado, let’s discuss the most popular company current accounts.

1. Revolut Business — International business accounts with no credit check for startups

One of Europe's leading digital account providers, Revolut (review) began as a pre-pay currency card.

Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. In the UK, Revolut is not a bank but an e-money institution, authorised under the UK Electronic Money Regulations. This means, in particular, that FSCS protection does not apply to the e-money or payment services Revolut provides.

Revolut has a banking licence in the European Union, providing the standard services for both individual and commercial clients.

Visit Revolut Business

All electronic payments (including direct debits, standing orders, and card usage) have zero cost to the user. Fees and limits might apply depending on plan type, weekend vs weekday, capped amount (e.g. withdrawals), potential fees charged by partner banks etc…

Opening a Revolut account does not need a credit check or the ordering of a physical card. However, its business account is more of a specialised offering, with extras like payroll administration, credit card processing, and e-commerce connectivity.

2. Cashplus Bank (Business Go/Extra) — Top-rated business accounts with no credit check

Did you know that the UK’s first “challenger bank” was Cashplus? Despite receiving its banking licence only in 2019, it has been serving 1,000,000+ clients in the commercial, council, and government sector since 2004.

For company owners with poor credit, this was a viable alternative before the explosive development of fintech. It has expanded and is now a serious contender in the mainstream; nonetheless, it still provides business accounts that do not need a credit check.

The bank recently restructured its business accounts, doing away with the £69 yearly charge in favour of tiered account options.

Visit Cashplus Bank

Cashplus Business Go has no ongoing service charge (though there is a one-time card price of £9.95), whereas Cashplus Business Extra costs £9 per month (though there is no ongoing card charge).

The primary difference between the Go account and the Extra account is the monthly limit on free transactions, which is three for the Go account and ten for the Extra account. There is a 30p fee for each additional transaction.

In addition to higher maximum balance limits and cheaper ATM withdrawal costs, the ‘Business Extra account' provides 0.5% cashback on card spending.

Post Offices around the nation allow cash deposits, but they don't take checks. While you may accept payments from outside and transfer money straight abroad, you will be charged a fee to do so. 

Cashplus also provides a connected, easy-access Business savings account with Aldermore for companies wishing to save aside funds for rainy days. 

Not even Starling Bank accepts unlimited liability partnerships as business account holders, thus it's notable that Cashplus is one of the few commercial bank accounts that will. With the new Business Go account, partners now have a low-cost, time-efficient option for getting their business off the ground. 

3. Tide — Popular FSCS-protected business accounts with no credit check

Since its 2017 launch of business checking accounts, Tide has emerged as a formidable new competitor in the space of banking for small businesses. We have already reviewed it in depth, but it has undergone significant development since its release.

It's one of the least expensive and simplest business accounts to set up. There are no costs to open an account or maintain one, and electronic deposits and withdrawals cost just 20 pence for each transaction.

Visit Tide

What's more, it doesn't conduct credit checks, making it accessible to anyone with poor credit.

Customers may deposit up to £85,000 with full FSCS protection via Tide's collaboration with Clearbank, and payments can be made in cash at any of the 11,000 Post Office locations or 44,000 PayPoints located across the United Kingdom. Although Tide does not now accept check payments, they want to do so by 2023.

Tide is a formidable rival to Starling Bank in the UK's small and medium-sized enterprise (SME) banking market, with over 400,000 business clients. Due of the cheap starting costs, it is ideal for start-ups and individuals testing out novel concepts. 

In fact, Tim Bloomfield, co-founder of Monzo Bank, has claimed that Tide is in a far better position to provide a business solution than Monzo is. Wow, thank you very much. 

As an added bonus, Tide also facilitates the formation of Limited companies in England and Wales. Tide not only registers you but also covers the £12 registration charge. In a matter of minutes, a new business can be operational.

Overall, it's the simplest and quickest way to create a business bank account. No recurring costs are incurred. Free company formation and registration with Companies House (with FSCS coverage) are included. But you couldn't pay with a cheque the last time we checked (no pun intended). Also, note the absence of overseas transactions.

4. Card One Money — Digital-only business accounts with no credit check (uninsured)

Card One Money was a popular option for company owners with weak credit alongside Cashplus. It is the most costly account we looked at and requires an application fee of £55 in addition to a monthly account fee of £12.5.

For the proper company, the benefits may outweigh the costs. This account is unique among the ones we've researched since it welcomes both non-UK resident directors and international firms.

Visit Card One Money

With Card One Money (review), business banking is done in a novel way: monies are held in both a card and an account. This difference is significant since there is a £5 charge when transferring money from a prepaid card to a regular bank account.

On the other hand, Card One Money accepts foreign payments and checks for an additional 30p per online transaction.

You may use your Card One Money business account at any Barclays Branch to cash checks and accept foreign payments. Businesses and individuals outside the United Kingdom may access it. However, the card has to be recharged since this is a premium account. Therefore you are not covered by the Financial Services Compensation Scheme.

5. Mettle — Free UK business accounts with no credit check (uninsured)

Mettle is a NatWest digital banking platform. This account doesn't cost anything and won't affect your credit score. This must be a joke, right? Well, it is and isn't. 

Those with poor credit histories could formerly get a NatWest Foundation account. Unfortunately, NatWest eliminated all account-related marketing and references.

It's still out there, but you can't get one without first failing a complete credit check for a conventional NatWest Business account, which might hurt your prospects of getting credit in the future.

Visit Mettle

Mettle would have been a great alternative to the Foundation in terms of handling that account. However, NatWest has other plans. Mettle operates independently from NatWest/RBS and does not share the latter's banking charter.

As a result, the Financial Services Compensation Scheme does not apply. NatWest has a separate account for customer deposits, but keep in mind that the government had to bail out the bank in 2008. 

The bad news, however, does not stop there. It's excellent that you may now pay cash at no cost at Post Offices or PayPoints. However, there is no provision for sending or receiving overseas payments, and you cannot use checks as a method of payment.

It makes no sense not to allow Mettle clients to use NatWest branches for these kinds of transactions, given that NatWest is perfectly capable of handling them.

The fact that NatWest/RBS has already dabbled with digital banking with the release of ‘Bo' in November 2019 is a far more serious problem. It took seven months and £100 million to get it off the ground, but then the project was cancelled, leaving 11,413 consumers with just 60 days to get their money out.

Mettle seems to have promise, but it is being held back so as not to detract new customers from NatWest business banking. However, new customers receive free access to the accounting programme FreeAgent, and the account itself is free, so it's hard to lose. 

There are no fees associated with opening an account or making a deposit. Sign up for FreeAgent at no cost. Integrate accounting software. However, it might take a few days to open due to the verification process. There is no FSCS protection, no acceptance of personal checks, and no ability to make or receive foreign wire transfers.

6. Acorn Account — Well-rated zero-credit-check business accounts

The Acorn Account shown linked is, in fact, operated by the same firm as the Card One Money business account above. Marketing is really the sole distinguishing factor.

With a “you can open an Acorn business account regardless of your credit history” claim, Acorn markets itself as a “guaranteed business account”.

Visit Acorn Account

Your dedicated account manager is standing by to answer any questions you may have and provide any assistance you may need. They will make it easier to settle your bills.

Simply communicate your payment requirements to your adviser, and they will handle the rest. They will also assist you in managing your bills and setting up any required direct debits or recurring payments from your account.

Bring your money to a bank and deposit it. You may now make payments to Acorn by cash or check at any branch of a major high-street bank. Take your cash and checks to any Barclays location, along with your pre-printed GIRO, and make a deposit. The standard clearing period for a cheque deposited at a Barclays branch is 4 business days.

Acorn doesn’t reject a company because of the owner's or any employee's low credit or other financial background. They recognise that running a company effectively without a reliable operating bank account is difficult and seek our assistance.

All in all, there is no account opening cost or need to verify credit. Acorn just needs to confirm your identification and residence to approve you for a loan. The managed accounts provided by Acorn Account are easy to use. They also claim to help you in making sure that your recurring bills are paid on time.

7. ANNA Money — Good business accounts with no credit check for creative professionals (uninsured)

ANNA Money is more than simply a business checking account; it's a specialised administrative assistant for managing your company's finances. No administrative nonsense; in fact, the acronym ANNA refers to that.

For freelancers and those in startup, ANNA is a mobile business current account provider and administrative assistant also known as Absolutely No Nonsense Admin.

It is designed for small businesses and freelancers who would rather concentrate on their job than deal with mundane company administration tasks.

Visit ANNA

A company checking account and debit card are included, as are tools to assist with accounting tasks like invoicing and keeping track of expenses. You may be familiar with this idea. While other services, such as Tide, Coconut, and Counting Up, also provide company checking accounts and accounting/administration tools, ANNA has something special up its sleeve.

A company checking account, debit card, and invoice-collecting support are all made available to customers. Rather of approaching banking like a traditional bank, ANNA positions itself as a mobile business account and assistant. The app's layout is laid-back and welcoming, making it easy to do most activities. 

There are five types of accounts, the cheapest of which is free monthly but costs money for every transaction. Like with Tide, there is a fixed 20p fee for incoming and outgoing transfers.

Withdrawing money from an ATM will cost you £1, but using a card to make a purchase will cost you nothing.  Even though ANNA has the capability of making and receiving international payments, the £5 per payment plus the 1% conversion fee means that you'd be better off using a service like Wise or Revolut. 

Compared to the aforementioned accounts, ANNA offers something new; and although it may seem pricey owing to transaction expenses, you also receive tools for creating and chasing invoices, storing documents, filing VAT returns that are compatible with MTD, and calculating self-assessment taxes.

Those who want to spend less time on financial administration will find ANNA an invaluable partner.

Though it was likely designed with freelance creative professionals in mind (i.e., designers, developers, and copywriters), anybody with a startup or small company may join up for an account. 

The branding is less formal and more playful and imaginative than that of traditional high street banks and even some of the more innovative rivals. This is instantly apparent upon signup, when consumers are treated to a number of animated welcome screens. It has a cutting-edge design that is both basic and intuitive. Try to locate a respectable company variety.

Remember that not everyone will like the transaction costs, the absence of FSCS protection, or the user interface.

8. Countingup — Competitive range of business accounts with no credit check

Countingup is a banking and accounting tool for small businesses that is ideal for solo proprietors, limited liability firms, and their accountants. 

Expense tracking, balance computations, and tax filing are just some of the streamlined and automated features of modern checking accounts. The Countingup app makes opening and maintaining an account a breeze.

Visit Countingup

Countingup's current account services double as a banking and bookkeeping tool. You can open an account and have your contactless debit MasterCard in the mail in just a few minutes.

Direct Debits, standing orders, and the sending and receiving of payments are all be handled using the app at any time of day or night. In the event that your card is lost or stolen, you have the option of freezing and thawing it.

Invoicing, spending monitoring, and automatic bookkeeping are just some of the accounting capabilities available.

Pricing for Countingup ranges from £4.95 to £9.95 per month, depending on the volume of transactions processed via your company account. Withdrawing cash from an ATM, depositing cash into your account (through the Post Office), transferring money between accounts, and exchanging currencies all have their own fees. 

The number of transactions allowed per day and the maximum amount allowed per month vary between sole proprietorships and limited liability firms.

Eighty-two per cent of Countingup's evaluations on Trustpilot are good, with many users giving the service a perfect score. The ease with which clients may manage their accounts has been praised by the vast majority.

There are others who feel that Countingup is not as straightforward as competing online banking options. The vast majority of Smart Money People customers are satisfied with the services they provide.

Total monthly costs are minimal. The accounting aspects of the service are very advanced. Trustpilot reviews are all five stars. Basic financial dealings incur additional fees, nevertheless. Some users have complained that the review system is too complicated.

Top business current accounts with no credit check — Buying Guide

Let’s explore further, learning more about zero-credit-check business accounts. 

Do I need a business current account? 

Let us try to avoid ambiguity. If a company owner has formed a UK Limited Company and filed the necessary paperwork with Companies House, then they WILL require an account. This implies that they can't use their personal bank account for work purposes since the company is legally distinct from them.

Freelancers and sole proprietors may not be required to open a separate company bank account, although doing so may be advantageous if the owner's earnings from their independent endeavour constitute a significant portion of their overall earnings.

To sum up, your customer needs a dedicated business account if they are deducting company costs from personal income.

Is there a way to avoid doing a credit check when opening a business account?

Yes. It is true that you can avoid a credit check when applying for a business bank account. Cashplus and Card One Money are two examples of such service providers. Approved accounts may be opened in as little as a few minutes or as long as a few hours.

There will be no credit check performed, but this sort of bank will still need your contact information and proof of company registration.

Keep in mind, nevertheless, that business checking accounts that specifically cater to consumers with bad credit histories often have higher costs than other business checking accounts.

How to open a no-credit-check business account 

The following items are required to create a business bank account in the UK:

• Valid photo identification, such as a passport, UK driver's licence, or EU identity card.
• A bank statement, utility bill, HMRC letter, etc. may all serve as acceptable proof of residence.
• The company registration number of limited liability businesses is required.
• Your unique taxpayer reference number can only be received once you have registered with HMRC. For more on the UTR, see our handy reference guide.

You might also be asked to provide information about your company, such as its kind of work and projected annual revenue.

Additionally, limited liability businesses must have…

• An identification number for the company
• Specifics on the Key Personnel Responsible 

You could also be asked these questions about any kind of business account:

• Industry
• Predicted yearly revenue

Boosting your business credit rank: Tips… 💵

The good news is that there are many things you can do to repair your credit if it is in bad shape.

#1 Put together a thorough business strategy.

Lenders will be more likely to give you money if they see that you've put time and effort into creating a comprehensive business plan that demonstrates your familiarity with the company's finances and your vision for its future.

Your business plan has to include an overview of the market, financial forecasts, and a description of what it is that your company does.

Having an appointment with a business consultant is often a prerequisite for establishing an account with a traditional bank. Although a business plan may not be required to obtain an account with a digital bank, it might be helpful.

#2 Verify your credit history.

The next step is to review your credit report so that you can address any problems before applying for a bank account. If you find an error on your credit report, such as a wrong address or a debt that you've paid off, you should notify the credit reporting agency as soon as possible to get the information updated.

You might include a Notice of Correction to explain what occurred if you are unable to get an error corrected. If you were unable to make a payment, for example, owing to illness, explaining the situation in little more than 200 words may help.

Check your credit report to see how your address is formatted, and use that same format when applying for credit in the future. Despite its seeming insignificance, this is a potential source of contention.

#3 Register for voting.

Verify sure your name appears on the voter registration list at your current address. Your credit score may increase because lenders check the electoral register to confirm your identification.

#4 Lessen your reliance on credit.

Lenders will see you more favourably if you use a small fraction of your available credit (your “credit utilisation ratio”). Keep your credit usage percentage below 30% as a general guideline.

If you want to open a bank account, you should wait at least three months after paying off any outstanding amounts on credit cards, store cards, or an overdraft.

#5 Register with the HMRC.

Currently, you have three months from the start of business before you must register with HMRC. This should be done before opening a business bank account. Even if you're applying for an account that's sure to be approved, your chances of being refused increase if you don't.

Leading business current accounts with no credit check: The Verdict

Do you need to build credit? 

The following are the elements that credit bureaus look for when determining your score, so that you may enhance it the “traditional” way:

• Making timely payments on debts.
• Eliminating debt.
• Having a credit card debt that is below the available credit.
• Resolving errors.

Just keep in mind that the only thing they care about is lining their own wallets. They know they can keep you mired in debt by constantly dangling a three-digit figure in front of you and telling you that your life should revolve around it.

As has been said before, the greatest strategy to improve your credit score is to stop using credit completely. I'm breaking up with you, credit score. Don't let it get out to the credit reporting companies, because the numbers that really matter are the ones in your bank account. How ludicrous! Actually, no.

Paying off debt and committing to a debt-free lifestyle right now is the only way to genuinely enhance your credit score. Put an end to further borrowing. Putting down the plastic. You must stop taking out loans to pay for unnecessary expenses.

It is possible that your credit score could decrease as you become more financially independent. But don't go crazy… At that point, it is appropriate to have a party. And when all those figures go, you know you've made it.

When your credit score is indeterminate, you have money in the bank, your retirement accounts are completely funded, and you give and live like no one else, then you have achieved true financial success. Congratulations on your recent debt cancellation and financial stability!

Oh, and when it comes time to purchase a new house, a credit score is not anything to stress about. Contrary to popular belief, a poor credit score is not required for this. Manual underwriting is a method that considers more than just your credit score when deciding whether or not to grant you a loan. See? Relax; everything is OK.

You should still monitor your credit, but the numbers on your report won't signify anything. Identity theft and debit card fraud may still catch you off guard, even if you have all your cash buried in the garden (don't do that). Once a year, check your credit record to make sure no one has been devious with your personal information.

The three main credit reporting agencies (Equifax, Experian, and TransUnion) all provide free copies of your credit report once a year, so it's worth your time to take advantage of this offer and monitor your credit for potential fraud.  

Instead of stressing about how to get your credit score up, you should be working to secure your financial future and amass riches.

Related Guides:

• Best Business Credit Cards
• Capital on Tap Review – Small Business Credit
• How to Run a Business Credit Report
• How to Open a Euro Business Account
• How to Switch Business Bank Accounts