Open a Business Bank Account with IVA
If you are or have been through an Insolvency process you will know how difficult it will be to open a business bank account with IVA.
Most high street providers will decline your application when they discover the details when they perform their credit check.
Also when one of the main banks declines your application, then any others you approach will also reject your application making your credit report look even more distressed.
What Business Bank Accounts are available if you have an IVA?
As your chances of opening a high street business account will be severely restricted with an IVA, your options may be limited to opening a more basic Business Bank Account but given the functionality of these accounts, you will not be disappointed with what they have to offer.
What functionality can you expect to get with these Accounts?
Firstly these accounts will be available even with an IVA, so that is important, plus they will be in your company or business name which avoids the need to use a personal bank account, again another important thing to consider.
The important factor will be having the use of your own Sort-Code and Account Number making receiving payments very easy form any other UK bank account. Full Internet & Mobile Banking is also standard meaning you can have full control and access to your cleared funds, allowing you to manage your business finances 24/7. Also available will be Standing Orders and Direct Debits, allowing you to make your regular payments when needed. With the ability to both accept and make ‘Faster’ payments, the functionality of this account is excellent. Also included is a MasterCard® Card which like a Debit Card gives you access to the cleared funds in your business account, allowing you to buy things in-store, online and anywhere the MasterCard® sign is shown.