New business bank account launched
A new business bank account has been launched to help those entrepreneurs with poor credit rating
Those entrepreneurs who have been unable to get banking facilities due to poor credit rating have been offered a life line by NatWest and its parent bank, Royal Bank of Scotland. The banking giant is launching the ‘Foundation Account’ offering all the benefits of a business bank account but without any borrowing facility. The customer will have all the other facilities such as cheque book and debit card, access to standing orders and direct debits as well the use of internet, phone and mobile phone banking. Businesses which have opened in the last year will also be eligible for two years free banking.
However the account will not be open to undischarged bankrupts or customers with a history of fraud. Most bankrupts get discharged within 12 months.
Debtwizard praises the bank in its effort to support entrepreneurs and to help those who have good business ideas but in the past have been thwarted mainly due to not being able to obtain adequate banking facilities.