Business accounts without Schufa Score Check » Guide & Comparison 2021
Anyone wishing to open a business account in Germany must submit a Schufa report. With your Schufa report, you prove that your financial circumstances are in order and that you have properly met your payment obligations from credits and loans. Nevertheless, there may be reasons to have a business account without a Schufa inquiry. The number of banks offering business accounts without a credit check is manageable. Nevertheless, it is worthwhile to check the offer with the conditions carefully.
- When you should open a business account without a Schufa query.
- Business accounts without Schufa
- Business account without Schufa query: This is what you need to bear in mind.
- Services of the business account without Schufa
- Cost overview of a business account without Schufa
- What else you should look out for when comparing accounts
- How to apply for a Schufa-free account?
- Advantages and disadvantages of a business account without Schufa
- Editor’s tip: Our top 2 business accounts without Schufa
- Conclusion: Credit-free accounts are an option with limitations
When you should open a business account without a Schufa query.
With the Schufa query, the bank checks the creditworthiness of the account holder. In the Schufa all business transactions are deposited, which are connected with credits and loans. Contracts are entered, balanced obligations are also documented. Above all, however, Schufa records if you have not met your payment obligations and a reminder or enforcement notice has therefore been issued against you. For the bank, this is an indication that you are financially unable to pay your debts. If this is the case, a bank is not obliged to open and maintain a business account for you. In such cases, an account without a Schufa check can be an alternative, because as a self-employed person you usually rely on conducting cashless money transactions with your business partners.
Business accounts without Schufa
Business account without Schufa query: This is what you need to bear in mind.
Each account-holding bank checks the creditworthiness of self-employed people in great detail before opening the account. So before you apply for your business account without Schufa query at the bank, you should be prepared for a longer approval and verification process. Especially in the case of founders, the bank is likely to be meticulous about ensuring that your financial circumstances are transparent and that your credit score is in order. Ideally, you should try to eliminate the causes of your weak credit rating before opening an account. Until that time comes and you can open a normal business account, an account without a Schufa query is a good option.
It should also be noted that the legal form chosen for your business may have an impact on the credit check. If you open the account as a freelancer and as a natural person, your personal creditworthiness will be investigated. A Schufa entry then usually has a negative impact. If you set up a corporation such as an Unternehmergesellschaft haftungsbeschränkt, the creditworthiness of your company as a legal entity will be checked. Your personal Schufa entry may then be less significant.
Services of the business account without Schufa
Through a business account without Schufa query, the processing of cashless payment transactions is secured. This means that incoming and outgoing payments as well as transfers and direct debits can be carried out. Cash withdrawals from ATMs or bank branches are also possible. The amount of withdrawals may be restricted per day or week, so you can only initiate transfers up to a certain amount. No credit line is usually granted for credit-free business accounts. This means you cannot overdraw your account. So, to pay bills and make transfers, you must have a balance in your business account. A credit card can often be issued. However, it too is not based on a line of credit. They are usually prepaid cards that are loaded with credit before payment is made. Despite these limitations, business accounts without a Schufa check are suitable for handling the most important business transactions such as cashless deposits and withdrawals.
Cost overview of a business account without Schufa
With the opening of a business account usually also arise various costs and fees. This can also be the case with business accounts without Schufa query. Here it is recommended to inform yourself in advance about the possible fees and costs.
These costs and fees may occur:
- Account maintenance fees (either per month or per year).
- Issuance and use of a credit or giro card.
- Execution of voucher and voucherless wire transfers.
- Fees for the provision of account statements.
- withdrawal of cash Deposit of cash
- foreign use of cards
- Fees for activation of the account.
Also, be prepared for the account maintenance fee to be higher for your credit free account. This increased fee is ultimately a type of “penalty interest” that the bank charges for customers with weak credit ratings. A positive aspect of a credit-free account is that usually no overdraft facility or overdraft limit is granted. This saves you from having to pay interest on the credit line you have used.
In general, however, the fees for business accounts depend heavily on the volume of transactions. If you make a lot of transfers for your company or receive a lot of incoming money for an online store, you should compare the terms and conditions of banks. However, there are only a few banks that offer a credit-free account. So your choice is not as comprehensive as for business accounts with a Schufa query.
What else you should look out for when comparing accounts
Since business accounts without Schufa often run through online-only banks, the point of security is an important factor that you should not neglect when comparing. Here, a distinction can be made between security by the bank and security during login as well as transactions. A deposit guarantee is very important. Choose a provider that operates within the EU, because here your bank deposits are protected up to € 100,000. This general deposit protection can be further strengthened, as some banks offer additional protection, for example through private deposit protection funds. To guarantee sufficient security when logging in, the provider should have taken certain precautions. An SSL encryption of your sensitive data as well as the constant requirement of logging in with a user name and a self-selected password are part of the standard program. Many banks also use so-called two-factor authentication (2FA) to ensure secure transactions. With 2FA, an identification code is sent to a secondary device that you specify and confirm. Only when you confirm this, the transfer will be executed.
Available additional services
Additional services are a way to stand out from other providers and at the same time make your life easier as a customer. Therefore, you should always pay attention to this option.
The following additional services may be of interest to you:
- Invoicing software
- Integrated accounting function
- Discounts for new customers
- Finance or Planning tools
- Open API
- Easy combination with external apps
- Bonus programs
Accessible and flexible customer service should be mandatory for any good business account. After all, if something goes wrong or doesn’t work, fixing the problem quickly is extremely important so that business can continue to run smoothly. Here, you should make sure that the provider’s customer service can be reached as often as possible and on different platforms. Ideally, customer service should be reachable via mail, phone, as well as social media such as Instagram or Twitter. Other signs of good customer service: many spoken languages, individual customer advisors and offers such as live chats or exchange opportunities with other customers.
How to apply for a Schufa-free account?
Before you can open an account as a self-employed person, you need to submit some documents. These usually include the latest balance sheets and profit and loss statements or income surplus statements. The tax assessment notices for the last few years must also often be submitted. Depending on the bank, operating statements and a business plan may also be required. A Schufa report is not mandatory for a credit-free account. Depending on the bank, you can apply to open an account either online or in person at a branch. By the way, before you open the account, it is worth comparing the conditions. Even though there are only a manageable number of banks offering credit-free accounts, you should check the fees and conditions in detail before deciding on a provider.
Advantages and disadvantages of a business account without Schufa
There are a few things to consider when opening a business account without Schufa. Therefore, we have listed the most common advantages and disadvantages to give you an overview.
|No Schufa query is required by the bank or negative entries may exist
|Account overdraft or overdraft facilities mostly not possible
|The account without Schufa is specialized in business customers
|Cutbacks in customer service
|Account opening is usually uncomplicated and quick online
|Prepaid credit card instead of a regular model
|Interesting additional services often included, especially for freelancers or companies
|No checking card
|Simple and clear processing of business transactions
|No branch service and no own ATMs → Cash withdrawal can be difficult or expensive
|No check deposits possible
Editor’s tip: Our top 2 business accounts without Schufa
For businesses: Penta
Our recommendation for companies (GmbH, UG, AG, GbR, OHG, KG or PartG) that want to quickly and easily open a business account without a credit check is Penta. Penta offers you maximum flexibility, thanks to the three plans available: Advanced, Premium and Ultimate. While Ultimate is specialized for larger companies that want the business account tailored specifically to their needs, the Advanced and Premium plans are mainly aimed at companies in the start-up phase. Since Penta has only been around since 2016, all banking transactions are handled through solaris Bank.
|Advantages of Penta
|Disadvantages of Penta
|at least two VISA credit cards included
|no overdraft facility
|no minimum deposit required
|free account management no longer possible
|possibility to open sub-accounts
|no voucher-based bookings
|cash withdrawal possible
|deposit of cash not possible
|mobile banking app
For freelancers: Kontist
If you are a freelancer or self-employed person and want to open your own business account without a credit check, the best place to do this is Kontist. Kontist’s standard rate allows free account management and does not charge a fee for opening an account. Another argument in favor of Kontist is that voucherless postings can be made free of charge for an unlimited period of time. Kontist is the only account we reviewed that has an overdraft limit of up to €5,000. Posting software that takes care of income tax and sales tax is also included.
|Advantages of Kontist
|Disadvantages of Kontist
|overdraft facility possible (11%, 500 -5.000€)
|only suitable for individuals
|full SEPA account with German IBAN
|cash deposit not possible
|free account management
|With Kontist Free only virtual Mastercard
|free paperless transactions
|paper-based transactions not possible
|fast account opening
Conclusion: Credit-free accounts are an option with limitations
If opening a business account with a Schufa query is out of the question for you, the only alternative is a credit-free account. The great advantage of these accounts is that you do not have to present an extract from the Schufa when applying for the account. Especially negative entries in the Schufa could well prevent the account opening. However, these accounts usually do not come with an overdraft facility. In addition, only a credit card is issued on a credit basis. In this way, the bank also protects the account holder from inconsiderate spending that could further aggravate his financial situation.