Guaranteed Bank account for bankrupts

MCBIRNIE25 · 20 July 2007 at 7:22AM

Hi all,a new account on the market backed by RBS.Aimed specificallyat bankrupts.An interview on radio the other day withh the chairman stated everyone is entitled to this account.http://www.thinkbanking.co.uk/index.asp

uther_2 · 20 July 2007 at 8:02AM

I would be very careful.From the T & C's:

Questions & answers

Top of page
4) How much does it cost?
There is a one-off setting up cost of £25 (taken from your first salary payment) to cover administration charges for setting up the accounts.
A monthly administration fee of £12.50 is charged for running both accounts. If you are weekly-paid, the administration fee will be taken on the first payday of each month.
Personally I would not want to pay a £25 set up fee and £12.50 a month.

fermi · 20 July 2007 at 8:09AM

Hmmm.. as Uther says.

£25 account opening fee.
£12.50 monthly account management fee (30 days notice to you if they decide to hike this up).
£5 replacement card fee for lost/stolen cards + you are liable for first £50 of use before they are informed.
Plus goodness knows what else.....

Probably best to stick to Co-op, Nationwide and Barclays.

mushroom1982 · 20 July 2007 at 9:51AM

I had an account with the rbs through a company called gregory pennington which was the same situation. You had to pay a monthly fee for it but the call cnetre staff were the biggest bunch of idiots i've ever dealt with. I had within 2 months 4 payments go to the wrong place as they didn't bother clarifying the reference numbers and got them all wrong!

philnicandamy · 20 July 2007 at 10:20AM

anything that charges sooooo much for its services with so many T&Cs subject to change on a monthly basis it seems....I personally would steer well clear

wherediditallgo · 20 July 2007 at 2:37PM

I won't be going for this account. All that money up front, plus having to pay at least £12.50pm to keep the account??

Some people have SOAs with minus balances on them - starting off with a new account that's going to cost significant amounts of money to run & keep doesn't seem the way to go to me. Plus if you're weekly paid, the £12.50pm will be taken out of your first pay cheque - great, so you're expected to manage with at least £12.50 less that week, at a point in your life when you need to have a budget in place that you can rely on. And if they decide to increase that £12.50pm, you've only got 30 days to sort out a new account, set up your direct debits again, sort out your pay etc. :eek:

Maybe someone needs to tip RBS off that if people had had that amount of financial flexibility that they could afford those costs indefinitely, they might not have needed to go BR in the first place. :cool:

relaxsoon · 21 July 2007 at 5:54PM

This is what gets people bankrupt in the 1st place there all out to get money . NO WAY NO ONE USE THIS ADVISE PLEASE !!!!!

digp · 21 July 2007 at 6:20PM

i recommend citibank's access account instead. RBS are scum.

tigerfeet2006 · 21 July 2007 at 6:29PM

But will they accept bankrupts digp? If they will can you add details to the sticky at the top of the page about bank accounts for bankrupts. Thanks.

sscott5581 · 21 July 2007 at 6:34PM

Read my thread bankruptcy and beyond on 'budgeting and current accoutns' forum, about three or four pages in. Some information about bank accounts.

wherediditallgo · 22 July 2007 at 2:29AM

The only accounts guaranteed for bankrupts are the ones in the sticky. Citibank may well be willing to offer accounts after you've been discharged (which is what happened to Scott), but other banks can do that too & it's not such a pressing need at that time as you already have an existing basic account. The critical time for needing an account of some kind is when you are first going BR, so that you've got somewhere for money to go into, bills to be paid from etc.

It was useful of Scott to post the info, but I think the sticky should stay as it is until we (a) have people who are going BR who actually get the account, rather than after discharge, & (b) hear from ORs & debt advisory services such as CCCS, Payplan & National Debtline that they're advising people to open accounts with Citibank. I've seen posts where people have been turned down by them even after discharge, but I can't recall one by someone accepted prior to discharge, & I'd rather people didn't waste valuable time applying for an account that's not recommended & that they've got little hope of getting.

Guaranteed Bank account for bankrupts

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