Cant get a bank account during bankruptcy or after bankrupcty? Look here...

bradztheman

So if your like me, and you have struggled to find a branch that will give you just a simple basic account during your bankruptcy, or even after when you are discharged, i have found the best way of getting one in my opinion.

For me barclays wouldnt offer me a basic account because i had debt with them going into bankruptcy, and neither would natwest for the same reason, but i now know that you can get a basic Natwest account by going directly into the branch with your discharge confirmation letter, which you can easily get by emailing: discharge.queries@insolvency.gsi.gov.uk and giving them the following:

1) Your current and previous address

2) Date of Birth

3) National Insurance number

4) Bankruptcy year, number, and court.

Failing doing the above, the cheapest option if you can not get a natwest or barclays account is to open a Talk Home Cat Card account. There are monthly fees, just £5 to open the account for the visa debit card, £1 to load upto £499 via any shop that offers the paypoint service, £1 withdraw fees, but £20 instant same day transfer fee.

Or:

Open a yorkshire building society cash transactor saving account.
This will give you a sort code and account number and will enable you to set up direct debits and standing orders and make withdrawals free of charge. The only downside is if you dont have a local ybs branch in your area, this will make depositing funds and cheques into your account very difficult.. But on the other hand, if you have a talk home account as above, it could be easier.

Another option is the o2 and orange prepaid cards.
The charges are much higher than the talk home cat card account's charges, so i would try and avoid them and go with opening up a talk home account, and a ybs cash transactor savings account as there are no credit searches
Or else open a savings account from nationwide or any other branch close to your town, use that account to deposit cheques or cash, and have your wages paid into it, make free withdrawals etc, but get a debit visa card from Talk home cat card.

Hope this helps

TheGardener

Credit Unions are also an excellent alternative for those struggling to get a High Street account. Totally ethical and open to anyone - even BR's. Some are large enough to offer current accounts, others offer budgeting style accounts where the CU pays your regular bills and gives you a pre paid visa card to use. You can check your balance online anytime (but its not internet banking)

UpToMyNeckInIt

Personally, I have a 'Secure Trust' bank account, and recommend them. It will cost you £12.50pcm (offset to some degree by the automatic 'cashback' offers with over 40 major high street retailers - Asda, Argos, BHS, Debenhams, Wilkinsons to name but a few. The account is open to BR/IVA customers though and has very good online and telephone banking options.

Got to say though, by the time I have done the weekly shop at Asda, with their 3% cash-back, I normally near enough off-set the fee.

There are also other 'card-based' accounts: CashPlus, ClearCash, Think Money etc.

Also the following links provide a nice little comparison of some of the more readily available accounts:

http://www.money.co.uk/current-accounts/bank-accounts-for-bankrupts.htm

and

http://www.thisismoney.co.uk/money/guides/article-2318954/This-Moneys-best-basic-bank-accounts.html

Staggered to see HSBC mentioned as a possible - notoriously hostile towards insolvent customers. When 'First Direct' found out about my IVA, they made me close the account.

Anyway, hope this helps.