Bank account advice - bankruptcy

nikki702

Hi everyone

I have submitted my bankruptcy application today and had a conversation with Natwest about my bank account. They told me my account will be frozen and I need a form from the OR to be sent to them to unfreeze the account. My account will be downgraded and il lose my contactless card.

Once my Bankruptcy begins I want to open a basic account hopefully with a contactless card (I use it for transport as its easier)

I would like to avoid Barclays and Nationwide due to owing their credit cards money.

Who else offers a basic account with a contactless card? I want to be quick about opening an account because of DDs and salary payments.

Thank you

Carrot007

No idea but from what people say barclays is your best bet. And that is a company no one usually has anything gopod to say about! (Barclays CC is a somewhat seperate company as well unlike most other banks).

Clouds88

Nationwide! Not a bad word to say about their basic bank, I don’t think I’ll change when the BR has finished (4 months eeeek) I don’t have to look like a criminal with a non contactless card I just look like a normal person

TheGardener

Barclays have been excellent for me despite them being included in my BR. Open a basic account with them - it doesn't matter that their CC was a creditor (and yes, it is a different company technically) You will need to go into a branch to apply and specify a basic account.
Another good bet is Nationwide flex direct - you can apply online but make sure you set the overdraft facility to zero or the application will be rejected.
However, contact less cards can technically run up a debt so you might not get that - I don't know - there are mixed reports on contactless for BR's.

fatbelly

There are links here

https://www.moneyadviceservice.org.uk/en/articles/basic-bank-accounts

ramtops

Monzo. Really great to deal with.

vixg66

I would second Monzo Bank - they provide a contactless card and the app gives you a clear indications of spending to keep you on track in future

broaps

TheGardener wrote: »

However, contact less cards can technically run up a debt so you might not get that - I don't know - there are mixed reports on contactless for BR's.

I have a fully contacless card with my Nationwide basic account. I had opened a Flex account shortly before BR but they just downgraded it to basic and kept the account numbers exactly the same so no need to change DDs and payments in.

nikki702

Thanks everyone, I have a monzo account hopefully that will not be frozen

panic_stations

I ended up with 2 basic accounts after my bankruptcy, one with Barclays that was quite hard for them to set up (to the point I wasn't sure they'd be able to) and another with virgin money who couldn't have been more helpful. So I'd definitely recommend checking them out.

TheGardener

Its great to see so many options. Only 3 or 4 years years ago Barclays and the Co-op were pretty much the only options open to BRs. Barclays would open a basic account but with no internet or phone banking and certainly no contactless. All we could have was text alerts and paper statements - I had to specifically ask for weekly statements to keep an eye on balances.
The co-op were fine as long as you opended the account before BR but kept quiet about why you needed a basic account. They wouldn't close the account if you went BR but wouldn't open after BR.
I think perhaps its time MSE updated the advice they give on BR tolerant bank accounts now as things have changed so much?