Published on November 5th, 2014 | by EFH9990
Bank Accounts for Bankrupts in the UK
Can I open a bank account while I am still bankrupt?
Filing for bankruptcy is seen by many people as an easy way to get out of a sticky debt situation. However, there are many financial consequences that follow the decision to file for bankruptcy. These include poor credit scores and difficulties in getting financial assistance from credit lending institutions. One of the biggest challenges however, is opening and operating a bank account after filing for bankruptcy. Here are a few things you need to know about bankruptcy and opening a bank account if you happen to find yourself bankrupt.
Can a bankrupt person open a bank account?
As mentioned, the rules of managing finances change dramatically when you are declared bankrupt. Even though getting a bank that can open an account for you is challenging, there are quite a number of banks that offer bank accounts for bankrupts.
Here are five banks where you can get a basic bank account for after you have been declared bankrupt:
Cashplus Deluxe Account
They will open a bank account for you and let you operate it at a monthly charge of 9 pounds. There are no hidden charges and they approve your application almost instantly. They also allow you to install Creditbuilder to improve your credit score.
Ffrees Family account
This account offers banking for bankrupt people and charges no monthly fee. The banking system also allows you to have your pension or benefits to be paid in free of any charges. They have cash back rewards for their customers. Although opening and operating the account is free, you will be charged 2 pounds a month if you don’t use the account for two months in a row.
Eccount Money Current Account
This bank allows you to open an account and run it at a monthly charge of 12 pounds. The system includes a Visa prepaid card, cashback and a free mobile app. The best thing about this current account is that it offers guaranteed acceptance for insolvent people.
Secure Trust Bank Prepaid Bank account
The account offers you banking services at a cost of 12.50 pounds per month. There are no hidden fees or credit checks when opening the account. The account also allows you to get 4 percent in cash rewards. The account also charges a 0.50 pound ATM withdrawal charge.
Barclays Cash Card Account
This is another account that you can open and operate with no monthly fees. You will enjoy direct debits, free ATM withdrawals and standing orders. The card type that you get for this account is a visa debit card.
Those are five bank accounts for bankrupts in the uk. These banks offer basic banking services. However, it is important to note that the services offered by these banks are very basic. In order to regain unlimited use of financial services offered by banks, you should work hard and repair your credit score after filing for bankruptcy. Getting credit card services from a bank after a bankruptcy takes time, but with the right guidance, you will succeed. In case you do not know how to start repairing your credit score, you can retain a financial adviser to help you get back on your feet financially.