Please note that the Co-operative basic bank account is no longer available to undischarged bankrupts.
The Cashminder account is a basic bank account offered by the Co-operative bank. It is the same bank account that Piggy obtained a couple of days after he was declared bankrupt.
A word of advice - Do not apply for your Cashminder account until after you have been declared bankrupt. Your account may be frozen if you do!
You should definitely check your credit report before applying. The co-operative bank use Experian. If your credit report contains certain mistakes, then you may be declined.
You may wish to take advantage of Experian's 30 day free trial and get your report online today.
Once you are happy that your credit report does not contain any errors, go to your local branch with proof of ID and proof of address. They will then help you to make an application. You may wish to make an appointment in advance.
Believe it or not there may be entries that look worse than bankruptcy! Examples include a gone away mark, which means you could not be contacted about your debt. Other mistakes include a wrong address and entries showing that you have incurred debts after your bankruptcy.
Through the Cashminder account you will be given a Visa Electron card.
You can receive your income, pay your bills and withdraw cash. You will be able to set up direct debits and standing orders. You will also receive regular statements.
There are no borrowing facilities with the Cashmider account.
No, normal banking services are free. There are administration charges for some services such as extra copies of your statements. You can check these at the Cashminder internet page.
You can apply for the Co-op Cashminder account at your nearest branch.
You may be declined for the following reasons:
If you are declined you may wish to apply for an account that you are guaranteed to be accepted for such as the Cashplus account.