Banking
As a bankrupt you will not be able to get a standard current account, however it is possible for you to get banking facilities.
Banking facilities available to you include:
Prepaid card with guaranteed acceptance
A prepaid card will usually have guaranteed acceptance and is available for a small cost. Your wages are paid directly on to a prepaid Mastercard which you can top up at your post office or online. You then just use it like a credit card, without being able to get into debt.
You may wish to consider a prepaid card such as the cashplus prepaid gold MasterCard®, which also has a credit builder to help you rebuild your credit worthiness.
Managed bank accounts with guaranteed acceptance
Available at a small cost these bank accounts are available to you even if you have been bankrupt. They usually contain the following features:
- No credit check to open one
- Prepaid Mastercard for shopping and cash withdrawals
- Internet banking
- No hidden fees
- Standing orders
These are typically available for a small monthly fee. To apply for one or to find out more go to Card One Banking.
Basic bank accounts
Basic bank accounts are intended for people with poor credit ratings. They are no frills bank accounts but unfortunately there are very few available if you are an undischarged bankrupt. After your discharge from bankruptcy you will see that more become available, but these accounts are always subject to credit checks.
For more information visit Piggy's page on bank accounts for bankrupts.
