What is a bank account for bankrupts?
As the name says, a bank account for bankrupts is an account that's open to people going through bankruptcy. It's a way for people in that situation to access the services they need in the modern world: somewhere to get their salary paid in, access to cash machines, the ability to set up Direct Debits, access to online banking services, etc.
But bankruptcy bank accounts aren't the only option that's open to people in that situation: banks aren't the only ones providing accounts these days.
Here at thinkmoney, we understand how difficult it can be if you're looking for a bank account but your bankruptcy's getting in the way. What we offer is an alternative to a bank account, which simply doesn't require a credit check.
To find out about our bankrupt bank account alternative, just click on 'Apply now' and talk to an adviser.
We're not a bank: anyone can apply for the thinkmoney Managed Current Account. You just have to be at least 18 years old and a UK resident.
Bankruptcy and your credit rating
If you're going through bankruptcy right now, you're technically an 'undischarged bankrupt'. If you've recently completed bankruptcy, you're known as a 'discharged bankrupt'.
Either way, you're probably in a difficult situation with your finances - and trying to get back on your feet and get into good money habits for the future.
Even if you've been discharged from bankruptcy recently, your credit rating will still be affected, since bankruptcy will remain on your credit file for six years from the day it begins.
Having bankruptcy on your credit history can affect all kinds of things. Most people know it can make credit harder to get and potentially more expensive, but they might not realise it can also affect their ability to open a 'standard' bank account.
Most bank accounts require a credit check before they can be opened, and if you've been bankrupt or had other serious financial problems in the past, it's likely you'll fail the credit check and be turned down.
Even basic bank accounts are typically off limits to undischarged bankrupts.
Getting back on your feet financially
If you've been declared bankrupt in the past, you may well be determined to leave your money problems there - and turn your back on debt for good.
The thinkmoney Managed Current Account could help you get into good habits and look forward to a healthier financial future. For example:
- It doesn't come with an overdraft facility
You can't get into debt without even noticing it.
- It comes with a built-in budgeting service
We'll separate your bill money from your spare cash, helping you spend within your means - without worrying you might be spending funds you should be keeping for life's essentials.
- It lets you manage your money by SMS or online
You can stay informed and in control pretty much anytime and anywhere, as long as you have a signal / internet access.
- It gives you access to thinkmoney rewards
It's a special deal we've arranged with all kinds of leading online / high street retailers, so you can get cashback when you shop online through us.
If you think our alternative to a bankrupt bank account could be what you're looking for, speak to us today or click on 'Apply now' or click here to apply online.