Skip to main content

You can get a current account, even if you’re bankrupt

If you’ve filed for bankruptcy, you might not know where to turn to get a bank account. But did you know that you can get a thinkmoney Current Account no matter what stage of bankruptcy you’re at?

Switchguarantee Logo Fairbaking Logo
thinkmoney app

£10 monthly fee

Switchguarantee Logo Fairbanking Logo

Not in the best financial shape? You can still apply!

Being declared bankrupt can affect your finances in all kinds of ways. Your ability to open a bank account is just one of them.

We think everyone should be able to get a current account, so filing for bankruptcy or being a discharged bankrupt won’t stop you.

You might have had applications turned down by high street banks and feel like there's nothing you can do. Your worries end here! Because as long as you're 18 or over and live in the UK for at least 6 months a year, you can open an account with us.

What do you get with a thinkmoney Current Account?

The account will give you:

  • list-item
    Somewhere to get your income paid into
  • list-item
    Access to online banking and the app
  • list-item
    Access to Direct Debits and standing orders
  • list-item
    Help budgeting and getting your bills paid on time
  • list-item
    No charges for missed or rejected payments

How will the account help me?

Getting back on your feet at any stage of bankruptcy can be a challenge, but a thinkmoney Current Account can help to make it easier.

pay income

Pay your income directly into your current account

pay bills

Money is set aside from your income to pay essential bills

card transfer

The rest is all yours, and is transferred to your card

shopping bag

You'll know exactly how much you can spend on other things

Bankruptcy will affect your credit rating for 6 years from the day it begins. This can mean you'll be turned down when you apply for a bank account, or if you need credit in the future.

The account can help you to get your credit score back on track by making sure that your bills are paid on time.

We found that 73% of our current account customers improved their credit score banking with us.*

You can start to rebuild your credit rating, and make a fresh start with your finances.

£10 monthly fee

*Based on a sample of customers who held an account for 12 months and previously had limited credit history or substantial credit use

What happens when you’re declared bankrupt?

You're officially declared bankrupt when a bankruptcy order is made.

Once your bank account provider is made aware of the order, your account will be ‘frozen’.

Some banks may decide to close your account altogether, so you’ll need to open a new account elsewhere.

What is a discharged bankrupt?

Once you’ve completed bankruptcy, you’re known as a discharged bankrupt.

In most cases, bankruptcy lasts for a year, and when it ends you’re discharged. Following this, you may be expected to make payments towards your debts for up to 3 years.

Bankruptcy can make it difficult for you to get a current account, even if you’ve been discharged. Many people turn to basic bank accounts, which are open to those who've had debt problems or an IVA.

But it's not your only option!

There are other accounts available, such as the thinkmoney Current Account. You can apply for an account before, during or after bankruptcy.

Because the account is designed to make managing your money hassle-free, it could be ideal to help you bounce back.

The account for everyone

Our account isn't just for people who've been made bankrupt. No matter what your credit rating is, or what your finances look like, you can get an account with us.

If you’re keen to get on top of your budgeting and to make sure you’re paying your bills on time, then this could be the account for you.

Sound interesting? Apply for your account online today!

£10 monthly fee

More Information

You can get a thinkmoney Current Account if you’re over 18 and a UK resident – it’s as simple as that. It doesn’t matter if you’ve had bad credit in the past or you have no credit history as we don’t carry out a credit check when you apply for your account. All we need to do is verify that you are who you say you are and you can open an account online.

The Financial Conduct Authority requires us to publish information about our personal current accounts. For more information about this click here.

These documents inform you about the fees for using the main services linked to the payment account. It will help you to compare these fees with those of other accounts. Fees may also apply for using services linked to the account which are not listed here. Full information is available in our terms and conditions. A glossary of the terms used in this document is available free of charge.

For information about the thinkmoney Current Account click here.

For information about the thinkmoney Current Account Plus click here.

We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee.

  • The service is free to use and you can choose and agree your switch date with us.
  • We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
  • If you have money in your old account, we will transfer it to your new account on your switch date.
  • We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
  • If there are any issues in making the switch, we will contact you before your switch date.
  • If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.

For more information

The money you hold in your thinkmoney Current Account is not protected under the Financial Services Compensation Scheme (FSCS). As thinkmoney is authorised and regulated by the FCA as an e-Money Institution, your money is protected and, unlike the FSCS, this protection is not limited to a certain amount. This means that your money is held separately and securely and, if something were to happen to thinkmoney, you would always receive it back.

Yes, once you open your account you can add another person to it to make a joint account. Joint accounts cost £15 per month.

Think Money Limited has partnered with (UK) to provide and support a dedicated interface for Third Party Providers offering AISP, PISP and CBPII services.

TokenOS is the operating system for open banking that allows banks, merchants, enterprises and individuals to interact in a global marketplace of financial services.

If you are a Third Party Provider offering AISP, PISP and CBPII services, please use the link below to access the Integration Guide for information on how to register as a member to access information or make payment requests using the Think Money dedicated interface.

Token TPP Interface Website

Please read this leaflet for more information about your rights when making payments in Europe. Contact us if you need a large print or braille version.

For more information on how we will use your personal information when you have an account with us, you can read our 'How we use your personal information' leaflet. For more detailed information you can also read our Privacy Policy.

Accounts opened after 7th November 2018

Accounts opened before 7th November 2018

Accounts opened after 1st February 2020

From the 1st April 2020 the below Terms and Conditions will come into effect for all customers:

Legal Information