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

Download our app to start. £10 monthly fee

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

Download our app to start. £10 monthly fee

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?

No credit check

Your bills are paid on time

Manage money with the app

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. But as long as you're 18 or over and live in the UK for at least six months a year, you can open a basic bank account with us.

What you get with a thinkmoney Current Account

The basic account will give you:

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

How will a basic bank 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 your income directly into your current account

Money is set aside from your income to pay essential bills

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

Bankruptcy will affect your credit rating for six 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 basic 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 three out of four 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.

Download our app to start. £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 bank account for bankruptcies.

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 if you've got a bad credit rating, 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!

Download our app to start. £10 monthly fee

Questions on bank accounts for bankruptcies

Can I keep my bank account if I go bankrupt?

If you go bankrupt, your old bank is unlikely to let you keep your old account, but you will still be able to open a thinkmoney Current Account.

Do you do a credit check?

No. We don’t do any credit checks when you apply for an account with us. All we ask when you apply is that you're over 18 and live in the UK.

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