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Can I get a bank account if I'm going through an IVA?

If you’re on an IVA, you might find it difficult to open a bank account. That’s because a lot of high street banks will turn you down if you have bad credit.

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You might think you need a special account for an IVA, but there are accounts like a thinkmoney Current Account that can solve your problems. You can open an account before, during or after an IVA, and get all this good stuff:


No credit checks


No charges for missing payments


Help with budgeting


Help to pay your bills on time

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Manage your money with the app

£10 monthly fee

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Worried that having an IVA will stop you from getting a current account? That’s not the case here. We look to accept anyone, even if your credit history isn’t squeaky clean.

If you’ve entered into an Individual Voluntary Arrangement, you might need to open a new bank account. So open one with us!

The account covers the basics like getting a debit card, but the account itself is far from basic. You can use it to make sure your bills and payments toward your debts are made on time, every month.

We can also give you a hand with your budgeting, so you know exactly what you’ve got to spend and what’s for bills.

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How can the account help me with my IVA?

It takes strict budgeting to make an IVA succeed, but a thinkmoney Current Account takes away the stress of using a spreadsheet.

This is how it works:


Pay income into your account


Money is set aside to pay your bills

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The rest is transferred to your card

By managing your bills and other essentials every month, we can make sure you stick to the terms of your Individual Voluntary Arrangement.

You'll know exactly how much money you have to spare, and won’t be able to accidentally spend what you need for your IVA repayments.

£10 monthly fee

What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement that you make with lenders to pay back whatever you can afford towards your debts. This will usually be for 5 years.

As it’s a legally binding arrangement, it’s important to manage your payments and stay on top of your finances. If you fall behind and find you can’t make payments, you could be made bankrupt.

How will an IVA affect my finances?

An IVA will affect your credit rating for 6 years from the day it begins. This can make it hard to get a bank account, and you could be turned down by high street banks.

You could also find that you have difficulty applying for any further credit during this time. You'll also probably be charged more for any credit you do get.

Having an Individual Voluntary Arrangement could mean that you need to open a new account, because your bank may have the ‘right to offset’. This means that if the debts you owe are to them, they have the right to take money out of your bank account.

Opening a brand new account with thinkmoney not only means that your money’s kept safe, but there’s no credit check and you can bank in a way that suits you.

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How do I manage my IVA payments?

We know people lead busy lives, and don’t always have the time to sit down and sort out their finances. That’s why we made an account that can do it for you.

Set up payments via Direct Debit or standing order, and we’ll make sure that the money you’ll need is put aside.

It works the same way for your IVA payments. Once you’ve set up your first payment, we’ll make sure it’s accounted for in your budget. The money you need is put away safely, so you can’t spend it.

The account helps you to keep up with your payments and stay stress-free. That way, you can complete your Individual Voluntary Arrangement successfully.

The account that’s open to everyone

And it doesn’t take long to apply, promise! As long as you tick these boxes, go ahead and start filling in the form:

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    You're 18 or over
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    You live in the UK for at least 6 months of the year

£10 monthly fee

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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