Bank accounts for bankrupts
Banking is usually a big concern for anyone who goes bankrupt. With so many myths surrounding bankruptcy it is difficult to know what is correct and what is not. This website provides you with the information you need to find a suitable bank account either before or after you go bankrupt.
Although as a bankrupt your credit rating will be seriously affected, the following bank accounts are available to you:
- Guaranteed bank accounts - an account you are guaranteed to be accepted for.
- Basic bank accounts - a no frills bank account.
If you are seeking a business account then you will probably have to wait until you are discharged from bankruptcy.
Guaranteed bank accounts
A guaranteed bank account is exactly what is says on the box. Providing you can prove your identity, you reside in the UK and are over the age of 18 then you are guaranteed to be accepted for one. This is what makes them suitable and sometimes ideal bank accounts for bankrupts. The only downside is that you have to pay for one, though they are not particularly expensive.
For more information go to the guaranteed bank account page.
Basic bank accounts for bankrupts
A basic bank account is an account with no credit facilities and is generally suited to people with a poor credit history, such as a bankrupt. There is no guarantee that you will be accepted when you apply and there are only a couple banks that accept undischarged bankrupts.
For more information go to the basic bank account page.
Strictly speaking a prepaid card is not a bank account; however it will offer some of the facilities of a bank account as well as some hidden benefits. Providing you prove your identity you are guaranteed to be accepted for one, which is why they are ideal bank accounts for bankrupts. Again the only downside is that it will cost, though they are cheaper than a guaranteed bank account.
Post Office accounts
A Post Office account can only be used to have benefits paid into. If you are a bankrupt, require a bank account and your only source of income is benefits then the Post Office account will probably be your best option.