Q: Is there a UK bank that allow bank accounts for bankrupts?
I am currently bankrupt but need to open a new bank account in the UK. Which High Street bank offers bank accounts for bankrupts.
A: To be honest, while you are currently bankrupt your options for a High Street bank account are very limited. There may be a couple of High Street banks that may offer you a very basic bank account but it will only come with a cash card. Bank accounts for bankrupts do not offer a debit card.
There is an alternative for anyone looking to open a bank account with bad credit. You can open a brand new bank account online which does not need a credit check so you’re guaranteed to be accepted for it.
So even if you are currently bankrupt, have an IVA, CCj’s or Defaults, you are guaranteed to be accepted for this basic bank account.
Basic Bank Account Features
If you’re looking for the best bank accounts for bankrupts then here are a few reasons why this wins:
- There are no credit checks
- It has a 100% acceptance rate
- You can apply online
- You’ll get your sort code and account number instantly
- It comes with a debit card as standard
- Pay cash and cheques in via the Post Office
- Pay cash and cheques in via a High Street bank branch
- Have your salary or benefits paid in directly
- Set up Direct Debits and Standing Orders
While High Street banks can offer you a basic bank account, even if you’re bankrupt, they will not be able to offer you a debit card which is where THIS type of basic bank account beats all of the others for features. Remember, with a debit card you can pay for good and items in shops using the chip n pin machines, you can also buy goods online as well as over the phone.
Why would anyone settle for just having a cash card that they can only use to withdraw money from a cash machine. Not only is that very inconvenient but it’s also risky as you end up having to carry cash around in your pocket. You could lose that money, or even worse, you could get robbed. It is much safer to use a debot card instead of carrying cash around all the while. And that’s just another reason why this type of basic bank account is better than one from any High Street bank.
