Jonathan Halloway

Expertly compared by Jonathan Halloway

Products Updated June 6, 2018

Current Accounts For Bankrupts

If you have been made bankrupt then you will find it difficult to get a bank account with many of the regular providers. However, we have listed our range of banks and providers who provide guaranteed bank and current accounts for people who have been made bankrupt.

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All credit types
Rated 4.7/ 5

Eccount Money

Fees
£12.50 per month

Arranged Overdraft
No

Interest Rate
Nil

Guaranteed acceptance* / no credit checks required. You will receive a prepaid VISA card which can be used anywhere you see the VISA Acceptance Mark. Budgeting tool – only spend what you have loaded. FREE mobile banking app and online account management to manage your money on the move.

How to find current accounts for bankrupt people

Bank accounts for bankrupt people

If you have been declared bankrupt, it is standard practice for all bank accounts to be frozen, and most will be closed by the bank in question. Whether you declare yourself bankrupt, or have it ordered by a court, you will find yourself frozen out of traditional current accounts, and you may struggle to find someone to help you. This can be a big problem if you are trying to find somewhere to keep your wages, for example. With bankruptcies becoming more and more common as the current financial situation means that many average people who have worked all their lives are now struggling to find a place to keep their income. Since bank accounts are now an essential part of society, you need to find somewhere that can help you to open an account even while you are still declared bankrupt.


Can I get a bank account if I am bankrupt?

When you are declared bankrupt, your account provider is likely to close the account. They may even have been involved with forcing you to close the account. This can mean that you are completely on your own, and if you have only ever had one bank account, this can be a shock. Although there are some lenders who can still offer you a bank account, it can be hard to work out which is the right one for you, and which will be acceptable for the trustees who are managing your account. While there is no reason why lenders and high street banks can't provide a current account to a bankrupt, the Trustee may pursue the bank, and this means that most account owners will not offer accounts. Rather than struggle on without an account, your best bet will be to try to find a basic current account that will allow you preserve your finances. Searching for a current account may expose you to rejection, which can harm your credit in the future, so being careful where you look can help you to secure your future and get an account which can help you in the present.


Where can I find a good bank account?

Apply for a guaranteed bank account for bankrupts

Apply for a guaranteed bank account for bankrupts

The best type of bank account to find if you are a bankrupt is the managed bank account. This will allow you to have an account which can take wages, or a small amount allowed by the trustee, but will be securely managed so that you can't go overdrawn. These accounts allow bankrupts to use them, there is no credit check, and a debit or prepaid card is available. You have to pay a small monthly fee, but you will still be able to use the account as you would if you were not bankrupt.

If you want a basic bank account, then there are some banks who are willing to offer this service to people who are still un-discharged. The largest bank offering this service is the Barclays Cash Card account. There are also some banks who will consider you when you are discharged, including NatWest and the Royal Bank of Scotland, but you will need to have a credit check which may reveal to the banks that you have a bankruptcy file against your name. You can also seek to use an account with a pre-paid card, which will allow you to put money onto the card for your own use, or a Post Office account.

 

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