Notifications
Clear all
Scottish Trust Deed Forum
9
Posts
6
Users
0
Reactions
2,113
Views
Topic starter
27/08/2013 6:24 pm
Hi all,
Looking for any advice from anyone who has opened a new current account since commencing a TD. I expect my range of choices to be much narrower now but I am having problems trying to open a bank account with RBS. I have made 4 calls and 2 visits to the bank and still no further forward. All I keep getting told is that someone will be in touch. My existing bank have now closed my current account since being notified of the TD, so I have no banking facility whatsoever. And with my salary due to paid to me on Friday, I really don't know what to do. I was wondering if anyone else has had similar experiences? And if/how their situation managed to be rectified? Any advice would be great.
Thanks
Pinlessg
27/08/2013 6:34 pm
Coop Cashminder account used to be most peoples choices, but I think they have changed their T&C to exclude people on TD's and IVA's.
Try Nationwide, I think they are highly thought of too.
27/08/2013 7:08 pm
Hi pinlessg.
Co-op Cashminder is still available. Nationwide don't offer any accounts to persons that are in protected trust deeds.
As an emergency option the Think Money or ClearCash accounts might be helpful but have charges attached.
2019 Updated Article at: https://www.trust-deed.co.uk/bank-accounts.html
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
28/08/2013 10:11 pm
Thanks very much to you both for your replies. Ill have a look into these. I finally received word back from RBS with new account details. Only thing is, they will be giving me a cheque book with the account. It is a select account. I'm really worried that I have an account which I shouldn't have since I'm in a TD. It doesn't have an overdraft function but I'm worried that when they find out I'm in a TD they may close this. Also, when I applied for the account, they asked me if I was ever bankrupt or declared bankrupt. I answered no as I thought they were 2 desperate things, however due to the action my old bank took, should I have answered yes?
Sorry for all the questions.
Pinlessg
29/08/2013 9:25 am
Hi pinlessg.
A trust deed is different to bankruptcy so "no" seems like a reasonable answer.
However, most banks only offer their most basic accounts to people that are in trust deeds. As such there's always the chance that the account might be closed if you have a different type of account open with them.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
29/08/2013 7:23 pm
Thanks very much for your advice TDA. Called RBS again today as they did not call confirming the account had been downgraded. Turns out it has not been done yet. When I called them they keep trying to discourage me to downgrade and saying the department I need to are unavailable. Finding it really difficult to downgrade.
Pinlessg
29/08/2013 11:18 pm
Hi Pinlessg
We opened a basic account with Barclays bank just before our TD & have to say it was & has remained problem free !!
29/08/2013 11:22 pm
I'm two years into my TD and have a RBS select account which I got the week I signed my TD. When I applied I told them I didn't want the cheque book or overdraft. Was accepted ok and I've since got an online savings account with them too (not that I've much in there!)
Still have it in the back of my mind that they will close my account one day but two years down the line I guess it's unlikely now as the account has been kept in good order.
30/08/2013 10:46 am
Barclays seems to be the one more and more are recommending. Previously Nationwide were fine, but as you say TDA, they appear to have changed their position unfortunately.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
