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Topic starter
30/09/2022 9:42 am
Hi,
I successfully completed my TD about a year ago, and am in process of trying to increase my credit score again.
I am currently using a Monzo bank account, but am looking to switch to one of the "main" banks. My local banks atr Bank of Scotland and Nationwide, both of whom were previously my creditors as part of my Trust Deed. Would I be allowed to apply for a new account with them now that my debts have been settled, or do I need to look elsewhere?
Thanks
30/09/2022 10:47 am
Hi kscosmos. I'm not sure to be honest as it will boil down to what the banks' policies are, however I suspect that they might be unwilling to open a new account for you, or may only offer you a basic bank account.
Only way you will know for sure is if you try it and see what they say.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
30/09/2022 12:03 pm
Thanks Kevin - I wasn't sure if I was legally "entitled" to a basic bank account, and was worried about lowering my credit score further by applying and getting rejected.
I would be more than happy with even a basic bank account, just don't want to ruin my score which I've been working hard to revive
30/09/2022 8:49 pm
The largest banks are obliged to offer a basic account these days and have been for some time. More info here;
https://www.gov.uk/government/collections/basic-bank-accounts
All of them need to have one that provides basic deposit, withdrawal, direct debit and debit card guarantees.
The only thing that I would say is that a lot of them don't offer a debit card that is contactless. Some do, including Virgin which is who I went with for that reason. TSB didn't, which is who I intended to go with.
Truth is that there is very little difference between most banks "normal" account ie not a fee paying one and their basic accounts. That is why some don't give a contactless card, so there is some difference between the two.
