Just posting this on behalf of my sister who is looking for a bit of advice.

She has recently had a Protected Trust Deed granted and she has had debts with her main bank account. She also had debts with the majority of other banks meaning her choice is quite limited.

If she opens up a basic bank account with a bank she has debt history with now the trust deed is protected, could the right to set-off still be used? Or is this only for accounts that were open prior to the Trust Deed being set up and gaining Protected status?

Any help will be appreciated and I'll pass on the info :)

Thanks!