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Topic starter
24/11/2010 11:18 am
Hey guys
I just wanted to add a note about two "stress free!" basic bank accounts that I got accepted for with no credit checks and guaranteed acceptance. They both have a joining fee and a fixed monthly charge but if you can live with that, they're certainly worth looking at.
I know links are not allowed here so I will mention them by name only.
Both of these account have DD, SO, Mastercard (pre-loaded) and, as you would expect, no overdraft or cheques.
1. ThinkBanking
I got a joint account with them. We both get a Mastercard that you charge up from your account before you can use it. It's not a credit card so no worries there!
The one thing I didn't like so much about them is that you need to call them up to transfer money from your "salary" account where the money goes in, to your "card" account that becomes available on your Mastercard. They're not available 24x7 so that might be a problem for some people.
The application process is on the phone with one of their very friendly (if long-winded) advisers but it's easy enough and not stress inducing!
The monthly charge for the joint account is ?ú19.50 and ?ú14.50 for a single account.
2. Secure Trust Bank
I think this is my preference because you can apply online and also manage online the transfer of funds between your account and your pre-paid Mastercard. I like services where you don't need to speak to anyone 🙂
The online application process is very quick (3-4 minutes) and you get your sort code and account number immediately at the end of it.
As far as I can see, this one doesn't have a "joint account" option so you would need one each which means 2 x ?ú12.50 charges per month.
I hope that helps. I know that it's practical things such as this that cause a lot of stress.
Cheers,
DebtFreeWannabee
24/11/2010 11:57 am
Thanks for posting your thoughts on these accounts DebtFreeWannabee.
These types of account certainly have their place; if you need a bank account in a hurry (which can be the case in the run up to signing a trust deed) they can be an excellent option and can certainly play a part in helping to reduce stress levels.
In general however the site team would advise visitors that there is no need to pay a monthly fee for a bank account. During the trust deed a restricted budget will be in place and therefore having an extra ?ú12-?ú20 per month will be valuable.
So long as there are no debts with them (or Smile) we tend to recommend the Co-op Cashminder bank account which has an easy application process, is free, is fully functional (phone and internet banking, direct debits and standing orders), and comes with a debit card. The acceptance criteria includes current bankrupts so a protected trust deed will not be an issue.
Other visitors have previously reported good experience with other banks offering accounts without fees. It would be useful if anyone wanted to add their personal experience on good bank accounts that worked for them to this thread.
A particular issue has been raised regarding the ThinkBanking account on this forum before. A visitor to the forum reported that his trust deed was with Wilson Andrews, another company which is part of the ThinkMoney group. He had experienced a temporary income drop and needed to suspend his trust deed payment so that he could afford his mortgage payment and food (clearly priorities over and above his trust deed payment). Against his will, and his direct instruction not to make the payment, ThinkBanking insisted on making the trust deed payment to Wilson Andrews leaving him in pretty significant difficulty. I'd therefore strongly suggest that anyone starting a trust deed with Wilson Andrews does not take the ThinkBanking account that they are likely to be offered.
A prepaid credit card can be a good idea, especially for people that travel a lot with work. Some of the packaged (and charged for) bank accounts offer these, however they can also be obtained without an associated bank account (at a lower cost) if required.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
24/11/2010 3:19 pm
Great advice as usual TDA.
I'm quickly learning that there is definitely no "one size fits all" solution in any part of this!
Cheers,
DebtFreeWannabee
