Hi DFW,

I just did a search of the full forum content and couldn't find any comment made previously in connection to using a basic Clydesdale bank account during a trust deed.

Hopefully some other members/visitors will be able to share any experience that they may have had.

Thank you TDA - I forgot about the search facility!

Actually it would be useful to know what other accounts are definitely available to people with a TD so if anyone has any experiences they'd like to share, please do so.

As we all know, you can't have an account with a bank which has a debt included in your TD. So, for example, people with a Smile credit card can't use the Co-op Cashminder because Smile is Co-op's online brand and those with an RBS loan can't use the NatWest basic account because they're part of the same group. The same applies to Lloyds, Bank of Scotland and Halifax which are all part of one group.

For people signing up for a new TD, having your bank account in place is the one of the first things your trustee asks you to do so I think it would be useful to pool as much practical information as we can on this subject so that there's no need for others to waste valuable time on researching what amounts (it would seem) to a very small number of suitable offerings.

Cheers,

DebtFreeWannabee

Definately a useful idea; it would be good if people could share (here in the forum) their experience of the banks that they have changed to during their trust deeds.

Details about acceptance criteria, functionality (for example standing orders/direct debits, debit cards, online banking, cheque books etc) and quality of service provided might be good.

If we can collect enough information on this thread it could be used to write a new main-page for the site as a future reference point.

Shortly before entering into my trust deed, I opened a Clydesdale Bank "Readycash" account.

This is a basic current account - no frills or overdraft facilities, but you do get a debit (Maestro) card.

I've used this account with no problems at all since June 2008, when my trust deed began.

Thanks for the info imcville.

So can a Maestro card be used in all shops and supermarkets? I always thought that it wasn't as widely accepted as Visa and Mastercard. If you haven't had any problems with acceptance I might scoot along and open a ReadyCash at the Clydesdale.

Cheers,

DebtFreeWannabee

Maestro/Solo is just the new name for Switch, virtually all stores and online retailers will accept Maestro...

Thanks Porcupine - that's good to know.

Happy New Year everyone.

Cheers,

DebtFreeWannabee

Hi, I got an RBS basic account, no frills but with online banking, which is a must.

Hi

I enquired about and started the wheels in motion for a trust 14 months ago. I heard nothing about it again until my bank account was closed/frozen by the people there to help me.

This was done so they could get noticed as they couldn't get in touch with me as I moved house... They informed me this was the case.....when they contacted me at work!!!???

E-mail, work and mobile numbers hadn't changed in that time. I now can't re-open my account. Clydesdale bank basic Maestro account. After 15 years with them they say it is there policy to shut the door on you.

I have tried to open a Nationwide account moments ago and didn't get by the first screen, after admitting I was entering an IVA/Trust deed?

It seems at the minute I have entered a doomed 'golden handcuff' deal with the people dealing with my trust deed and fear for the future with them in charge of my account? How do they now suggest I make payments? Cash in hand for 3 years?

Any pointers on where to get wages paid into?

Regards
David

( Sorry if that seemed a bit ranty ) [;)]

i have a co-operative bank basic bank account which i opened when signed trust deed no problem with it at all you get visa debit card with it .

Hi glasscheque and welcome to the trust deed forum.

The Co-op Cashminder account is well worth a look as pepper350 says.

This account shouldn't be selected if you had debts to Co-op or Smile which are now in your trust deed.

I changed over my bank account shortly after i started my trust deed, as a loan i had with my old bank was involved in the trust deed. I went into the lloyds tsb for a simple cash account but they offered me a current account instead and i have never had any problems, i have all the normal facilities including a cheque book, although i dont have an overdraft. My friend had a bit of a problem opening a bank account after her trust deed started and she tried every where and barclays were the only bank who would give her an account and it was just a basic one. Barclays from what ive heard are easier than some banks to get an account with.

I feel for you glasscheque - my bank (Natwest) did the same, despite me having no debts with them. They did admit three months later that the account freeze/closure was a 'mistake'.

I ended up opening a basic account with Barclays. I understand that the Co-op are the only other bank who will openly offer a bank account to those in a Trust Deed.

I haven't signed up for TD yet, but wheels are in motion. A week last Sunday I called the coop, opened Cashminder over the phone, they have lots of questions, decision is instant, whole process took 15-20 mins. New account details arrived on Saturday, just waiting on card coming.