Hi Firewalker.

Nationwide aren't helpful any more. Several months ago they decided that none of their current accounts would be available to people that are in trust deeds.

We've always pointed out that its just Co-op's basic account, the Cashminder account, that is available if you're in a trust deed.

It seems that might not have changed based upon the wording that you have provided.

I appreciate you have always said that.
I must have been fortunate to have a current account with £200 overdraft setup prior to organising a Trust Deed.

I wondered if I had received the notice because I have a current account, and there may be a different brochure going to other cashminder etc. customers. This booklet has 25 pages of changes.

The wording "it is a condition of having A bank account" alerted me.... Not one of those bank accounts, but A bank account.
I wondered if that clause is also in any other booklets to different style account holders.

Anyway, 11 months later and I am still not released from Trust deed due to one creditor not responding to information on PPI.

Yours, a fed up person.......... 🙁

Anyway,

I don't blame you for being fed up about that.

We haven't heard that anything has changed with the Co-op Cashminder and trust deeds. I hope not.

There was a big fuss not long ago when they withdrew access to it for undischarged bankrupts (leaving just Barclays among the major names).

Im in the process of opening a cash minder account with the co-op.
Previously I had a Smile account which is an online bank, part of the co-op.
It was the bank that informed me that I would need to open a cash Minder account because of the TD, so in my case it seems to be ok.

Im just waiting on the paperwork coming through, but I spoke to them this morning and they said it's on it's way.

Thanks for sharing that scottyjones.

It looks like the Co-op Cashminder remains a good basic bank account option to consider unless you are becoming bankrupt.

We opened both a nationwide and co-op account just before entering into the TD. Both being full current accounts but with no lending on either (overdraft).

The Nationwide account has been fine and running away quite happily for the past 6 months. The co-op is a different matter. The contacted us within a month of the TD being advertised in the estates gazette to tell us they were closing the accounts due to the TD. We had the option of fully reapplying for a cash minder account (which internally they could have easily have downgraded our accounts to have been instead... Another ploy of a company to try to get people not to open basic accounts IMO...!). We decided to abandon the accounts and withdrew all funds which were in them. Instead we have stuck with our Nationwide accounts but as a backup I have opened a RBS basic account which is also working fine. This was done after entering into the TD and was accepted right way (Although this may have been due to myself having an old savings account with 3p in it which meant there was a relationship there in the first place).

Fingers crossed nationwide never check up on our credit history (which as we have no lending or plans to get lending will ensure they never need to perform a credit check which would flag this and the entry in the gazette was long enough ago that its unlikely for them to review it).

From my point during the life of and post PTD I will always ensure we have at least one fall back account to go to should the main banking provider we are with suddenly change the goal posts and shat the accounts.

Col

It does appear that they will close your account without notice (Overdraft or not), as that's what they did with mine (cancelled all direct debits and cancelled the bank card).
However there doesn't seem to be a problem with opening a Cash Minder account with a TD.