Hi fisher6297.

You may have already seen our bank accounts page which mentions the Co-op Cashminder account and the Nationwide Cash Card accounts as being good potential options:

(Link updated 2020: https://www.trust-deed.co.uk/bank-accounts.html)

My understanding is that the risk of "set-off" exists when you are talking about brands which share a single banking licence. I don't think it's possible that set-off can occur where the banks operate on different banking licences. This page on the FSA website covers this pretty well:

(Link removed 2020).

As I understand it Lloyds and Co-op aren't merging. My understanding is that a package of Lloyds branches are becoming Co-op branches operating under the Co-op banking licence. A transfer rather than a merger.

I therefore don't think you'll have a problem with the Cashminder account, but you may wish to consider Nationwide instead just for your peace of mind.

Many thanks for that information.

I have a credit card with Nationwide which I will have to include in any action so can't go down that provider.

I also noticed Think Bank but I wasn't sure what they meant when I read about the way in which thet operate that account with dividing bill payments etc...

I will apply today for the Cashminder option I think.

Are there any other accounts you would suggest before I do that?

My creditors which would be included are

TSB bank
Northern Rock
Nationwide
Tesco
Creation

Hi fisher6297.

My understanding is that the ThinkBanking account basically divides up your cash into money needed for regular bills in one account, with the remainder in another account for discretionary spending. This may help some people that aren't naturally good money managers.

Another advantage is that you will not get bank charges for missed payments or going over your limit with ThinkBanking. Again, people that find they normally incur a lot of bank charges might find this to be an advantage.

It does come with a price however in terms of a monthly fee. We'd typically advise people to avoid that kind of fee if possible, but if you're likely to pay more than this in bank charges every month with a more typical "free" (!!) bank account it might be a good option.

Some people have spoken well of Barclays within the forum. Others may be happy to share their own experiences with you...

I have a Clydesdale Bank Account - not the signature one and no overdraft. I declared my TD when I opened it and they had no issues. The TD showed on the credit check but the guy said as long as it wasn't bankruptcy it was fine.

Are you still to decide which option to go for then fisher6297?

Hi , the Co-operative have announced that they no longer want to open new accounts for clients going bankrupt. I am not sure if the same applies for trust deeds. Barclays are very good at opening accounts, and I would trimmed them.
I believe that the TSB is selling its Scottish branches to the Co-operative, however, the transfer will, not take place until February next year.

I have a think banking account and am very happy with it. TDA sums it up nicely - wages go into "salaries account", enough money is kept in there to cover direct debits and standing orders, the excess is transferred to "card account" You get a mastercard debit card. Can withdraw from any cash machine, great internet banking and text banking. Downsides are £14.50 monthly fee (I was regularly getting £25 charges from First Direct so made sense for me) and the time it takes for cheque to clear

My understanding is that Think Banking is part of the RBS group, is that correct? Would I be able to set up an account with Think Banking if I had debts with RBS which have been included in my protected Trust Deed?

Thinkbanking is independent of RBS as I understand it.

They just use the RBS banking platform to deliver the service.

Check with them first to be certain, but I don't think set-off should be a concern.

hi debtnomore i had an account with rbs and included them as creditor i my td ,
i opened an account with think banking without any problems

Are you in your trust deed yet...?

If you are not in it I would apply for a bank account now with a non creditor which you intent to have in the trust deed.

Most banks will offer some sort of basic account available to all customers. They just dont like to advertise this fact.

Given you have a tesco card I would adviod RBS as they underwrite these (or they did).

Other choices...

Barclays
Co-op
Think bank

All are good from what I understand.

I would however advise anyone opening an account to also open a second account to have in reserve...

In my case I opened a Nationwide account but also opened a co-op account as a stand by. My theory for this is the ability to transfer my DD's and Standing orders within 10 days and have the ability to make bill payments in the mean time should my primary account be restricked / closed due tot he trust deed.

RBS are the biggest creditor in my trust deed (3 credit cards, loan and overdraft) and I opened a Think Banking account no problem end of July. I am very happy with it. Yes there is a £14.50 monthly fee but I was regularly having charges much more than this with my first direct account so made perfect sense to me