Hello Kez13.

Through a wonderful coincidence... an article on this very subject was added to our "trust deed news" section just yesterday! You can read it at:

http://www.trust-deed.co.uk/news/changingbanksbeforeyourtrustdeed.php

Each bank and each account that they offer will have varying conditions attached to them. Typically the banks will expect you to hold a relatively basic bank account during your trust deed, and almost certainly will not want to offer you credit facilities.

They may find out that you have signed a trust deed as the information is publicly available and monitored by some banks.

The risk is that if you hold an account that they do not make available to a person in a trust deed, and they find out about the trust deed, the account could be closed leaving you without banking facilities. To avoid this you may wish to hold a frank conversation with the bank to ensure that the type of account you have with them is suitable for you, and that you meet their acceptance criteria for this account.

Hi there, just to let you know what happened when I was in your position.
I went to a meeting to open my new account with lloyds tsb and although they didn't specifically ask me if I had a trust deed, I didn't want to/couldn't not tell them that I had signed a trust deed.. They were most excellent and offered what help and advice they could, but they were most emphatic in telling me that, to have not disclosed this information would have meant the account being closed and me having real trouble gettting any account with anyone.
I am very happy with my lloyds account and have no trouble banking on line or with debit cards!! I know I can go and discuss anything with them and don't carry around worries about not having told them.
Good luck with everthing!!

My Trustee sought and achieved agreement with the RBS (to whom I was a debtor on my TD) who agreed that they would not take any action on my account with them into which my salary was paid. As TDA advises, being honest and open up front is the way forward, no matter how embarrasing that might be.

And Rach68 proves that is the way forward!

During my TD i was allowed to continue with a (joint) bank account with RBS which included (and still includes) a chequebook facility - unusual?

Hi Kez13

Well they honesty is the best policy, and going by these posts, that seems to be true. Banks are sometimes unpredictable, so if you do have any problems you can always try Barclays Bank who don't mind if you are a Trust Deed or Sequestration.

Thank you for your advice it has been very helpful. We have no debt with RBS so I am hoping they wont have any problems with our TD though one account is a Royalties account.

My RBS account is Royalties Gold - and in spite of having an RBS credit card added to my TD, the bank was fine with that account being necessary for me to conduct my normal business. Again, being up front and asking for their help seemed to smooth the way.