Hi Adam202.

Did you specifically apply for the most basic account at each of these banks?

For example with Co-op that's the "Cashminder" account. This is the only account they offer to people that are in trust deeds (and perhaps with significant credit record issues).

Barclay's. They will help you all the way,

I unfortunately can't go with Barclays as a large portion of my debt is with them. I have called Co-op and requested to open the cash minder account, they are sending me an application in the post but the girl didn't know what I meant when I asked if entering a trust deed will affect the account and stated it will be all in the application pack. Think it would be ok to return it with a covering letter explaining the situation or should I just make the assumption the account won't be touched when I enter the trust deed?

The Cashminder is available to people in trust deeds so that shouldn't be an issue. Just answer the questions as they appear on the application form Adam202.

We've had lots of people here over the years that have been turned down by Co-op but then offered the Cashminder account when they specifically applied for it.

Thats great to know. Got in a bit of a panic when it was looking like I would be sending hard cash through the post to pay bills :). I would just like to point out you guys are excellent for advice, one would think the trust deed company I'm dealing with would have suggested that rather than shrugging their shoulders and telling me it was my responsibility to find this information out.

Thanks Adam202.

A bit of friendly help and advice doesn't seem too much to ask!

Hi Adam - I opened mine with them the same day I signed by TD. Done it all in the branch. Think you just needed a passport or driving licence. Not sure if you have a branch near you or not.

Hi Adam202

I'm glad that you are able to get the bank account sorted out. The adviser should have given you advice on where to look for an account. i would point out that although you have debt with Barclay's. They will still give you a basic bank account. They can also put a note on your account so that they don't go in and try to take any moneys due to them, while in the Trust Deed.

You can open the account over the phone too. I have never been near a branch of the coop but banked with them for 5 years now!

Paul

After first meeting with ip, I too was advised to change banks.so I had a look online and came across rbs website where they had an online instant chat help...very helpful and I could open an account within ten minutes...I told them I wanted just a basic account with no overdraft or credit card..all went smoothly and its up and running, however it turns out it's not the completely basic account, it's one up from that which has the option of an overdraft and credit card if I want it...am worried now that it will be closed when my trust deed is published...would they do this? I've never been with rbs before and have no debts with them.
And before anyone says anything... yes I know going with rbs, considering the news recently, probably wasn't the smartest choice!

Hello FF36.

I'm afraid that it's possible that this account could be closed.

Most banks only make their most basic accounts available to people in trust deeds. A couple don't even do that.

You might wish to consider asking them to downgrade it.

Ok just chatted with RBS and they said this you can check the terms of your trust deed to see if it states the bank account you have must be a Basic account.

I think that's the wrong way around FF36.

Your trustee isn't going to tell you what bank account you can or cannot have.

The bank will have acceptance criteria on each of their accounts. I can't imagine they'll accept clients being in trust deeds on accounts that come with credit facilities.

Yes i thought that, i know now that i can only have a basic account. What is the difference between a basic and a normal current account anyway? is it just that you don;t have overdraft and credit card?

Need to go into the actual bank to downgrade though, not looking forward to that!

Don;t need to change account number apparently if you just downgrade so thats good that i won;t need to phone everywhere again to change details for direct debits and at work.