Hi, I'm currently in an IVA just over 12 months in and I bank with Co-OP very good by the way. However, I would like to open another basic bank account but have been declined by RBS/Nat West on their basic accounts which surprised me.
Does anyone know of any banks other than Co Op who give basic bank accounts to people in IVAs?
You could try Barclays, I believe they are ok. You could also try Nationwide.
Co-op will open more than one Cashminder I believe as well.
Is there any reason why you would want another bank account?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I believe that Yorkshire Building Society and Nationwide can be IVA friendly (as long as they are not a creditor). There's no reason why you can't open another Co-op account if need be. Is it for savings/contingency fund? If so, Co-op would be your best bet as you can do all your transfers on-line quickly and without involving another bank.
I forgot TSB - they seem to be ok with basic accounts.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am with think banking, Its a great account each month my wages go in my bills get put to one side and whats left is put on my card account so i know what i have to spend.
The only thing against Thinkbanking is the fact that you get charged every month for it.
Personally speaking, as long as I can get free banking then I will continue to use that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think that Think Banking for a managed account does get some good reviews. I'm a bit of a control freak and do like to be in control of my own bills and for some bizarre reason don't trust anyone else!
I know I'm in an IVA and got myself into this mess lol x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Same here Lesley - I think that managed accounts have their place if you can't get a free one. I like being in control of my money as well and won't pay for anything if I can get it free!!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Same here Lesley - constantly check on line banking/have running total on my cheque book.
Thinking bank has a place but its expensive with a set up fee as well as monthly fees.(more if its a joint account)
You would have to question though, that have going through a IVA - but letting some else control you bills, how much of a learning curve would you gain on money management
Last edited by ginger3232 on Sun Jul 10, 2011 12:20 pm, edited 1 time in total.
I agree with Jan and Lesley about managed accounts - they really are a last resort, and personally I feel that they don't teach money management as they are doing it for you.
I had 2 Co-op Cashminder accounts and it wasn't a problem opening the second one.
