www.iva.co.uk

Hello
Can anyone advise on the best bank accounts
to set up when entering an IVA ? I am
Considering ThinkBanking?

Hi,

I'd suggest the Co-op or Barclays unless they are creditors. Don't touch HSBC or First Direct as they are not IVA friendly at all and will close accounts.

Use something like Think Banking as a last resort as they charge and the others are free.

A free high street bank can be beneficial, you'll have total control of your money and all for free. There may be a time they charge for accounts but until they do why pay?

I'm with Natwest and they've had their problems nationally but Im still happy with them for now.

I, too, would recommend Co-Op or Natwest. The Co-Op account is easy to open over the phone, the UK call centres seem very helpful and friendly and I have had no issues using the debit card anywhere.

Anyone know who will let you open a business account whilst in an IVA? (IVA in my name, not my Company).

co-op is great online banking is childs play,you can use all link cash points and put cash in or take cash out at any uk post-office in fact its the best bank ive been with,when you ring them there is no push 1 for this 2 for that,someone acctuly answers the phone in england as well,even when im not bankrupt ill be staying with them,there is a lack of high street branches but soon to be more as they are taking over a lot og Lloyds branches

Uptomyneck - no idea who will let you open a business account but I'll keep this bumped up in the hope that one of the experts or someone who has managed to open one can advise.

Uptomyneck ... a forum member did have luck with Barclays not too long ago, so worth a try.

Thanks for all your advice. Sadly may not be able to use Barclays or any Lloyds TSB group company as they are 2 of my creditors.

Changed to First Direct & HSBC (as they are not creditors / linked with any of my existing creditors), for my current and business accounts respectively, prior to entering into the IVA. Now understand, from other feedback on this site, that it may be only a matter of time before they ask me to go if they rumble my new credit status. (Questioned my IP on this subject though, and he thought this was unlikely unless I told them, applied for an overdraft or went overdrawn).

In process of applying for new accounts with Co-Op just in case.

If that fails, I may try one of these basic 'CashPlus' basic current / business accounts, but some small fees involved with those.

Also there is a new independent high street bank (Metro Bank). Anyone used them? They claim to dispense with 'stupid' bank rules, and I have seen lots of positive internet chatter about them.

I'm afraid HSBC and First Direct are well known for closing accounts - doesn't matter if you don't tell them, they trawl the insolvency register.

You should be fine with the Co-op.

Not heard of Metro bank but do know Niobe is right in what she says about HSBC/First Direct cancelling peoples accounts with little or no notice. Be worth that Co-op one getting into place.