Opening a bank account with a bad credit history

3 November2009

Most people know that having a bad credit history can make it difficult to borrow money - but they may not know it can also affect their chances of getting a bank account.

This can be more of a problem than it first seems. A bank account is not just somewhere to keep your money: it`s also a way of gaining interest on your income, and a convenient way of spending money as and when you need to (e.g. with a cash card or debit card).

However, there is help available for people with a bad credit history.

What can I do if I have a bad credit history?

If you have been rejected for a bank account because you have a bad credit history, you might ask the bank about a basic bank account. A basic bank account means you can have your wages, benefits, state pension and/or tax credits paid directly into an account, as well as paying in cheques, taking out money at cash machines, and paying your bills by direct debit.

A thinkbanking account offers many of the benefits of a basic bank account, and more.

thinkbanking - a bank account for bad credit history

When you apply for a thinkbanking account, we won`t carry out a credit check. All we would need from you is ID, so you can prove who you are. That means even if you`ve been made bankrupt in the past, or if you have CCJs (County Court Judgments), you could still get the bank account you`re looking for.

Once we`ve set up your account, you`ll get your own personal Money Manager, who will look after your finances on your behalf. They`ll separate your income into two accounts: one for paying your bills, and one for spending as you wish. This way, when you spend money, you`ll know that you have enough put aside to cover all your essential costs.

You`ll also get a thinkbanking card, which works just like a debit card - so you can use it to pay or get cashback in any shop or restaurant with the Maestro logo, as well as withdrawing cash at any Maestro cash machine, anywhere in the world.

You`ll never be charged for going overdrawn or `bouncing` payments with a thinkbanking account. All you have to pay is a one-off set-up fee and a monthly fee, which covers the service we provide to you.

If you think a thinkbanking account could help you to manage your finances, call one of our friendly advisers today on 0800 195 2912 or click here for more information.

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