One of the consequences of going bankrupt is that it makes it very difficult to get a bank account. These days we all need a bank account, even if you do have credit problems or have been declared bankrupt.
Unfortunately when you are in a situation of bankruptcy you are often desperate to try and rebuild your life. Getting a bank account is one of the important steps to get back on your feet. On the internet there are many companies who try and take advantage of people in this situation by promising to get them a high street bank account for an up front fee. Unfortunately it is not that easy and no one can guarantee to get you accepted for high street bank accounts for bankrupts.
Both banks and building societies are in the business of making money for their shareholders. They do this by making sure that they are profitable, to do this they have to make sure that their customers are making them money. Although we have free banking in the UK it does cost the banks money to maintain an account.
To keep costs down the banks tend to push away the high maintenance customers, those are the people who spend longer in the high street branches and have a small amount of cash in their accounts. They do this by creating charges and fees that will make it difficult for the poorer customers to maintain an account.
If you are or have been a bankrupt the banks are not going to want to give you an account as it will likely cost them money rather than increase their bottom line. So when you apply for an account you will in all likelihood be refused. If you have been primarily accepted you will likely find after they have done their credit checks your account will be refused.
It is however possible to get a bank account for specialist companies who can provide all the usual banking facilities that you would enjoy from a high street bank. They do generally charge a small monthly fee but tend to have no other hidden charges. You can use this type of account until you credit is restored enough to get a high street bank account again.
