Please note that the Co-operative basic bank account is no longer available to undischarged bankrupts.
The Cashminder account is a basic bank account offered by the Co-operative bank. Piggy obtained the same bank account a couple of days after he was declared bankrupt.
A word of advice – Do not apply for your Cashminder account until after you have declared bankruptcy. Your account may be frozen if you do!
How should I apply for a Cashminder Account?
You should check your credit report before applying. The co-operative bank uses Experian. If your credit report contains inevitable mistakes, then you may be declined.
You may wish to take advantage of Experian’s 30-day free trial and get your report online today.
Once you are happy that your credit report contains no errors, go to your local branch with proof of ID and address. They will then help you to make an application. You may wish to make an appointment in advance.
Why check my Experian credit report?
Believe it or not, entries may look worse than bankruptcy! Examples include a gone away mark, which means you could not be contacted about your debt. Other mistakes include a wrong address and entries showing that you have incurred debts after bankruptcy.
What facilities does the Cashminder account offer?
Through the Cashminder account, you will receive a Visa Electron card.
You can receive your income, pay your bills and withdraw cash. You will be able to set up direct debits and standing orders. You will also receive regular statements.
There are no borrowing facilities with the Cashmider account.
Does the Cashminder Account Cost?
No, regular banking services are free. Administration charges are for some services, such as extra copies of your statements. You can check these at the Cashminder internet page.
Where can I apply for the Co-op Cashminder?
You can apply for the Co-op Cashminder account at your nearest branch.
Why might I be declined?
You may be declined for the following reasons:
- Record of fraud
- Inaccurate credit report
- Cannot provide ID
If you are declined, you may wish to apply for an account guaranteed to be accepted, such as the Cashplus account.