Changing your bank account is an essential step of the application process, so we urge you to act quickly if requested. You may feel overwhelmed by the thought of changing banks – but with all the user-friendly banking solutions available, it’s a breeze! This switch now ensures that your case can move forward smoothly and rapidly.
What's Included?
Why are we requesting that you switch bank accounts?
You may be asked to switch bank accounts when setting up your repayment plan because the old one could become frozen. You might feel loyalty towards a certain bank and don’t want to change; unfortunately, they will likely not extend this same level of devotion if you owe them money. Changing banks ensures no risks are taken when making payments on your arrangement.
What advantages do you stand to gain by switching banks?
- You can rest assured that the people you owe money to cannot demand additional payments, nor can they freeze your account.
- Without the ability to borrow, there is no risk of further debt.
- Consolidating your finances in one place makes for effortless budgeting.
You now have the opportunity to make a new beginning with your finances
Thinkmoney
Thinkmoney is a good choice for changing your bank account because:
- No need to worry about credit checks!
- If you are over 18 and living in the UK, thinkmoney current accounts offer guaranteed acceptance – no credit checks required! With a quick application process, you can be on your way to taking charge of your finances.
- You’ll be able to take advantage of smart budgeting
- With the app’s smart budgeting feature, you can automatically save for your essential bills and never worry about missing a payment again. You’ll always be able to stay on top of your outgoings without manually managing them every month.
- Rest assured, you won’t encounter any unpleasant surprises in the form of extra charges.
- With Thinkmoney, you won’t experience any unwelcome surprises regarding late payments or overdrafts. Instead of paying extra fees like with other high street banks, you’ll have the fixed price of £10 per month to open your account – and that’s it!
Opening a thinkmoney account in three steps
Step 1: Click here to visit the thinkmoney website now and begin your application process!
Step 2: To start, snap a quick photo of your valid ID and complete a short form.
Step 3: Your free Mastercard will be on its way, allowing you to experience all that thinkmoney has to offer!
Starling
Starling is an uncomplicated alternative for changing your bank account; their app makes the process fast and effortless.
Pros of a Starling current account:
- Using it is a breeze!
- With zero monthly fees, you can get a traditional bank card and their user-friendly app for convenient online money management. Not only will you be saving on those pesky subscription charges, but spending and withdrawing cash internationally is free of cost!
- Starling Bank has won the 2019 British Bank Awards for Best British Bank and Best Current Account – your money is safe with them.
- Enjoy the convenience of real-time notifications when you make purchases – giving you control and peace of mind.
Switching to Starling Bank in three steps
Step 1: To get started, open a basic account online.
Step 2: Notify creditors of your account number and sort code. This would include service providers such as electricity, internet, or telephone companies.
Step 3: Guarantee that all your recurrent income payments are directed to the new bank account.
To get started, visit the Starling website here.
Are there other banking providers out there? Absolutely!
If Starling or Thinkmoney don’t suit you, don’t worry – plenty of other banks are available! However, if you have an existing account with a certain bank, opening another one under the same institution is impossible. You must instead choose a different banking provider when starting your new account.
Key points to look for in a basic account
- Meeting a few requirements guarantees an offer for a basic account from any bank you choose. Yet, before signing up for the service, familiarise yourself with all of their criteria.
- We suggest you use the simplest current account to get up and running quickly. This option allows you to skip the hassle of enduring a credit check.
- If you’re using a basic account, remember it likely won’t include an overdraft facility. Some accounts may provide some minor financial leeway, but to avoid further debt and overdrawing during this period of time, the best course is to stay out of the red entirely.
Steer clear of credit cards when you are in debt: When you use a basic account, you won’t be able to utilise credit; however, this also means there’s no chance of falling into debt. Most come with direct debit services along with the option to take out cash from automatic teller machines.
