IVA bank accounts - frequently asked questions
Our team of advisers are just a phone call away to help should you have any questions about IVA bank accounts. In the meantime, you may find the following questions and answers helpful.
If you're aged 18 or over and a UK resident then you can apply for a thinkbanking account today!
How do I switch my account to thinkbanking?
To switch to one of our IVA bank accounts, you can apply over the phone or submit an enquiry online and we will call you. You'll need to fill out an application form, which we can post out to you in a prepaid envelope. Once you have completed and signed it, send it back to us and providing you pass our identity check, we can set up your account.
It's important that you tell us about any Direct Debits or standing orders you need to pay so we can set them up.
Should I keep the account when my IVA ends?
The thinkbanking accounts can work as IVA bank accounts. However, they can be useful to anyone who would like help with budgeting - including people who have completed their Individual Voluntary Arrangements (IVAs).
If you have incurred default charges before on your bank account, you may find the account is cheaper than some 'free' current accounts that have unauthorised overdraft fees or bounced payment charges - because we only charge one transparent monthly fee (plus a one-off set-up fee). You do not have to be an IVA customer to open this account, so when your IVA ends, you'll still enjoy the same benefits as all our other customers, such as the help and guidance of our Money Managers.
How much does the account cost?
The initial fee to open one of our IVA bank accounts is £25 (or £30 for joint accounts). The monthly fee is £14.50 (or £21.25 for joint accounts). The fees cover the budgeting help from our Money Managers, the online and SMS banking services as well as all the other useful features.
There is no overdraft with the thinkbanking account, so you will not incur charges that way. Also, we will not charge if there is not enough money in your account to pay a Direct Debit and that payment 'bounces' - whoever the payment is going to may still charge you but we won't. Of course, with help from our Money Managers, you should be able to avoid that happening anyway.