www.iva.co.uk

HI

Is their any difference to these two accounts? Which one would be recomended over the other and why?

I have no idea if there is any difference, but they both charge per month, and as long as people can get free bank accounts, I'd got for that everytime.

The Secure Trust offers a full current account and pre-paid cash card as part of the same package. I am not sure if Thinkbanking do the same.

Thanks Melanie

Are they backed by Barclays like ThinkBanking are backed by RBS

According to the website it's part of Arbuthnot Banking Group.

Arbuthnot Latham are perhaps one of the strongest banks you will find in terms of asset to loan book cover. I have all of my banking with them and they are fantastic.

I was reading about them - the one finance director doesn't live too far from me!

They do sound like a strong bank.

I'd choose free banking over a paid account, but if I had to pay for my banking I would go for the Secure Trust account.

Hello Stu,

Hope all is well?

There's a pretty strong argument for not paying for a bank account.

Do you perceive a particular benefit for you associated with using this type of paid-for account?

Hi Andrew

Its simply the benefit of money management, that is a skill I have not got, I have tried doing the same thing i.e a cashminder account and a barclays account but which I failed with.

Having gone Bankrupt I dont want to go down that road again.

I would chose a free account everytime while I can, but I do think that I would chose Secure Trust if I had to pay - sounds as though it has everything I would need.

i have to say we are with think banking and it really helps me plan my bills as the salary account makes sure i have all my direct debits money put away. but the payment is quite high but its worth it for us.

I think sometimes the security of knowing bills etc., are paid and giving the account holder can bring to some posters outweighs the cost and although I would go with free banking everytime, some posters need that bit extra and it's always good to have the option available if needed.

I know it seems to help some people but being in an IVA I can't justify the extra money.

with mine the payment is written into my expenditure so it doesnt have to come out of my pocket as such.