Bank Accounts for IVA

If you have an IVA and your bank is one of your creditors, then you will need to open a new bank account in order to put all your creditors on equal footing. As your bank will have access to take money from your current account and they will by default have preferential treatment when it comes to repayment of your debt.

By opening a bank account with a neutral party, you will be able to set up your IVA payments to your creditors and easily monitor your outgoings so that all your payments are up to date and no one creditor is favoured; subject to sufficient funds being available.

The Evolution Banking Bank Account for IVAs

Evolution Banking offers a basic bank account which is open to people with IVAs, if you are over 18 and can provide satisfactory ID and proof of your home address. For a one off set up fee of £12.50 and a £12.50 monthly management fee, you can:

• Have your wages, benefits or tax credits paid directly into your account
• Set up standing orders and direct debits to pay your creditors and bills
• Pay in money for free at a Barclays branch with one of our paying in slips or for a fee at most other UK high street banks
• Earn up to 4% cash rewards for your everyday purchases at 35 high street retailers
• Pay cash into your Current Account free of charge at over 20,000 Payzone outlets

You will never be charged for bouncing a standing order or direct debit. You will also receive a prepaid card which allows you to load a set amount onto the card for the month, helping you stay within your budget.

Apply for a bank account with Evolution Banking now, or, if you still have questions, phone our customer service team on 0845 9000 050. You can also email us.

*Open to all UK residents aged 18 and over, subject to satisfactory proof of identity and residency verification.