Most people know that bankruptcy can make it harder to obtain credit, but did you know it can also affect your chances of getting a bank account? It's a problem faced by many people every year - but there is help available.

The same can apply to people on IVAs (Individual Voluntary Arrangements) or debt management plans, or with other kinds of 'bad credit' problems. This can make getting a bank account (and some other financial products) more difficult, but there are still options.

What to do if you're struggling to find an account

Firstly, it's important to understand that not all bank accounts are harder to obtain because of a bad credit rating. You might struggle to get a current account from a High Street bank or building society, because your credit history is normally assessed when you apply. But there are other types of account that don't depend so much - or at all - on your credit history.

Most banks and building societies offer a basic bank account, although they're generally not widely advertised, so you may have to go into a branch to ask what each account provider offers. These accounts are more easily obtainable than a typical current account.

A basic bank account should provide you with somewhere to keep your money, a convenient way of paying bills (i.e. Direct Debits and/or standing orders) and usually a debit card / cashcard - but not much else. For example, you're unlikely to earn any interest on your balance.

You may also have heard the term 'bad credit bank accounts', meaning accounts that are open to people who have struggled with credit in the past.

Some bank account providers also offer a managed bank account service, which can help you make sure you don't miss important payments. Your account provider will actually manage your finances for you, putting aside money for bills and other living costs at the start of the month and leaving you with an amount that is safe to spend without worrying about running out of money for your essentials. There could well be a charge for this.

For more information on how to open a bank account if you are bankrupt, take a look at this page.

This content was provided by one of our users, nick_lewis