Basic bank Account types

onthemend

Hello All

My wife and I are having a financial crisis and have allready spoken to CCCs with a view to an initial telephone meeting later in the month.

They have advised setting up a new basic account in readiness.

We would like to have a basic cheque book account with debit card, as we do need to write some cheques occasionally.

My questions are:

1 From anyones experience, which is the best a/c to go for, Nationwide seems Ok to me.
2 Could we set up a another cheque book a/c before the S**t hits the fan? or do we have to stick to a basic a/c?

thanks

cadboll

Hi! I'm not sure what the constraints are with regards to your situation and opening an account. For a current account, Alliance & Leicester have the best rate at the moment - 5.00% Gross/AER - but you have to deposit £1,000 in each month (e.g. salary). This rate is fixed until 31 March 2007.

Nationwide have a Flexi Account - its rates are lower at the moment but as of 1 April the rate is to increase to 4.25 ( I think).

I have accounts with both Nationwide and A&L and am happy with the level of customer service from both. Unfortunately Nationwide have dropped their rates on various accounts as of today but it just means more shopping around!!!

Hope this helps.

grumbler

onthemend wrote:

...
They have advised setting up a new basic account in readiness.

We would like to have a basic cheque book account with debit card, as we do need to write some cheques occasionally.
... Nationwide seems Ok to me.

Nationwide account with a debit card and a chequebook is not a basic account:

basic bank account

Nationwide also offer a basic bank account, which is suitable for those who want access to a simple account offering a range of features and benefits:

• pay money in and set up regular payments like standing orders and Direct Debits – both in and out
• a cash card which enables you to withdraw money and check your balance at any of our branches, cash machines and any Post Office branch
• manage your money over the internet
• the basic bank account does not offer an overdraft, a cheque book or a debit or credit card

http://www.nationwide.co.uk/banking/current_account/day-to-day.htm

See also http://www.fsa.gov.uk/consumer/pdfs/bank_account.pdf.

jonesMUFCforever

Many banks do not offer a cheque book or debit card on basic or cash accounts. Some ATM cards are restricted to us by that bank only and cannot be used in 3rd party machines.

richiethekid

The Natwest Step account is a basic account which allows direct debits and standing orders, has a Solo card (which is accepted in most places these days) and internet and phone banking. I managed to open one with a pretty dodgy credit history, but I've heard of people being refused, plus they always push you to apply for the Advantage Gold account (before doing a credit check) and their customer service is abysmal.

Fedz

The Co-operative Bank Cashminder Current Account - VISA Electron debit card - 24hr local call rate UK based customer support - online access - branch access - telephone banking.

I understand from Customer Services that a cheque book can be provisioned for this basic bank account.

Hope this helps.

inmypocketnottheirs

Fedz wrote:

The Co-operative Bank Cashminder Current Account - VISA Electron debit card - 24hr local call rate UK based customer support - online access - branch access - telephone banking.

I understand from Customer Services that a cheque book can be provisioned for this basic bank account.

Hope this helps.

My wife applied for a cashminder account and was turned down.

Fedz

It's highly unusual they would turn you down for a Cashminder Current Account.

I was bankrupt with the co-op by many a thousand pounds years ago. I still live at same address, have same name, telephone number ... everything - and they gave me a Cashminder Current Account.

My ex also bankrupt herself. The co-op was part of that too - they gave her a Cashminder.

My mate - get's refused for any account - not bankrupt but, has no credit history as he has no credit cards ...etc - they gave him a Cashminder Current Account.

All the above are recent (within 6 months).

Kind regards