Barclays Student Account

Lokolo

book12 wrote: »

What is the other bank that started doing this?

I haven't heard of other banks starting to do this yet. Only A&L, HSBC (and I think Abbey) are doing this).

Does this include basic bank accounts, or current accounts only?

I think there should be another type of account, where there is no need a minimum of £x each month. Sometimes some customers don't have a salary of £x per month (£500 or £1000, people are who are on benefits, retirement, etc... for example). Therefore, bringing in 3 types of accounts (i.e. basic bank accounts, current account with set amount each month, and current accoutn without set amount each month).

Why don't banks just say 'no' to more than 1 bank account at same/different banks? That would solve the problem, instead of setting a mimimum amount each month for the bank account. Alternatively, people could just open a basic bank account, where there is no need for a set minimum income.

How is there a way to control it?

Lots of people have multiple current accounts with multiple banks and some of the accounts hardly get used, but these are all costs to the banks, which don't need to be there.

HSBC are already having the 3 types you said above, however they are no longer accepting new applications for the current account without a minimum going in each month.

£500 a month is feasible for 99% of the working population. Most partime work you can get about this (if working all year round). Student and child accounts do not count towards this and you only have to have above £500 a month when 21 and over.

book12

Lokolo wrote: »

How is there a way to control it?

Lots of people have multiple current accounts with multiple banks and some of the accounts hardly get used, but these are all costs to the banks, which don't need to be there.

HSBC are already having the 3 types you said above, however they are no longer accepting new applications for the current account without a minimum going in each month.

£500 a month is feasible for 99% of the working population. Most partime work you can get about this (if working all year round). Student and child accounts do not count towards this and you only have to have above £500 a month when 21 and over.

They could control is by checking CRA files. If a customers CRA file has a current account on it, and wants to apply for another one, the bank will say no.

Some people just have more than 1 current account, because the more you have, the better you look (with 'all those cards' in the wallet/purpose). As you said, other accounts are rarely used. I understand that people have more than 1 current accuont for different purposes. 1 current account is enough for all those different purposes. Just budget properly, etc...

If a customer has more than 1 bank account, and the others are rarely or not used. They should warn the customer that the bank account will be closed.

By the looks of it, the minimum funding requirement is not required for student/child/teenager and basic bank accounts then.

Lokolo

book12 wrote: »

They could control is by checking CRA files. If a customers CRA file has a current account on it, and wants to apply for another one, the bank will say no.

Some people just have more than 1 current account, because the more you have, the better you look (with 'all those cards' in the wallet/purpose). As you said, other accounts are rarely used. I understand that people have more than 1 current accuont for different purposes. 1 current account is enough for all those different purposes. Just budget properly, etc...

If a customer has more than 1 bank account, and the others are rarely or not used. They should warn the customer that the bank account will be closed.

By the looks of it, the minimum funding requirement is not required for student/child/teenager and basic bank accounts then.

For HSBC, I only know because I bank with them so it kinda affected me when they changed (as I have a student account I wasn't sure what I'd get).

Last year when I opened Barclays ISA they told me I could only have internet banking (I just wanted to keep an eye on the account w/o statements etc.) if I took out a current account with them, which I thought was compeltely pointless as it would never get used.

HSBC allow you to have multiple accounts - kind of. You can ask for a internet only account along side your normal current account, which most people want, to help them budget. They take all bill money out, shove it in the internet only account then you know how much you've got left, if works for noobys who haven't budgetted properly before/

book12

Lokolo wrote: »

For HSBC, I only know because I bank with them so it kinda affected me when they changed (as I have a student account I wasn't sure what I'd get).

Last year when I opened Barclays ISA they told me I could only have internet banking (I just wanted to keep an eye on the account w/o statements etc.) if I took out a current account with them, which I thought was compeltely pointless as it would never get used.

HSBC allow you to have multiple accounts - kind of. You can ask for a internet only account along side your normal current account, which most people want, to help them budget. They take all bill money out, shove it in the internet only account then you know how much you've got left, if works for noobys who haven't budgetted properly before/

Strange that in order to have online banking, you need to have a Barclays current account, even though you just want an ISA only. I think that's the only bank that does this. Why though? Is this idea to raise sales targets, staff pay rises, etc...?

Lokolo

book12 wrote: »

Strange that in order to have online banking, you need to have a Barclays current account, even though you just want an ISA only. I think that's the only bank that does this. Why though? Is this idea to raise sales targets, staff pay rises, etc...?

No idea! When I asked she said I need a current account, I said I already had 2 so don't need another 1, she said why don't I transfer everything over and I said no I am happy where I am. Then she said well you can't have internet access without a current account, so I said fine, and left lol.

Extant

book12 wrote: »

Strange that in order to have online banking, you need to have a Barclays current account, even though you just want an ISA only. I think that's the only bank that does this. Why though? Is this idea to raise sales targets, staff pay rises, etc...?

It's actually because our online banking system is old and rubbish. Seriously. Honest to G-d, that's the answer.

There's a few other things that need to be fixed as well before we could in theory let you have online access, like our ISA subscription limit. Previously, we had a team that did ISA top ups to ensure you didn't go over your yearly limit. It could be done from branch but most people don't know how to read our statistics, so it was cheaper in terms of the potential screw ups to just hire people to do it for the entire bank.

You can have a savings account alone with just internet access, as is the case with the eSavings reward account.

Lokolo

BarclaysManager wrote: »

It's actually because our online banking system is old and rubbish. Seriously. Honest to G-d, that's the answer.

There's a few other things that need to be fixed as well before we could in theory let you have online access, like our ISA subscription limit. Previously, we had a team that did ISA top ups to ensure you didn't go over your yearly limit. It could be done from branch but most people don't know how to read our statistics, so it was cheaper in terms of the potential screw ups to just hire people to do it for the entire bank.

You can have a savings account alone with just internet access, as is the case with the eSavings reward account.

Ha. I gave up with Barclays (no offence!) and ignored everything they said. They said I can't transfer money across via BACS and stuff. I just sent the money across, never came back and I never went over my limit. Nevermind.

book12

I think the Barclays staff should say that internet banking is only available if you apply for a current account or e-saver reward. I wonder why the branch staff didn't offer you/tell the latter product to you. If they did, would you still open the ISA Loloko?

BarclaysManager - I just think that the branch staff should say to the customer (in this case to Loloko) that in order to get internet banking, the customer could either apply for a current account or a e-saver reward (with his ISA). The branch staff should mention e-saver reward as well. Wondering why the branch staff didn't say the latter product.

rb10

book12 wrote: »

Wondering why the branch staff didn't say the latter product.

Two options ...

1) Bonus - they probably get a bigger bonus for a current account than savings

OR

2) Ignorance

Lokolo

book12 wrote: »

I think the Barclays staff should say that internet banking is only available if you apply for a current account or e-saver reward. I wonder why the branch staff didn't offer you/tell the latter product to you. If they did, would you still open the ISA Loloko?

BarclaysManager - I just think that the branch staff should say to the customer (in this case to Loloko) that in order to get internet banking, the customer could either apply for a current account or a e-saver reward (with his ISA). The branch staff should mention e-saver reward as well. Wondering why the branch staff didn't say the latter product.

I still took the ISA I was just a little annoyed I couldn't see my accounts so had to order statements in town to see.

My Halifax accounts required me to have an e-savings account for internet access which I would quite happily take, its only another line on my Egg MM!