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New (Basic?) Bank Account - HSBC, NatWest, other?

Tianlong
Posts: 16 Forumite
Hi there,
I'm disabled and currently unable to work. I have an overdrawn current account with Lloyds TSB (within its limit, just) and a closed/overdrawn account with Bank of Scotland (which went overdrawn due to charges, creating an unauthorised overdraft that I couldn't pay off, which snowballed until it was closed.) My overdrawn LTSB account had a new debit card never arrive, and erroneous payments were made using it, so - once the bank rectified those problems, and cancelled the card, I opened a new current account (for security). I've used this ever since for day-to-day banking - disability benefits, bills, rent, etc.
I read an article on MSE (and since forgot exactly what they called it), but it spoke of banks being able to take money from other accounts they hold, to repay overdrafts / credit cards, etc. That being the case, I really want to get away from Lloyds Banking Group.
HSBC rejected me for a normal current account due to a "low credit score." CreditExpert.co.uk says I have an average/fair credit rating, which seems to contradict the decision at HSBC. That aside, I've only lived in my current (rented) house for 5 months, am unable to work due to my disabilities, and have never had any lending / credit cards / anything, other than my overdraft.
I'm now considering a Basic Bank Account just to get away from Lloyds so that I'm safe in the knowledge that they can't touch my income. HSBC are my first choice because they are local and have a great internet banking service. I'm also looking to move to Hong Kong in the next few years, so managing to upgrade later to a current account with HSBC would be good, as they obviously have a good presence in HK.
NatWest's Step account would be my second choice, again for branch accessibility, and a good internet banking system. My only requirements are to be able to pay direct debits and standing orders, have a good internet banking system, and branches available, well, nationwide. I'd ideally like to keep a Visa debit card (which I have currently), but would sacrifice it to get away from Lloyds Banking Group.
Sorry for the long (first) post!! Any advice or opinions on Basic Bank Accounts would be appreciated, especially from people who have experience of the two accounts I'm considering.
Cheers :beer:
I'm disabled and currently unable to work. I have an overdrawn current account with Lloyds TSB (within its limit, just) and a closed/overdrawn account with Bank of Scotland (which went overdrawn due to charges, creating an unauthorised overdraft that I couldn't pay off, which snowballed until it was closed.) My overdrawn LTSB account had a new debit card never arrive, and erroneous payments were made using it, so - once the bank rectified those problems, and cancelled the card, I opened a new current account (for security). I've used this ever since for day-to-day banking - disability benefits, bills, rent, etc.
I read an article on MSE (and since forgot exactly what they called it), but it spoke of banks being able to take money from other accounts they hold, to repay overdrafts / credit cards, etc. That being the case, I really want to get away from Lloyds Banking Group.
HSBC rejected me for a normal current account due to a "low credit score." CreditExpert.co.uk says I have an average/fair credit rating, which seems to contradict the decision at HSBC. That aside, I've only lived in my current (rented) house for 5 months, am unable to work due to my disabilities, and have never had any lending / credit cards / anything, other than my overdraft.
I'm now considering a Basic Bank Account just to get away from Lloyds so that I'm safe in the knowledge that they can't touch my income. HSBC are my first choice because they are local and have a great internet banking service. I'm also looking to move to Hong Kong in the next few years, so managing to upgrade later to a current account with HSBC would be good, as they obviously have a good presence in HK.
NatWest's Step account would be my second choice, again for branch accessibility, and a good internet banking system. My only requirements are to be able to pay direct debits and standing orders, have a good internet banking system, and branches available, well, nationwide. I'd ideally like to keep a Visa debit card (which I have currently), but would sacrifice it to get away from Lloyds Banking Group.
Sorry for the long (first) post!! Any advice or opinions on Basic Bank Accounts would be appreciated, especially from people who have experience of the two accounts I'm considering.
Cheers :beer:
Which Basic Bank Account and why? 27 votes
HSBC Basic Bank Account
18%
5 votes
NatWest Step account
62%
17 votes
other basic account (please specify)
18%
5 votes
0
Comments
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Don't know about the 2 you mention but Barclays BBA has a Visa Debit card and internet banking.0
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HSBC Basic Account: No debit card, only cashcard (for use at ATMs). Good reputation for both customer service and internet banking.
Natwest Basic Account: Comes with a restricted Visa Debit card (so there are some places where you cannot use it). Poor customer service, and poor internet banking.0 -
HSBC< GRRRRRRR!!!!
don't go with them, Natwest/RBS/Abbey and even Barclays are better options, you get visa debits with all but Abbey, even though Lloyds were a decent bank, fact that you can't withdraw from anything but their ATM, given your circumstances is not really a viable option.She LEFT me, she LIED, and she made me foot the BILL ! :mad:0 -
oh and norwich and peterborough do a basic account, you get a cashcard, possibly a visa debit, a cheque book but not a cheque guareented card or OD.
internet and phone banking available, they do have branches in east anglia type region i think. very sympathetic to personal circumstances, they against all the odds gave me a full gold account with an OD and cheque guareented card lolShe LEFT me, she LIED, and she made me foot the BILL ! :mad:0 -
HSBC Basic Account: No debit card, only cashcard (for use at ATMs). Good reputation for both customer service and internet banking.
Natwest Basic Account: Comes with a restricted Visa Debit card (so there are some places where you cannot use it). Poor customer service, and poor internet banking.
This is half the problem - I'd really like the debit card, but poor internet banking is an issue, I think moreso to me than bad customer service, which I've had plenty of.usedandabused wrote: »HSBC< GRRRRRRR!!!!
don't go with them, Natwest/RBS/Abbey and even Barclays are better options, you get visa debits with all but Abbey, even though Lloyds were a decent bank, fact that you can't withdraw from anything but their ATM, given your circumstances is not really a viable option.
What would you say are the downsides to HSBC, in your opinion/experience? I think out of all the banks mentioned so far, it's definitely measuring up as HSBC vs NatWest...0 -
downside to HSBC, where shall i start?
they nearly destroyed me, i was at rock bottom after they sunk me, issued the dreaded default, i lost my job, they didn't give a damn, then took away my OD and demanded full repayment, when i had a decent job with a handsome wage they loved me, the time i needed some compassion from my bank, they desserted me. funny thing is after they defaulted me and i started repaying small amounts to my debt i found a job 8 months after that, ok that wage is really small, barely above the personal allowance but it was more than my benefits and i could have made bigger contributions towards my od, it left me without a bank account and i was refused elsewhere, had to take my salary in cash, so humilating, then i went to my local credit union, got in touch with the CAB people, told about basic bank accounts and i have to say lloyds and abbey did help me out a lot.
go natwest, a debit card as opposed to a crappy cash card which i was stuck on, i felt like a child, when all the grown ups pulled out their visa's to pay for things, i'm running around for a cash pointShe LEFT me, she LIED, and she made me foot the BILL ! :mad:0 -
usedandabused wrote: »they nearly destroyed me, i was at rock bottom after they sunk me, issued the dreaded default, i lost my job, they didn't give a damn, then took away my OD and demanded full repayment,
Although I sympathise with your (then) situation, this could have happened with any bank, it just so happened you banked with HSBC.usedandabused wrote: »when i had a decent job with a handsome wage they loved me, the time i needed some compassion from my bank, they desserted me.
Banks are faceless entities, and show neither love nor compassion. Staff may show empathy, but with the bigger picture it always boils down to the bottom line.usedandabused wrote: »i have to say lloyds and abbey did help me out a lot.
They gave you a basic bank account, HSBC would have done the same if it was Lloyds TSB who defaulted you on an overdraft.
The point I'm trying to make is that, despite having every right to dislike HSBC, your experiences can be translated to any one of the other Big Four.Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.0 -
http://www.moneysupermarket.com/currentaccounts/ then click the box that says "basic bank accounts" and it will list all of the ones available to you so you can compare.0
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Thanks very much for all the opinions and advice folks, it really is appreciated. I think the major pluspoint for NatWest is the Visa debit card, despite restrictions on it.
The only thing that keeps me thinking about HSBC is that I'm hoping to upgrade again to a normal current account when I'm in a better position, and would rather I have the current account with HSBC - so I wonder, is it better trying to upgrade with the same bank, or going back to asking other banks when my overdraft is repaid and my Lloyds TSB accounts are closed?0 -
The only thing that keeps me thinking about HSBC is that I'm hoping to upgrade again to a normal current account when I'm in a better position, and would rather I have the current account with HSBC - so I wonder, is it better trying to upgrade with the same bank, or going back to asking other banks when my overdraft is repaid and my Lloyds TSB accounts are closed?
Well you will have the added advantage of the relationship you build if you chose to upgrade/ apply for a full current account with the same bank who holds your basic account. I don't mean relationship, as in you and the branch manager are best buds, I mean in regards to the internal credit score which will build up over time. This may have a baring on an application, and could swing your chances (although they will still perform external checks). I would suggest pick one bank, sticking with it, run your account immaculately, get some savings, etc. with them, and once everything's resolved with LTSB, consider applying for a current account.Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.0
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