Is there any real disadvantage of a basic account?

slugger09

I have had a current account with Alliance and Leicester for 6 years, all was fine until Santander got involved and its now gone t*ts up.

So applied for a First Direct account got turned down, Applied for Ulster Bank and they offered me a Basic account.

At the min I don't have an overdraft, A&L would never give me one, I have a cheque book which has never been opened, so would I be at and disadvantage taking this Basic account? It has a Visa Debit card which is which is the main thing I use

pmduk

I have an RBS key account which is their version of a basic bank account.. It does everything I want; Debit card, full online banking, direct debits etc. Cheques are on the way out, I've never once missed having one. There's no overdraft, but I'm grateful for that. Only you can tell which services you need from an account.

JAYk_2

According to some, having a basic bank a/c harms your credit score; correct if wrong

knightfox

JAYk wrote: »

According to some, having a basic bank a/c harms your credit score; correct if wrong

Idont think having a basic bank account does any harm to a credit file. Unless you maintain it badley. But otherwise it works in the same way as a normal bank account. The only problem I have seen is that they dont pay interest. But at 0.001% who cares.

brightonman123

i have a natwest 'step' a/c- credit balances only, visa debit card, online banking, mobile balance alerts..

though no cheque book so some bills have to paid in a bank in town, rather then being able to send payment by post..

glennc1981

My NatWest Step account gives me all that I need: a Visa debit card I can use for practically all my transactions, Direct Debits, Standing Orders. I don't need a cheque book but I hope in the future to get a credit card so that's my next step.

Bosie

JAYk wrote: »

According to some, having a basic bank a/c harms your credit score; correct if wrong

Most basic accounts report to credit reference agencies, I know for sure that Co-op's Cashminder, Nationwide's basic, Yorkshire Bank, Natwest's Step account, all report which is good if the account is kept in order!

WelshPaul

brightonman123 wrote: »

though no cheque book so some bills have to paid in a bank in town, rather then being able to send payment by post..

Cheques are on the way out so no real loss, I have four cheque books and have held them for five years or so and to date never had to write a single one!

laney85

LLoyds give you a card which you can use for paying for things, and cash back but you can only use the card at LLoyds machines.

Twister84

brightonman123 wrote: »

though no cheque book so some bills have to paid in a bank in town, rather then being able to send payment by post..

Have you thought about paying your bills online or via direct debits?

brightonman123

dont trust D/D's, after working for a bank, and seeing some horror stories!