Which Bank

bluejeans53

Hiya,

I have looked at the other boards and not sure where to place this question ?

I am looking for a new current account account, credit rating is shot to death. I am in no hurry to move banks but from what I have read, my bank account not the best. Stuck with it as I thought I would just get the same sort of thing all over, as my credit rating is not good.

I currently have a silver account with the lloydstsb.

When i read interest rates, pro and cons of each bank account etc, it just goes over the top of my head, all very confusing. Never been money savvy but doing my best to learn.

Two wages will be paid into this account.

KingElvis

If you have a bad credit rating then you will most likely have to open a baisc account. Don't worry though, some are as good as regular current accounts.

Natwest, CoOp and Barclays basics are always rated highly on here.

Make sure you ask for a basic account though.

bluejeans53

Thankyou for that information . I will go have a look at them. I feel this site has helped me so much, on focusing on reality. I want to start off at a new bank with a clean slate.

sofababe

I have a Co-op Cashminder account and also a NatWest Step account. Both are basic accounts with no overdraft or cheque book but function as a regular account in every way.
If you have debts with any of the banking groups you should avoid opening accounts with them as they like to do a bit of off-setting sometimes:mad:

SuzySu

sofababe wrote: »

If you have debts with any of the banking groups you should avoid opening accounts with them as they like to do a bit of off-setting sometimes:mad:

This really important - you need to find out who your debts are with and it's not always obvious. Eg I think the Sky credit card links to Barclays/Barclaycard (sorry if that's not the case), but you need to make sure the bank aren't going to take money from your account to cover your debts with them.

I have a Barclays basic account; it has a cashcard and a chequebook. No overdraft but it does have a 'reserve usage' which you will be charged if you use. I have never had any problems with the account. I can also open eSavings accounts online with them so can shuffle my money around.

bluejeans53

thankyou both for that information, I do not have any bank related debts........have others though !

sofababe

If you have credit/store card debt then there will probably be a connection to one of the banks. Is none of your debt on cards? Sorry to grill you but I don't want to see you getting into more strife over a misunderstanding:)