Torn! (Switching current account)

HeaddyMX

Howdy. As part of my PayPlan thing, they suggested I set up a current account away from NatWaste (which I've been planning to do anyway). A quick search on USwitch identified a few options:

- Alliance and Leicester (where I have an Online Saver);
- Cahoot (chequebook and no-chequebook option);
- Smile (initially the one where I would have switched to).

Right now I'm torn between Smile and A&L: A&L has a higher interest rate, while Smile requires less to be paid in a month and a larger fee-free overdraft.

What do you people suggest?

MPH80

If you're with Payplan - then your credit rating won't be fantastic.

I think that probably eliminates you from A&L - but you can try - you'll also get shoody customer service from A&L.

So Smile might be your better bet.

If you find you get turned down - then you might need to look at a basic bank account.

M.

BASFORDLAD

Yep if your with payplan you can forget ANY of the above, i suggest a basic bank account. You will fail with all else.

HeaddyMX

Erm yeah Drew, forget all your plans for the next few years and live off the land.

Only kidding.

mattp_3

All three of the above current accounts are likely to perform a credit check before opening an account for you and if you have been in arrears to your credit cards/loans etc for some time it is unlikely they will offer you these accounts.

You will possibly need to apply for a basic bank account instead? But you can always try there is nothing to lose?

I have been with A&L for two years and found them to be ok - also have an account with Cahoot for the last 5 years, but wasnt that impressed (especially when they tried to claim that I owed them £380 for missed payments to a loan 3 years ago!)

If you cannot get a full current account try the list of basic banks on the payplan site http://www.payplan.com/pdf/bank_acc.pdf

Good Luck

BYould

If you don't have any success with those three accounts you may want to try Norwich and Peterborough, although a basic account they do include a chequebook.

Also the Cooperative Cashminder is a good basic account which comes with a electron debit card.

HeaddyMX

Thanks for the tips. Yes, I tried to switch to Smile last night and they said "no, we may be ethical but we don't want your kind round here".

Curse NatWaste!

So a basic account it is, and I'm thinking of going with either Coop or Lloyds. Bare minimum might even do me some good. Bye bye Maestro card!

HeaddyMX

I've decided on Co-op for the time being; I got bad vibes from Lloyds when I stepped into the branch. But the staff member at Co-op was being kinda funny with me.
I'll have to wait until next week to start opening the account - they don't do Mondays.

HeaddyMX

Yes, as of today I am now with Co-op (or Coop) for my new basic account. Thanks for the help.