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Basic bank account feedback thread

edited 26 October 2010 at 6:05PM in Budgeting & Bank Accounts
373 replies 157.4K views
Former_MSE_AlanaFormer_MSE_Alana Former Editorial Assistant
252 posts
edited 26 October 2010 at 6:05PM in Budgeting & Bank Accounts
[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif]wtd_icon.gifThis thread is to discuss Basic Bank Accounts[/title]
Please read the full MSE guide to Basic Bank Accounts

Please let us know your experiences of opening a basic bank account including:
  • Ease of acceptance
  • Ease of application process
  • Any issues experienced
  • Did the bank try to encourage you to get a 'normal' bank account?
Click reply to post your experiences

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Replies

  • edited 27 October 2010 at 2:19PM
    GreenManGreenMan Forumite
    64 posts
    edited 27 October 2010 at 2:19PM
    I have banked with the Co-op for many years and have found them to be an excellent bank and living in Scotland there is only one branch here and its nowhere near me.

    Unfortunately my partner recently had to apply for a cashminder account and there was a string of mistakes on the Co-ops part regarding registration because we had no nearby branch to register at.

    They initially advised her to send copies of proof of address and ID that had been seen by a GP or similar. She was then advised that the policy had changed and she had to send originals which she did. She was then advised that this was incorrect again after doing so. They also failed to return the lease as proof of address and said they had no record of receiving the originals or the first set of documentation we sent. All in all a major !!!!-up. Hopefully this was a one off and it shouldn't be a problem if you have a nearby branch I imagine.

    I think we'll have to try it again however as I cant face using Barclays because they dont mind lending money to the usual bunch of baddies (*sorry corporately I meant) etc.
  • My experience with Basic Bank Accounts are:

    Lloyds TSB: there was no problems to join and worked ok for 18 months but from 20th November 2010 they (Lloyds TSB) are to share data with HBOS, so it was time to move on, as my record with the HBOS is not so good (But I am in control with my repayments agreements with help from the CCCS). I did not want the HBOS taking any of my income from my Lloyds TSB account with warning for payment of debts with HBOS.

    I opened a Basic Bank Account with Yorkshire Bank but was annoyed they did a credit check on you. Even though I asked to open a Basic Bank Account. This was not the case when my wife open a Basic Bank Account in joint names 2 years ago. It seems the Yorkshire Bank does not let you open a Bank Account (of any type) without their computer system doing a credit check & making the decision of what type of bank account they could give, before allowing you to open a Basic Bank Account. The Yorkshire Bank computer said I could have a Basic Bank Account (which is what I asked for in the first place).
    One good point is they give you a free internet saving account (with out asking for one) with the Basic Bank Account.
  • Lloyds TSB - swift and easy application process takes 30 mins on average in my experience (with acc no. issued instantly)
    Didn't ask if wanted normal account just let me have it = done
  • Just did a search for a "Basic Bank account" - got a long list, but each time I followed a link to proceed, all I was offered was a current account, no mention of a Basic account anywhere. So it looks as though the only way to get one of these is to do the leg work - not online.
  • poweronepowerone Forumite
    184 posts
    Natwest / RBS Basic accounts Step / Key


    http://www.natwest.com/personal/current-accounts/g1/other-accounts/step-account.ashx

    http://www.rbs.co.uk/personal/current-accounts/g1/other/key.ashx

    They do what they say. Are treated in any other way by the bank. All the same facilities, online in branch etc.

    Opened online with no probs

    Both have worked fine. Had to move away from them as finances changing.
  • GreenMan wrote: »
    They initially advised her to send copies of proof of address and ID that had been seen by a GP or similar. She was then advised that the policy had changed and she had to send originals which she did. She was then advised that this was incorrect again after doing so. They also failed to return the lease as proof of address and said they had no record of receiving the originals or the first set of documentation we sent. All in all a major !!!!-up. Hopefully this was a one off and it shouldn't be a problem if you have a nearby branch I imagine.

    I doubt it: http://forums.moneysavingexpert.com/showthread.php?t=2755346

    The Co-op are shysters.
  • WatalieWatalie Forumite
    535 posts
    My experience with Basic Accounts is good.

    I have a Barclays Premier Account but recently opened a Basic Account to help me sort my finances. Can't recommend them enough :) They were/are brilliant.

    My partner also opened a Basic Account with them and again, no problems.

    He'd tried to open a Cashminder Account with the Co-Op but they insisted on trying a regular account which resulted in 2 searches on his Credit Record and of course he was turned down anyway. So my experience with Co-Op albeit indirectly, isn't good.
  • jen245jen245 Forumite
    1.6K posts
    I have a Lloyds TSB cash account which I use as a holiday savings/spends account alongside my main Natwest current account, and found it very easy to open. I applied online, got the welcome pack within a couple of days, and my pin and debit card a few days later. In total it took just over a week to set it up, and I registered for online banking. Lloyds online banking good, as good as Natwests i'd say. The only issue is that you can only withdraw cash from Llods TSB atms, but there are ways round it like cashback from supermarkets.
    Debt free and staying that way! :beer:
  • YBS cash transactor account,very good.
    I have a deep burning indifference
  • I opened a Co-op Cashminder account and they insisted on doing a credit check anyway. I didn't particularly want my other bank to know about this account (the idea is to transition over in time), so this was kind of annoying. They also asked for details of that account, which, strangely for me, I gave them. Still, no dodgy transactions on my account since then, they maybe had a decent reason for taking the extra information, but it's a bit cheeky I think. Anyone else?
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