Basic bank account feedback thread

innovate

LotsOfOtters wrote: »

The Co-op threatened to close my account for the same reason (unpaid DDs). Yes I know I should have kept better track of my account, but it really isn't easy when their online and telephone services are so inaccurate.

How about writing down all your card,DD and SO payments on a piece of paper? Or a spreadsheet if you do spreadsheets. Relying on a bank to manage your finances is the wrong approach.

MisterSpoon_2

Is it possible to open 2 Cashminder accounts with the CoOp?

I've moved all of my banking over to the CoOp this year and have been given the opportunity to set up a franchise(it's okay, it's all legit!)

What I want is a second Cashminder account that I can pay my weekly takings in to the account and then a direct debit from their head office will come in 10 days later and take their proportion of things out.

The company in question just needs a second bank account so that my takings and payings in don't get muddled with my current account which seems fair enough. I would get one through the Post Office, but they apparently only have them at 29 branches across East Anglia. And I'm not there.

Thanks.

212

As far as I know there is no limit.

If the existing cashminder has been conducted well, then I believe a second will be fine. I've never seen anything suggesting a maximum. If one has been forcibly closed down (or is in the process of being closed down) by Co-Op for misuse then you can't open another for a while.

I have personally seen people with 2 or 3 cashminders, so it should be fine assuming your existing one has had no issues - but you may well still be 'scored' and so they may/may not decline you based on your current circumstances.

I guess another issue is that if you have 2 and break the rules on one (re: unpaids etc) how do they deal with that, and do/could they close both down?

Head office deal with apps etc (branches literally key them and certify the ID). You can't apply online now anyway, only by post/in branch or over the phone now, so if you ask them they should be able to confirm - I wouldn't want you to think it's 100% because you have an existing account though.

Best of luck with the app and the franchise too!

innovate

Please check the T&Cs of your cashminder account. You are not allowed to use it for business. That's pretty much true for any current account. Ignoring this term is a good recipe for getting your account closed down.

Clause 1.3 refers.

http://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/cashminder/cashminder-terms-and-conditions.pdf

You need a business current account if you want to run a business.

Bloomberg

Watalie wrote: »

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.

Barclays are brilliant, they offer so much to their customers. The swanky branches are a bonus but they also offer a very efficient service. The website is brilliant as are the apps. I love their mobile banking app, being able to manage my account on the move is great. The free text alerts are also very handy.




After much deliberation I left HSBC recently and have never looked back. I have an Additions account which represents great value for money. I would recommend Barclays to anyone, they seem to have branches everywhere. In my native Oxfordshire even the smallest of towns has a branch.

dr_adidas01

Bloomberg wrote: »

Barclays are brilliant, they offer so much to their customers. The swanky branches are a bonus but they also offer a very efficient service. The website is brilliant as are the apps. I love their mobile banking app, being able to manage my account on the move is great. The free text alerts are also very handy.




After much deliberation I left HSBC recently and have never looked back. I have an Additions account which represents great value for money. I would recommend Barclays to anyone, they seem to have branches everywhere. In my native Oxfordshire even the smallest of towns has a branch.

An additions account is not a basic bank account, it is a full current account, so people looking on this forum for a basic account won't be able to get this account. Usually people who need a basic account have poor credit history and bad credit files.

They would only possibly be able to get the Barclays cash account which is a basic bank account. Also from what I hear they are now being fussy as to whom they offer this account to as it used to not be credit scored, but now it is.

Locohoco84

Hi,

I'm going to be going bankrupt soon, and have been advised to get a basic bank account beforehand. I currently bank with Halifax and assume this will get closed once I go BR. I was looking at the Barclays account, which seems like the best way to go, but my worry is that I have a small amount of debt with them (Barclaycard) and they may seize it from my wages if they get paid into that account and I go BR.

If anyone had any advice or other accounts to consider I'd be grateful.

andrar

The cooperative basic account is really good - I can't fault it! And it took only a couple of days to set up.

Locohoco84

Is that the co-op cash minder in the article? It looks good but the article says it isn't open to undisclosed bankrupts. I assume this means that even if I open it before I go BR I won't be able to keep it?

andrar

Ooh I have no idea about that - i'd give them a call and ask the question