Basic bank account feedback thread

Maestro.

Although it's a bit unorthodox I actually use a savings account as my "everyday cash" account. It's a YBS internet saver which comes with an ATM card. I transfer all of my disposable income monthly away from my current account, letting the current account silently take care of DDs while the dosh in the "saver" is actually free money for me. You don't get credit checked and you earn more interest than you will on just about any current account, no questions asked.

For those of you wanting a basic bank account as just a dumping place for your disposable dosh, a savings account with an ATM card is well worth considering.

jjamesalex

Apologies, I've looked for the answer on this thread (and others). Does anyone know whether the debit card offered by the HSBC Basic Bank Account is a standard Visa or an Electron card?

Many thanks,
James

Herbalus

Maestro. wrote: »

It's a YBS internet saver which comes with an ATM card.... You don't get credit checked and you earn more interest than you will on just about any current account, no questions asked.

For those of you wanting a basic bank account as just a dumping place for your disposable dosh, a savings account with an ATM card is well worth considering.

Just so people are aware, there are a few current accounts that pay more than 1.4% (Santander 123, Flexdirect, Vantage etc), but they do require credit checks and are mainstream accounts, so if you can only get a basic account they won't be available to you.

dr_adidas01

Herbalus wrote: »

Just so people are aware, there are a few current accounts that pay more than 1.4% (Santander 123, Flexdirect, Vantage etc), but they do require credit checks.

These are totally irrelevant for people who can only open a basic account, they wont pass the credit check to get these accounts.

So why you thought posting these in this bit of the forum was a good idea is beyond me!!

Herbalus

dr_adidas01 wrote: »

These are totally irrelevant for people who can only open a basic account, they wont pass the credit check to get these accounts.

So why you thought posting these in this bit of the forum was a good idea is beyond me!!

I know that. I was replying to someone who said 1.4% was "more interest than you will on just about any current account", which is not true.

However, I have updated my post to make it clearer.

Tania_Twinkle

I left the UK to live in Ireland 7 years ago and came back recently. As I found out getting a bank account was a nightmare and I needed one for my JSA to be paid into (what happened to giros ?) But NatWest told me if I had an award letter from the dole office then they'd do one for me. So after going up to the JC and getting them to fax one over I went back and was told computer says no :mad:

Yer wan I saw asked me who told me I could use a award letter as in the 5 years of her working there she'd never accepted one. She also harped on about the ghurkas and 'people from my country' coming to the UK to work. (she obviously was a non national) She said she was 'only the messenger' and the bank manager had said the award letter was no acceptable, especially as it was a faxed copy.

She did say she told her dad to go to Lloyds with just his NINO, so I went there. Told them only needed basic account, had a passport and was going to tell them had other things in my name with address, when they said a passport would be all they'd need. Went into a private office with a lady who was a little 'odd' but opened the account complete with Internet banking within about 15mins ! Happy days :T I even get a debit card with a 3D horsey on it lol It does have some restrictions like only being able to draw money from Lloyds, Halifax, RBS and the Post Office, but with plenty of branches of those in this town that's not a problem. :dance:

dr_adidas01

Tania_Twinkle wrote: »

I left the UK to live in Ireland 7 years ago and came back recently. As I found out getting a bank account was a nightmare and I needed one for my JSA to be paid into (what happened to giros ?) But NatWest told me if I had an award letter from the dole office then they'd do one for me. So after going up to the JC and getting them to fax one over I went back and was told computer says no :mad:

Yer wan I saw asked me who told me I could use a award letter as in the 5 years of her working there she'd never accepted one. She also harped on about the ghurkas and 'people from my country' coming to the UK to work. (she obviously was a non national) She said she was 'only the messenger' and the bank manager had said the award letter was no acceptable, especially as it was a faxed copy.

She did say she told her dad to go to Lloyds with just his NINO, so I went there. Told them only needed basic account, had a passport and was going to tell them had other things in my name with address, when they said a passport would be all they'd need. Went into a private office with a lady who was a little 'odd' but opened the account complete with Internet banking within about 15mins ! Happy days :T I even get a debit card with a 3D horsey on it lol It does have some restrictions like only being able to draw money from Lloyds, Halifax, RBS and the Post Office, but with plenty of branches of those in this town that's not a problem. :dance:

Just one thing you wont be able to use RBS cash machines as they belong to Royal Bank Of Scotland which is nothing to do with Lloyds TSB and HBOS.

I think you must mean Bank Of Scotland which is part of Lloyds TSB and HBOS.

Maestro.

Herbalus wrote: »

I know that. I was replying to someone who said 1.4% was "more interest than you will on just about any current account", which is not true.

However, I have updated my post to make it clearer.

don't forget though, a lot of the higher earning accounts require you to have a fair bit of cash in before you'll start earning above the normal paltry interest rates.

for instance, Santander 123 only pays you 1% on your balances above 1,000 pounds. No good if you don't put 1,000 in that account.

hopperson

Hi all,

I've just started a Debt Management Plan (DMP) with PayPlan and they have advised that I move banks and open a Basic Bank Account.

Can anyone recommend a good one? I'd need one with DD/SO facilities, and a debit card.

dr_adidas01

hopperson wrote: »

Hi all,

I've just started a Debt Management Plan (DMP) with PayPlan and they have advised that I move banks and open a Basic Bank Account.

Can anyone recommend a good one? I'd need one with DD/SO facilities, and a debit card.

If you read the thread in its entirety you'll find there are lots of people recommending good basic accounts.

Also it would be helpful to know whom you bank with now and whom your debts are with. As it may limit you to which bank you could open an account with.