basic vs normal?

Tink_04

Hi i have some bank accounts with Natwest and when i was in branch the other day they told me that they were step accounts which were very basic accounts and i shouldn't have them as they were meant for people on benefits and if i go in they will change them over for me - i have 3 accounts and i use them for different things - one has my wages go in - the other has Standing orders and DD's coming out and the other i use to put the shopping money in to spend on so i dont get it mixed up. I thought there baisc account was best if i wanted a few to do a basic job but they also said something about credit rating being effected - are they just trying to move me to a different account or should i change them? i opened them on line and just picked a basic one on purpose.

Thanks

Tink

JuicyJesus

THey will not automatically convert a Step account. Many posters here have trouble getting them to do just that.

They are probably trying to upsell you.

pmduk

The major difference is the ability to apply for an overdraft.

DrSyn

1. Suggest you read the following on Basic Accounts it might be an interesting read.

www.moneysavingexpert.com/banking/basic-bank-accounts


2. If you do start a current account make sure its a "free" one. Not one where they want you to pay a monthly fee, they are a waist of money and time.

The only ones that make money from them normally, will be the person who sold you that account and of course the bank!

Tink_04

so i dont need to have a normal account - me and DH have a normal account wiht an overdraft but just want these accounts to separate and manage my money - its just the way the woman in the bank said it as if i wasnt supposed to have one.

[Deleted User]

Tink_04 wrote: »

so i dont need to have a normal account - me and DH have a normal account wiht an overdraft but just want these accounts to separate and manage my money - its just the way the woman in the bank said it as if i wasnt supposed to have one.

more marketing gimmick
The Step account is great and that's all you need if no overdraft required

simax

DrSyn wrote: »

If you do start a current account make sure its a "free" one. Not one where they want you to pay a monthly fee, they are a waste of money and time.

Really? Where else could I get comprehensive iPhone insurance, European travel cover and AA breakdown cover for £7.95 per month?

pmduk

simax wrote: »

Really? Where else could I get comprehensive iPhone insurance, European travel cover and AA breakdown cover for £7.95 per month?

Fair enough if you actually need the extras, the only benefit that would attract me is the mobile phone insurance, however the cost of the standalone policy I have is half the price of the advantage account. Everybody needs to make the calculation for themselves.