Parachute Account Assistance

PaulyH

Hi

This issue is causing me a few headaches. Do I want to set up a new account and then use that as my primary account staright away (i.e all wages in all DD's out etc) Or can I set up an account just to lay dormant for if/when my current bank decide to terminate my current "current account"?

I see no need to change it immediately as things stand or have I missed something?

I've had a look at the best current account pages on the site but do not really know where to go from there.

Please help

maniac886

PaulyH wrote:

Hi

This issue is causing me a few headaches. Do I want to set up a new account and then use that as my primary account staright away (i.e all wages in all DD's out etc) Or can I set up an account just to lay dormant for if/when my current bank decide to terminate my current "current account"?

I see no need to change it immediately as things stand or have I missed something?

I've had a look at the best current account pages on the site but do not really know where to go from there.

Please help

Yes do open a parachute account,but dont start moving money and changing direct debits as your original bank may not close your account. They should give 28days notice anyway so you do have time.

PaulyH

So what account is the best to open without putting anything in it? I was looking at the A&L ones but don't suppose it matters does it?

Mark_Brooks_2

Hello everyone,

I am about to claim back my account charges from Lloyds TSB. I was hoping people could recommend an account that would cover my o/d limit? I have a £1900 overdraft which I pretty much sit in for 12 months of the year. I earn less than £1000 a month currently and have a pretty poor credit rating.

Please advise a good account that I am likely to be accepted on?

Whilst writing this Lloyds actually called me about my missed payment on my credit card! £450 went into my account on the 9th of Jan and £390 (missed d/d, s/o, unauthorised o/d fee's etc...) of charges went out on the same day and my £90 loan taking my over my limit again so more charges next month and no credit card paid either! Arrrggg....so infuriating!

Thanks in advance,

Mark - keep smiling.

bengal-stripe

Mark_Brooks wrote:

.....recommend an account.....cover my o/d limit?.....£1900 overdraft.....sit in for 12 months.....earn less than £1000 a month..... pretty poor credit rating.

Please advise a good account that I am likely to be accepted on?

With cards like that......you'd better aim for a 'basic' account (no overdraft).

tiger5000

Mark_Brooks wrote:

Please advise a good account that I am likely to be accepted on?

I opened a parachute account with Smile. I've got a poor credit rating, but I automatically got a £500 overdraft. Its less than my £1200 O/D I have with Lloyds at the moment, but I'm seeing it as a real positive route that I can take to reduce my overall debt (I'm regularly just under the £1200 limit every month).

You can do it all on-line with them, and I had my account within about 1 week, with cheque book and debit card about 1 week later.

Its not the £1900 you need, unfortunately, but it might help you.

Good luck!

Edinburghlass_2

Basic Bank Account thread

MartialArtMan

I want to claim charges of Barclays but transfer my accounts to another bank in the mean time i.e now. Is this wise? Would I effectively be closing my accounts? If I set up an umbrella account and barclays close my account how do I transfer everything to the umbrella?

Sorry if these questions are a little confusing, my little head is spinning...

MartialArtMan

maniac886 wrote:

Yes do open a parachute account,but dont start moving money and changing direct debits as your original bank may not close your account. They should give 28days notice anyway so you do have time.

That's all very well but in my case I'm not happy with my bank and would like to take advantage of the better banking of others. Should I set up new accounts whilst making my claim or wait?

Edinburghlass_2

Read Martin's article regarding current accounts...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1109610116,88950,

and this thread in Budgeting and Current Accounts...

http://forums.moneysavingexpert.com/showthread.html?t=319736

shaquis

Has anyones bank A/C actually been closed down after claiming back charges?
I have a poor credit rating and would have trouble opening another bank account, so Im hesitant to begin the claims process!