Basic Bank Account Thread

book12

themaestro wrote: »

Just opened a cashminder account with Co-op....many thanks for you're advice people! Just got to wait for the worst bank in the world TSB to start chasing me for their overdraft now

Please note that the debit card that comes with the account works as an Electron, even though it says Visa debit on it. It is not the banks fault, it's the retailers not recognising it as a Visa debit. The retailers haven't updated their databases yet to reflect the card as a Visa debit.

If you want a proper Visa debit card like LTSB, try the following accounts:

• Barclays Cash Card Account
• Natwest Step Account
• RBS Key Account

themaestro

Ok, thanks for the heads up there......but excuse my ignorance - what's the difference? I used to have a visa electon card with another account and could pay for things in shops and online.

book12

themaestro wrote: »

Ok, thanks for the heads up there......but excuse my ignorance - what's the difference? I used to have a visa electon card with another account and could pay for things in shops and online.

The difference between an Electron card and a Visa debit, is that Electron needs authorisation before the amount is taken from the account. If you buy stuff and don't have enough money in your account, the transaction will be declined.

themaestro

That will do for me - one of the reasons i wanted a basic account is so i couldn't go overdrawn at all

book12

themaestro wrote: »

That will do for me - one of the reasons i wanted a basic account is so i couldn't go overdrawn at all

In the future, the retailers will update their BIN databases to reflect the Co-op card as a Visa debit. Don't worry.

Out of curiosity, why choose Co-op, over other banks I mentioned above who offer Visa debit cards? Retailers recognise those banks cards, as Visa debit.

themaestro

Long story on that one. Basically, i was a young, silly student once and got a few bank accounts that are with DCA's so it ruled all but Barclays out...but i don't earn enough to open one o those as it's a minimum of £1250 per month. Also, lost my passport and no driving licence, so easier to open one over the phone with Co-op.

book12

Fair enough.

It's good to get some form of photo ID though. At least a driving licence (provisional), since it's cheaper. It's good to prove your age in clubs, pubs, buying alcohol, cigarettes, jobs, etc... Not sure how old you are, but if you look old, you might not need ID for those things.

The accounts that I recommended similar to the Co-op Cashminder Account don't need a minimum monthly balance of £1000+, it could be £1+ instead.

BathingApe

Hi I have a couple of questions about the Halifax Reward current account that offers £5 a month for £1000 paid in.

1. Do I have to switch direct debits and standing orders from my current bank? I would prefer not to.

2. Can this account by created, funded and maintained completely on-line?

book12

BathingApe wrote: »

Hi I have a couple of questions about the Halifax Reward current account that offers £5 a month for £1000 paid in.

1. Do I have to switch direct debits and standing orders from my current bank? I would prefer not to.

2. Can this account by created, funded and maintained completely on-line?

1. No

2. Yes

Vaffen

I'm looking to open a basic account. Which is the best bank to go with? I'm leaning towards either Barclays or Natwest.

Will any of the banks allow me to deposit cash at the counter into my basic account?