Basic Bank Account Thread

Cocoroco

Hello everyone. Just thought I would write a review for METRO BANK for anyone interested in opening a basic bank account. Btw I do not work for them I am just very thorough when writing reviews (which is why I do not write many!)

After days of panicking, this week I finally decided to go and open a basic bank account at METRO BANK in High Street Kensington, London. I had been avoiding the dreaded credit check (as did not think I would pass one if required) but I decided to brave it and stop being a chicken. I decided on METRO because I was worried about the incestuous nature of the big high street banks and how they share their information - I cannot keep up on all the mergers and affiliations!

Got there about 2.30pm were a few people in front of me who were being attended to. Bright swanky open plan foyer and reception, friendly welcome, nice seating area. Had a 20 min wait because they had some sort of computer glitch. I had profuse apologies, cup of tea offered 9which I drank) and told £10.00 would be credited to my account after opening because of my wait! Happy days!

Took passport and 2 utility bills and stressed I only wanted basic account (and did not want credit check) as was just wanting to regulate my finances by having a new account. Their basic bank account is called the CASH ACCOUNT. They reassured me no credit check would be done, they do however check that your address is a real one (nothing to do with a credit check but an address check).

Photocopies of passport and utility bills taken (must be no more than 3 months old). They take a photo of you for their records (so look smart J). They ask you to provide a sample of your signature on a piece of paper. They provide you with a two sided terms and conditions to sign. I read them carefully and did flag up that reference was being made to credit check on the form even though none is required for this type of account – CASH Account. Again apologies offered and that they would take this up with Head Office (“as they strive for excellence”) and that reference to credit check should not be on there. Again, I was reassured that no credit check had been carried out.

However, I was also told that even if I had had a credit check for a current account and had failed check, I would still be offered a basic account regardless - so good to know for anyone thinking of going for the full current account.

Account opened and then my MasterCard Debit Card was produced right there in the office and handed to me (they have a machine that churns them out with name and account details and chip & pin as standard) very impressive! (If you go for current account, cheque book is printed out there and then too!)

I was then invited to sign up for the online banking and took the chair of the person dealing with my account. Chose usual passwords and reminder questions as required for most online facilities, online banking set up!

Was then handed account welcome pack, info card with details for online banking, chose free umbrella as my free gift (which you get if you deposit at least £50.00) there are other gifts to choose from. All in all a very pleasant experience. If they continue like this I can see that many will move to them.

Summary

Minimum ID Required: 1 photographic (i.e. passport or Driving Licence);

Evidence of Address: 2 Utility bills (dated within last three months).

Positives of CASH Account – No credit check (yippee!!), MasterCard cash card with chip and pin (for UK use only), online banking, BACS and CHAPS transfers into CASH Account (including salary) okay.

Downside of CASH Account – No cheque book, cannot transfer to other accounts using online banking (except I think other METRO BANK accounts) cannot set up direct debits and you cannot use cash card outside the UK.

Positives of METRO BANK – Not affiliated with any other bank, new bank new start!, positive friendly staff, open late, 7 days a week (8am to 8pm weekdays) 24 hour telephone support.

Downside of METRO BANK (thus far) – They are new and so are not in all locations (only London area), check their website for nearest to you.

PS. I was also shown the vault (safety deposit area) and was told that if you are 50 years and over for 1st year you can have a safe deposit box for free! Thereafter costs start at £100/year for smallest box (which I saw and looked quite generous for valuables such as passport/jewellery etc).

They are also offering £20.00 credit to new account holders who switch their current account to them!

Above is my persona; experience as at May 2011.

Hope this helps someone J

stokelady

Quick question, I have an appointment tomorrow with the Yorkshire Bank to open a Ready Cash Account however I have chosen them as I was told I would likely be accepted with them with my bad credit history - however as I was ending my call to them she did state that they now conduct a credit search when considering applicants - I have also ready of a few people being refused.

Has anyone recently applied to Yorkshire or know anything about the application process? I have a very bad credit rating and am running out of bank account options :-(

Lulee36

stokelady wrote: »

Quick question, I have an appointment tomorrow with the Yorkshire Bank to open a Ready Cash Account however I have chosen them as I was told I would likely be accepted with them with my bad credit history - however as I was ending my call to them she did state that they now conduct a credit search when considering applicants - I have also ready of a few people being refused.

Has anyone recently applied to Yorkshire or know anything about the application process? I have a very bad credit rating and am running out of bank account options :-(

I have read a few posts and people have recommended halifax easycash account or Natwest step account - both can be applied for online from what i have read , i did have a step account at one time and my credit history was not so good

stokelady

Thanks but neither of those are an option, I have old debts linked to Halifax, Barclays, Natwest & Nationwide :-(

Santander or Yorkshire I think are my only options

pmduk

You could try Co-op. I understood the Yorkshire readycash credit check just checked you weren't bankrupt.

Lulee36

http://yourmoney.moneyadviceservice.org.uk/HTML/en/products/bank_accounts/basic_bank_accounts_popup.htm

This shows reason why certain banks may decline an application if it helps

Bretheren

Just looking for a bit of advice. I have been trying to open a basic bank account with a debit card. I have been turned down by Coop Nat West Halifax HSBC and Nationwide.

I have a poor credit record inc a CCJ but have no bankruptcy recorded against me. My monthly income is £2200.

I need to sort something quickly any advice appreciated

Cheers

cifpower

When you applied for Halifax Easycash what was their response?

stokelady

All went well at the Yorkshire, walked away with a Ready Cash Account - got acc number and sort code just waiting for my Maestro card - any idea where does and doesnt acccept Maestro ?

united66

stokelady wrote: »

All went well at the Yorkshire, walked away with a Ready Cash Account - got acc number and sort code just waiting for my Maestro card - any idea where does and doesnt acccept Maestro ?

Congrats on sorting an account stokelady, how bad was your credit file?
I believe 99% of retailers including most online accept Maestro, although I'm sure someone on here will put me in my place

I'm looking for a new Basic Bank Account, and Yorkshire may be a consideration if their acceptance criteria is pretty low?