Basic Bank Account Thread

ClaretHead

I have a question about the Santander Basic Account. The terms and conditions say that "The maximum amount you may have at any time in your account is £10,000".

Does anyone know what happens is someone pays money into the account and takes the balance over 10K?

Would the payment be returned, and would this be considered a breach of the T&Cs that would lead to account closure?

Linda1971

Hi Wonder if someone can help me. I have been advised to get a basic bank account from CCCS. I currently have a Ultimate Reward Account with BOS with a £2000 overdraft. I pay account fees of £1 a day and £10 per month account charges. I have banked with them for 20 years. I am always up to my limit on this account. My priorities at the moment are to pay my mortgage arrears and secured loan. What would the advice be? Should I keep the account and keep pay the charges or leave account, get basic bank account elsewhere and work out a payment plan to pay money back to BOS. What are the best basic accounts? My credit record has been hit due to mortgage arrears but am up to date with all other payments. The mortgage arrears are being paid back at an agreed rate with the lender.

Thanks in advance

Dannydebt

iblametheparents wrote: »

Was this a letter that said your account specifically was getting upgraded, or was this the letter regarding a change in terms and conditions for all Cash Card account holders?

Hi, No it was just the general letter that was sent to everyone, I was just wondering when they would start upgrading people who were eligible, and how you would get eligible for an upgrade, so for example is it based only on how your account is run or would credit searches still be done ?.

debrag

Experience of opening a Santander basic account? Nationwide ended up closing my account so I sent off for a Santander account but forgot to send my previous addresses with the application . Sent it on Friday.

philman

Currently have the same Natwest bank account I opened when I started my undergraduate degree in 2006.

I am now a postgraduate student (have 2 years left to go) so am still technichally a student, but my PhD is funded, so I do have a regular income, albeit I am paid every 3 months rather than every month, and it is a tax free income. (about £16,000, so around the same as if I earned £21k and was paying tax)

I am not worried about overdrafts as I have a decent buffer zone in my current account and enough savings not to worry about that.

When applying for new current accounts and/or credit cards (I feel I should try and start to get a credit rating going as soon as possible) I will almost certainly be asked what my job is. Should I say I am a student? Although I technichally am, I am not what people commonly think of when they hear student as I have an income and no need of an overdraft and plan on paying any credit card back on direct debit each month.

I would guess I shouldn't tell them the student thing, and just say scientist or something similar, but would that count as lying on the form?

jalexa

philman wrote: »

When applying for new current accounts and/or credit cards (I feel I should try and start to get a credit rating going as soon as possible) I will almost certainly be asked what my job is. Should I say I am a student?

You are a scientist but your "occupation" is postgraduate student. Regarding job and "income" answer the questions the application form asks accurately. Nothing more, nothing less.

savagej

A few banks now offer their student accounts to postgraduate students including those doing research and not a taught course, I am afraid I cannot recall which ones off of the top of my head. So you could look at moving bank if your bank is not one of them.

You do have an option in putting down what your employment status is although this will likely through up annomilies between applications. If you change it then later change it back too quickly. But you could be classed as working scientist, if you are being paid to do your research especially if an employer is involved, if all your funding is through a research council then your job is best put down as research student/postgrad student.

Also there are many Graduate accounts that allow you to slowly reduce your overdraft over time, so you are not forced into a corner all of a sudden.

Hope this helps.

James

philman

Well as I said I am not especially interested in overdrafts as I have enough savings from a previous job not to require one, and they seem to be the main advantages of student/graduate accounts.

I do try and be honest on those things, but the problem with putting in my income (16,000) is that they will assime I am paying tax on that, which I am not, so they will assume my income is much lower than it actually is.

Also on some accounts I have found that just by selecting student they then don't even bother asking for income and assume it is zero...

jalexa

philman wrote: »

... the problem with putting in my income (16,000) is that they will assime I am paying tax on that, which I am not, so they will assume my income is much lower than it actually is...

Have you actually tried applying for a credit card (and been declined)? Why not try with Natwest and learn what they think of you. TBH you have very little to lose with a single application.

One thing which hasn't been discussed is your credit fille. Have you recently checked your Equifax and/or Experian credit report for electoral roll and residential history accuracy? That is much more relevant than the tax treatment of your stipend.

Anthorn

Linda1971 wrote: »

Hi Wonder if someone can help me. I have been advised to get a basic bank account from CCCS. I currently have a Ultimate Reward Account with BOS with a £2000 overdraft. I pay account fees of £1 a day and £10 per month account charges. I have banked with them for 20 years. I am always up to my limit on this account. My priorities at the moment are to pay my mortgage arrears and secured loan. What would the advice be? Should I keep the account and keep pay the charges or leave account, get basic bank account elsewhere and work out a payment plan to pay money back to BOS. What are the best basic accounts? My credit record has been hit due to mortgage arrears but am up to date with all other payments. The mortgage arrears are being paid back at an agreed rate with the lender.

Thanks in advance

You'll get a better deal elsewhere and the savings on bank charges can be put to better use.

If you've tried new account applications and been turned down everywhere, you're probably stuck with one or other of the prepaid current bank accounts which charge a monthly fee and have the benefit of online banking, direct debits, standing orders and a prepaid Mastercard which serves as your debit card.

Think Banking is a budgeting account: Your wages or benefits are paid into the account, money needed for payments out is kept in the account and surplus money is moved to the prepaid Mastercard for you to spend. The funds in the bank account are with RBS and the funds in the prepaid card are with Newcastle Building Society. Set up fee of £25 and monthly fee of £14.50 so that's £39.50 to start and £14.50 monthly in advance for a single holder account. No extra charges for UK transactions.

Secure Trust Bank is almost the same but doesn't budget for you and you move money to the prepaid Mastercard as you wish. But this may change when their upcoming enhancement to their online banking is installed. It's a subsidiary of Arbuthnot Banking Group which although small is quite an old Merchant Bank. £12.50 setup and £12.50 a month so that's £25.00 to start and £12.50 monthly in advance. Free card purchases (POS) and 50p per ATM cash withdrawal within UK.

As I'm a new user I'm not allowed to post links but they're easily found on Google. Hope this helps.