Basic Bank Account Thread

pmduk

Anthorn wrote: »

Lastly I didn't say that basic bank accounts have a minimum funding requirement. I said that "...if you want a debit card there's most likely going to be minimum total credits into the account." Taking again Barclays as an example, there is a reason why they have both an ATM only card and a VISA debit card!

Barclays have both types of cards to give customers a choice. Most banks have an account with a debit card that does not have a minimum monthly credit.

Anthorn

pmduk wrote: »

Barclays have both types of cards to give customers a choice. Most banks have an account with a debit card that does not have a minimum monthly credit.

But most is not all.

The choice is between basic bank accounts and bank accounts that are basic and never the twain shall meet!

This is my last post on this area of the dicussion because all I'm doing is repeating myself!

pmduk

Anthorn wrote: »

If you really mean a basic bank account you're unlikely to get a debit card of any description. You also need to face a basic fact that if you want a debit card there's most likely going to be minimum total credits into the account.

my emphasis added

Anthorn wrote: »

This is my last post on this area of the dicussion because all I'm doing is repeating myself!

Thank goodness for that as you're just misleading people by making up defintions as you go along!

Bretheren

I have been trying for sometime to obtain a basic account without success.

Last week I went into the local co-op armed with ID and evidence of no CIFAS marker

I went through the application procedure including giving them the account number and sort code of a TSB savings account which holds v little. To my surprise the assistant said my application had gone straight to acceptance and she didnt need to see any of my ID. This was last Thursday. I rang today and they gave me my account number and sort code but said will be another couple of days before my account gets "final clearance" Should I still be concerned about the decision ultimately being a no again or are the account details sufficient to be reasonably confident I will be accepted?

Thanks in anticpation

Anthorn

pmduk wrote: »

my emphasis added



Thank goodness for that as you're just misleading people by making up defintions as you go along!

Ok I'll do another last one.

I'm not making up definitions at all: A basic bank account is a bank account that everyone can get even if they have bad credit, no credit history or they are new to the country or new to banking. Ar least that was the intention when the government announced the basic bank account framework which coincided with the mass movement of benefits from Giros and allowance books to BACS payments. But the fact is and you can verify this by reading posts on this very forum including the post before this, that many people can't get one because a credit search revealed that they have bad credit or some other reason not revealed by the bank concerned!

That is the reason why I don't like so-called basic bank accounts which have a debit card and the ability to overdraw because it's only in such circumstances that a credit appraisal is needed! Of course some banks but not all banks have revised the basic bank account because with such an account they won't make any money. Their money comes from fees charged to the account (holder) which will mainly be from overdrawn accounts and bounced direct debits!

Therefore I maintain my stance that there are basic bank accounts and bank accounts that are basic: The two are not the same!

Lastly, the emphasis you added which imply a question: You've already commented on that several times and I have answered it several times. Why don't you try moving on?

ndrink16

Hi
I apologise if this has been dealt with elsewhere (please direct me to the replies if so) but my husband and I have a problem: he is from Mexico and we have been living back in the UK together for almost 2 years (I am British, we met abroad). He had no problem opening a 'basic' bank a/c at Lloyds bank, which his wages are paid into. However we have now opened a joint current account together which we both pay into monthly/have debit cards for as we use it for bills, household shopping etc. However - despite the fact that I am a life-long Lloyds customer with impeccable credit and hold several accounts with them - they will not allow us an overdraft facility on our joint account, due to my husband not having been resident in UK long enough. Nor are they able to tell us how long this situation will go on for. Does my spotless history count for nothing? Does anyone know a bank where we can get a current a/c with (small) OD facility, despite one of us not being British? As our bills go up and down a bit, naturally, it's very difficult to manage the account unless we watch it like hawks and I am sick of handing over unauthorised OD fees - it feels like theft and I no longer feel any loyalty towards Lloyds.

Anthorn

Personally, I think your husband is more likely to be treated favourably if he stays with the same bank and builds a history with them instead of chopping and changing to a different bank. Just because an application has been refused doesn't mean that another application further down the road can't be done. You could ask the bank to look at the application again if you can provide them with additional information. Don't assume that they automatically know your history with them.

You might possibly think about moving some of direct debits but not all of them to a different account where you have an overdraft and then monthly transfers to that account. You will need to have some DDs in the joint account to build the history.

sorry I can't be more help. Perhaps others will have better ideas.

scheuee

I am looking for a curent account that pays interest, it will not be my main account just an account to pay some money in and pay a cpl of bills from that I want to be separate from my main account.
I know I won't get a lot of interest but something is better than nothing

Hopefully someone can help me
Thanks

I_need_some_love

Thanks MSE. I opened up a cash account today at my local Barclays bank.

No credit check required.

I plan to use it to pay off my DMP from direct payments from my Tax credits. 12 months to go then debt free.

The banks also have advised me that it may help if I open up an Cash ISA with them and send money over from my Barclays cash account via standing order to my Cash ISA account. So the accounts will not be deemed dormant by the bank.

I can also set up a standing order with my other bank (Santander) and send moneys into the cash account or visa versa.


Anyways I want to say thanks to Martin and forum members for the good advice. I had no financial structure in my life before I came on moneysavingexpert.com and learnt how to address that.

mummyella

Hello, I'm new. I have tried to get a new basic current account as the one I have at the moment is a joint account and I need a single account. I have been refused by 4 banks so far. I thought it was easy to get a current account, its not like getting lots of credit. Why are they refusing me? I do currently have lots of debt which is joint with my husband but would that affect me getting a current account?