Basic Bank Account Thread

kirstymccr

beekay1943 wrote: »

I am probably like many other bank customers who have a current account for all their day to day transactions such as Direct Debits and Standing Orders but also a separate higher interest savings account where I keep my surplus cash (I'm fortunate enought to have some!). I try and check the balances online every other day or so but have, in the past, been caught out when my current account has been overdrawn. Of course by the time you get the letter from the bank pointing this out to you, several days and numerous transactions have elapsed which incurs various exhorbitant charges - all to boost the bank's profits.

If the bank's computer software is clever enough to identify when my account goes "into the red" and produce this automatically generated letter, I'm sure it can also be programmed to send an automated telephone message to my home telephone number alerting me to this situation. This would allow me to rectify the situation on the same day it occurred by transferring money from my savings account to cover the overdrawn amount.

I'm equally as certain that the software could be imlemented in such a way that customers could specify their own minimum account balance, below which such an automatic telephone message could be sent alerting them to the impending, possible overdraft.

It is entirely within the realms of current computer programming that it would be possible to set up a standing transfer of a specified amount which would take place between the savings and current accounts once this minimum balance had been reached. Although these are obviously achievable benefits to the customer, they would of course deny the bank the opportunity to make even more money from us.

I currently have this service from RBS -its fairly new but i have set a minimum level and when my current account reaches this they send me a text. The service is free or royalties gold account but not sure about the others

tishywish

I'm thinking of setting up a DMP via Pay Plan and they've recommended I open another bank account as one of my credit cards is provided by my bank. I think it might be best if I have a current account for day to day use and a separate savings account - would it be best to have them with the same bank? And any recommendations for which bank - I need to be able to set up DDs , and being able to withdraw cash at the PO would be useful (not A&L though!).

Looking further up I think Karisuma is asking much the same question actually!

zx2011

Have a look a the guide from the FSA at http://server-uk.imrworldwide.com/cgi-bin/b?cg=Pdfs&ci=fsa&tu=http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

To see which basic bank accounts can be used at the Post Office see http://www.postoffice.co.uk/portal/po/jump1?catId=19400181&mediaId=19700174 (Some let you pay in money too, click the bank's own link to see what services they provide.)

Bosie

I checked the FSA guide to basic accounts and would of liked to have opened a LTSB basic account. I have a branch on my doorstep, it says no 'undischarged bankrupts or fraud. I applied being neither of the above and got declined!
So will stick with my Yorkshire bank account, only problems their branch is miles away from me:rolleyes:
Bo

ampersand

karisuma wrote: »

Hi everyone,

Just joined the forum and came across this fantastic thread which is really a life saver.
However I was browsing the beginning and saw a lot of different stories about people not being accepted to certain accounts so thought I'd post for some advice.
I was attending university up until 2003 when I had to drop out because I was suffering severely with depression.
I had been acting up spending money I didn't have on stupid things with Littlewoods and Littlewoods extra at my worst before I dropped out to make me "feel better" and had been struggling financially because I could barely leave the house to go to uni never mind work, so was relying too heavily on my student overdraft to try and struggle through to finish the year.
I went to the Bank of Scotland to talk things over with them to see what could be done about my student account after I had withdrawn but they weren't too forgiving and it defaulted pretty much immediately leaving me owing them the best part of £2000 with interest accruing further on that monthly since.
Now I did the worst thing I could do, stuck my head in the sand and it's been pretty much stuck there ever since.
I became a total recluse and it's really only this year I'm starting to make any progress and facing up to reality.
I want to get back on course, take care of the debts I'd built up, which are basically my Littlewoods accounts and the defaulted bank account, so I've contacted CAB and the consumer credit counselling service.
I want to open a basic bank account so I can set up standing orders or direct debits to make sure everything is paid in a timely manner and I can keep a tight reign on my finances.
I'm worried though that I won't be able to open a bank account that will let me do either, I don't have any CCJ's and have never declared bankruptcy but my credit is surely appalling, so I was wondering what would be my best shot?
At the moment I'm still not working and receiving incapacity with the hopes of getting back to work and finishing uni at the end of the year but till then, my benefit is my only income, which I know is another barrier to getting an account.

####################
karisuma - why not go over to the debt free wannabe Board and post your story there.
You will be helped and supported, I promise.

karisuma

Gillianh2 wrote: »

Open a Halifax easy saver account this comes with an electron card and has DD faciltity. It is a basic account and you can apply on line. I got this account and my credit file is rubbish:rolleyes:

Thanks gillian i'll look into it, bit wary though since it was the bank of scotland that my original account was with, think it might play against me.

ampersand wrote:

karisuma - why not go over to the debt free wannabe Board and post your story there.
You will be helped and supported, I promise.

Thanks ampersand I'll go and do that now, need all the help I can get at the moment.

PROLIANT

LLoyds TSB Basic account, they give you a VISA Debit card and they report to all three credit reference agencies, i dont use my account now but it is still open and they keep putting a nice green [0] on all three files every month, they also report it as a current account and not a basic account.

karisuma

PROLIANT wrote: »

LLoyds TSB Basic account, they give you a VISA Debit card and they report to all three credit reference agencies, i dont use my account now but it is still open and they keep putting a nice green [0] on all three files every month, they also report it as a current account and not a basic account.

I actually asked about this one a while ago proliant and was told because I'm on benefits that I wouldn't be accepted and that the only account I could have would be their cash account and with that there's no debit card and you can only withdraw money from lloyds tsb machines or the post office which is no good to me as the branch is too far off.

PROLIANT

karisuma wrote: »

I actually asked about this one a while ago proliant and was told because I'm on benefits that I wouldn't be accepted and that the only account I could have would be their cash account and with that there's no debit card and you can only withdraw money from lloyds tsb machines or the post office which is no good to me as the branch is too far off.

Yes this is the basic account and they have upgraded the card to a full VISA Debit, they are looking into using your card at other ATM's

high-rise_andrew

I use my basic halifax account for day2day banking, & my credit union for saving. It works for me, keeping the two seperate. & the money in a credit union is never disclosed to anyone. So you can stick it up the debt collectors:>)