Basic Bank Account Thread

Nessie23

I think it might have already been mentioned but remember you can get a comparison of all the basic bank accounts at the fsa website

www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

MadMax2_2

Just a quick question.
Can you open a basic bank account without having any income or does the person have to have some sort of regular income such as benefits etc.?

Nessie23

MadMax2 wrote: »

Just a quick question.
Can you open a basic bank account without having any income or does the person have to have some sort of regular income such as benefits etc.?

I don't know for certain but my understanding is that the purpose of the basic accounts was for nearly anyone anyone to be able to open an account.

From the FSA leaflet
"Can I open a basic bank account whatever my credit history?
Answer: Almost everybody should be able to open a basic bank account."

Good luck and let us know how you get on... :cool:

si2k5

I recently applied for a First Direct bank account. Today i recieved a letter saying i did not meet their criteria due to their internal credit scoring. At the bottom of the letter it reads "when compleating our assessments, we also approach a credit reference agencey called Experian limited and i confirm that no adverse information was held against you by this agency" I have a very good income and i could not understand why i did not meet their application criteria, so i called to ask them. I explained that there is no search on my report from them. She said she would raise my query tomorrow and get back to me, 5 mins later she calls me and says she had re-run a credit search and found some adverse information on my report. I don't understand how they can write to me saying that no adverse information was found and then within 5 mins find something. Should i complain about this? if they had made a search already do they have the right to search again?

Mothwallet

MadMax2 wrote: »

Just a quick question.
Can you open a basic bank account without having any income or does the person have to have some sort of regular income such as benefits etc.?

Big sigh of relief here.
Hadnt heard about Basic bank accounts when i last tried to open a new acc a few years back (tried several places).

Barclays came up trumps this week & provided me with a Basic bank account - i walked out of there with the sort number, etc & account up & running.

Took 45 mins & plenty of questions, i invented an employer & wage detail (just to be on the safe side), but i got the impression i could have said anything.

The only hick-up was when the clerk checked the PC & asked "if i had previously had a Barclays account refused ?"
"No", i replied, somewhat demused.

Clerk "it says you have debt management with us"

I thought for a moment & just as my mind started to recall . . .

"Have you had a Barclaycard ?" she asks . . .

OMG ! :eek: - I'd forgot all about that ! - I looked on the desk & had a vision of my Passport, driving licence, etc being confiscated untill i coughed up to pay for that long forgotten Barclaycard !

"Yes, i think i did have a one that went wrong . . . ":o

"We'll have a try" as the keyboard clicks away . . .

& then music to my ears :- "Oh, its said Yes" :rotfl:
i dont know who was more surprised :j

Thanks to the Forum :money:- i wouldnt have know about Basic Accounts otherwise. :T

MickW_3

Just a word of warning about basic bank accounts, make sure you're *always* in credit. I recently opened a Co-Op cashminder account and due to problems getting paid from the umbrella company I was working through and having BT withdraw the full installation cost of a new line when it should have been the special offer I ended up going overdrawn of at least two occasions.

Today I recieved a letter from the Co-Op saying that they do not want my business and have given me 30 days to find another bank. I checked my balance today and it stood at £147.09! So I'll be going in next week to withdraw all the remaining money and start all over again!

At present I'm on JSA and have been dealing with my local CAB with regards to debt and housing problems so this is all I need :mad:

CardiffAntony

Hi there,

Looking for a bit of advice regarding bank accounts.

I am with Natwest and they have referred my account to their credit management team. The reason for this is that I am 3 months behind on the mortgage (with Natwest) and overdrawn. I owe them 1542 in arrears and they have cancelled my direct debits.

Obviously i am concerned about this but there is good news, Natst have offerred me 1500 in mis-sold loan insurance and I am awaiting result of another loan insurance claim with them (which if going to plan with their other letters they have sent me should be positive). I have told the I can pay arrears off by 30h September which they have agreed to.

Has anyone any advice re bank aqccount and direct debits?

Many thanks

Antony

thatsean

From my personal experience I'd recommend Barclays - Visa debit, DD/SO and full internet banking, also no 2nd class customer restriction on using branch which Halifax and some others apply - I also found the Co-Op bank great, but they have a 3 strikes and you're out approach to dealing with bounced direct debits. I don't know if Barclays are the same, I learned my lesson!

josieann

I've just opened a Natwest Step account

It was really easy, filled out the online apllication then within 3 days got a form through the post to sign and send back (no id needed). After that I got card, pin & online banking details within 5 days. You can use the card at any cashpoint unlike some who only let you use their own.

lennard01

josieann wrote: »

I've just opened a Natwest Step account

It was really easy, filled out the online apllication then within 3 days got a form through the post to sign and send back (no id needed). After that I got card, pin & online banking details within 5 days. You can use the card at any cashpoint unlike some who only let you use their own.

I applied online last Friday, good to hear they are sending the forms out quickly!

But now I'm going to be so disappointed if I get back from work tomorrow and don't find a letter from Natwest waiting!