Do banks offer you an upgrade from a basic account?

misc46

Evening,

Just been reading about debt & how you should get yourself a basic account with no borrowing facilities & they said something about you'll be offered borrowing facilities if you keep your account in good standing for a few years.

Does this depend on the bank or is it a universal thing? Any other info would be great. I'm with the Co-op, just got a cashminder.


Thank you.

chambta

Some banks will actively promoted it, others will leave it to you to ask.

jen245

You will not be offered any credit facilities with a basic bank account. Only current accounts generate internal scoring, and depending on how the account is run, you may be offered overdrafts, credit cards etc.

Very few banks offer upgrades on basic accounts, most banks would require you to make a new application for a current account

IceCreamDreams

I have had a Lloyds TSB basic account for over a year and when I asked the bank manager for an upgrade (after running the account perfectly) on the one year anniversary they refused and said that my internal score wasn't high enough, even though they said that after a year they will upgrade! So I got fed up and I went across the road and opened a full account with Nationwide and now have a full HSBC account (3 months after that)...I guess the point of my reply is, if you do open a basic account with a view to getting a full current account, then you may have to consider opening the full current account with a different bank!

That probably hasn't helped you at all, has it?...

misc46

Thank you all, appreciate your help. I guess i wasn't afetr a full account but it'd be a nice indication of things moving forward.:)

IceCreamDreams wrote: »

I have had a Lloyds TSB basic account for over a year and when I asked the bank manager for an upgrade (after running the account perfectly) on the one year anniversary they refused and said that my internal score wasn't high enough, even though they said that after a year they will upgrade! So I got fed up and I went across the road and opened a full account with Nationwide and now have a full HSBC account (3 months after that)...I guess the point of my reply is, if you do open a basic account with a view to getting a full current account, then you may have to consider opening the full current account with a different bank!

That probably hasn't helped you at all, has it?...

It was very helpful.

misc46

Just to add, i've also got a Alliance/Leicester current account with cheque book, i applied for an overdraft about 2 years back but got refused. So the same question as the OP really, if i continue to stay on track will they offer me an overdraft/credit card?

One thing tho is that i'll put most of my money in the co-op account but still pay 2 direct debits from Alliance/Leicester. So not really sure if i'm 'using' it enough to up my score.

Thank you.

MichaelCR

misc46 wrote: »

Evening,

Just been reading about debt & how you should get yourself a basic account with no borrowing facilities & they said something about you'll be offered borrowing facilities if you keep your account in good standing for a few years.

Does this depend on the bank or is it a universal thing? Any other info would be great. I'm with the Co-op, just got a cashminder.


Thank you.

Yes and No.

Basically,

Lloyds TSB Are really strict when it comes to upgrading.
Barclays are the same, They are strict.
Natwest are good ! You can get there low end step account and expect to be offered a Current plus account 12-24 months after maintaining the account !

misc46

MichaelCR wrote: »

Yes and No.

Basically,

Lloyds TSB Are really strict when it comes to upgrading.
Barclays are the same, They are strict.
Natwest are good ! You can get there low end step account and expect to be offered a Current plus account 12-24 months after maintaining the account !

Cheers, i did apply for Natwest but got messed around a bit with that whole secondary check!

Do you know about Santander/Alliance?

Thank you.

united66

The dreaded AVU did me out of the Current Plus Account aswell

misc46

united66 wrote: »

The dreaded AVU did me out of the Current Plus Account aswell

Very common from what i read.