Low credit rating Bank Accounts

lufc7

I have had a Natwest step account before very good for what you need. Or as again already suggested Halifax, both proper banks with basic accounts. Move ASAP, save the monthly fee, good luck.

soullink

Thanks for the advice people - I'll look into them shortly

I'm reluctant to go back to Barclays, as I'm sure they were taking Direct Debit payments out of my account in advance of the set payment date (sometimes upto 2 weeks in advance!). This often lead to a bounced payment and a £35 charge - but I couldn't proove anything as when the statements came, it looked like I was already out of cash by the payment date. I complained to them and they said that they could take payments upto 2 weeks in advance, however, Direct Debit said that the payment should only come out of your account on the day it is due (unless it's a weekend, in which case it might be a day or two early) - and that the Bank should notify you a minimum of 2 weeks in advance of any changed to the amount due.

This brings me to a question of if anyone else's banks are taking payments in advance of the due date? If anyone's bank is doing this, then I'd be tempted to start a new Post on the subject, because as far as I understand, that's technically "stealing" from you (especially if it causes you to get a late payment fine).

pmduk

Some banks take DDs at the close of business the previous day. This is in accordance with the T&Cs of the account that you will have agreed to when opening the account. There are regular complaints on here on the subject as it means that Monday's debits (and credits) often appear on an account on Saturday. We rarely see complaints about the credits arriving early! It gets worse at bank holidays, (Easter in particular as the Friday is a holiday as well.)

Chrisblue1962

I can personally recommend the Co-op's Cashminder account.

It's basically the same as a Current Account but no overdraft

soullink

I've had a look at to Co-op's basic account (as I have no desire to bank with Barclays EVER again after what they did to me) ... and to be honest, I think I'm better off where I am now with Secure Trust Bank. OK, I have to pay a £12.50 a month charge for the account, but I don't get any late payment fee's, and I have to manage the money on my card seperately from my bank account ... meaning that I keep a closer eye on what I spend and how I spend money.

The Basic Bank Accounts mentioned do not really help in redeeming your own credit score, nor do they help minimise the costs if you can't afford to pay a bill near the end of the month. I spent just over a year living off just under £100 a month for food, petrol, clothing, etc. after all my fixed bills went out - and if I'd had one of these other basic bank accounts, I would have been swamped with fees. OK, I had to bounce one bill off another from month to month (i.e. pay one this month and another the next), but I did survive (just! - I lost a lot of weight, and I wasn't fat to start with ... 92kg to 75kg in 6 months!).

I'm not trying to defend my current bank account with Secure Trust Bank, but from what I've read with the other "Basic" bank accounts available, I think I would be worse off with them at the moment - as I'm now living off just under £300 a month after all fixed bills have gone out (and I've cut them down to the bare minimum possible to save cash) - it's been that way for nearly a year now, and I've only just caught up with all my backlog of bills ... so I'm finally on the straight and level and starting to pay off my debts at an increased rate, as I've increased my debt repayment plan to £200 a month (from a previously £85 a month). So for those critics amongst you who think I'm talking rubbish, try budgeting yourself to my limits and see how you get on (Call it a challenge :P ).