Basic Bank accounts

Vigour

Please forgive me if this has been covered before. I have been searching for a basic bank account that does not 'rip me off' should I unwittingly go overdrawn.
e.g. the Yorkshire Bank charge a fee of £35 for ANY s/o or Debit that is not honoured. Accepting that it is my fault, I still found it difficult to accept that a standing order for £1 was not honoured (as my balance did not cover it - so my fault), but then as they charge a £35 fee which was instantly deducted from my account, the bank did not pay 3 further s/o's (another of which was for £1), meaning that fees charged were £140!
I understand that rules are rules and it is only the 'machine' that does it but when, after a 30 hour delay, the bank returned my 'protest' call, only to confirm the charges, I felt enough is enough.
So, I am now on the point of changing and ask if members know anything about Secure Trust who seem to offer the best deal around for anyone in the same (hopefully short term) position as myself. They do not charge at all for any unpaid - due to lack of funds - s/o's or debits. Comments welcome.:money:

premierfella

Since the fees charged by Yorkshire Bank are highlighted in your post Vigour, it is somewhat strange that the fees charged by Secure Trust simply for the pleasure of having their basic bank account are not also highlighted in your post.

Only the most financially irresponsible customer would benefit from paying for Secure Trust's account rather than choosing a basic bank account without both a set-up and monthly fee.

Even then such a customer would be better off running the "free" account without setting up standing orders and direct debits (using a diary or calendar and making the payments manually instead).

Vigour

Hi Premierfella

Thanks for your reply. I asked for comments on Secure Trust and take a little exception to your sarcastic and pious comments 'only the the most financially irresponsible customer etc.'
Going overdrawn, not by design but due to financial hardship, happens. A promised payment does not arrive, or perhaps arrives a day late for example. I am self-employed and these things happen all too often nowadays. If you honestly believe that a charge of £35, for each single item not paid is a right and proper fee then, words fail me. In those circumstances Secure Trust do not make any charge.
The monthly fee, charged by Secure Trust, you intimate is high, it is in fact £12.50 per month. YB's charges for going ANY amount overdrawn, even £1, is nearly three times that! Right and proper fee, I don't think so.
Back to 'the plot' if I may, I really would appreciate input from anyone who has or is using Secure Trust?

premierfella

Sarcastic and pious? Rest assured that I was not making any implication about you - merely seeking to highlight that the only people who are likely to benefit from an account with Secure Trust rather than a basic bank account are those who are regularly bouncing direct debits and standing orders, and that people in that position would be better off sticking with a Basic Bank account and cancelling those regular payments and making them manually rather than stacking up charges or paying for an account such as that provided by Secure Trust.

Nowhere in my post did I suggest that Yorkshire Bank was a good option. I also would not recommend Yorkshire Bank's Basic Bank account - £35 for bouncing a payment on a Basic Bank account is indefensible in my view. There are better, cheaper options elsewhere (full details in the Basic Bank account thread).

I doubt you will find many on here who pay £150 a year for a current account with Secure Trust rather than (for example) opening a Barclays Cash Account.

jalexa

Vigour wrote: »

...I asked for comments on Secure Trust...

I recommend you read and understand Clause 13.3 of the Secure Trust Current Account terms & conditions.

Vigour

jalexa wrote: »

I recommend you read and understand Clause 13.3 of the Secure Trust Current Account terms & conditions.

Many thanks Jalexa. A positive reply to help me in my quest at last. The clause you mention - in fact clauses 13.2/13.3/13.4, are eye-openers. Back to the drawing board then! Thanks again.:T

davethorp

Natwest charge £6 for each direct debit that is returned which is about as cheap as you can get. They will charge at most £60 in any charging period.

That said they are limiting where you can withdraw cash from on their basic accounts so if there isn't a nearby post office or natwest/rbs cashpoint you may be better elsewhere