Deciding between Lloyds Cash and Halifax Easycash Account. Please help.

PhenoM

Hi

I am looking to open a basic bank account to use with Paypal/Ebay/Online Purchases. I already have a First Direct and Lloyds Silver account, but I do not want to add these accounts to Paypal or use their debit cards online, I'm kinda scared of hacking, fraud etc.

So I'd rather have a bank account in which I could transfer money anytime I want to make any purchases I want. Else I'd just keep 10-15 GBP in it.

I do not want any full searches on my credit file as I've only had two in one year and intend to keep it that way. However, a basic id/fraud/moneylaundering/bankruptcy search is fine with me.

Searching online, it seems I can only apply for the Lloyds Cash and Halifax Easycash account from home. Looking at posts here, I know Halifax Easycash do not credit search you (please correct me if this has recently changed), but I did not find any info on the Lloyds Cash account. Could someone please enlighten me ?

I know I can call up/walk into Co-operative or Barclays and can get a basic account with them (it's mentioned here that they do not credit search), but I'm kinda scared of posts that state they do it anyway, just so they can offer me something better, hence I do not want to go down that route.

I'd really appreciate any help with this. All I want is a basic bank account for purchasing stuff on the internet that I can apply for online, without recording a footprint on my credit files.

Halifax Easycash - http://www.halifax.co.uk/bankaccounts/other-bank-accounts/easycash/

Lloyds Cash Account - http://www.lloydstsb.com/current_accounts/cash_account.asp

Thanks

jen245

Lloyds do a full credit search for the cash account, so the Easycash account is your best bet. Maybe look at the Natwest first reserve savings account, comes with a Visa debit card, and no credit search, just ID an search, so you could just use the card for your purchases

PhenoM

Thanks for the info Jen. I looked at the Natwest first reserve savings account, but I guess you can't setup DD on it, something that Paypal insists on, before linking your bank account

Do I have any other options apart from Halifax EasyCash ?

opinions4u

Prepaid credit cards might be an option.

jen245

PhenoM wrote: »

Thanks for the info Jen. I looked at the Natwest first reserve savings account, but I guess you can't setup DD on it, something that Paypal insists on, before linking your bank account

Do I have any other options apart from Halifax EasyCash ?

Yes that is the downside to the reserve account. Not sure if Co-op do a full search for their cashminder account? May be one to look at

money_grows

Another benefit of joining Halifax would be there internet banking I think it's very similar or the same as Lloyds tsb which is very popular.

PhenoM

Thanks

I'll be applying for the Halifax tomorrow. Better to do it during normal working hours I presume.

Who knows, if I like Halifax, I might end up opening a full account with them a few months down the line. Though I absolutely love FD

In anycase, I believe the best bank is the one who you wouldn't need to call, ever :P

Chrisblue1962

Soryy to jump in on this thread but my query is regarding Lloyds TSB basic bank account, I think it's called a Cash Account..

Would it help if you already had a savings account with Lloyds TSB and some savings accounts with Intelligent Finance (same group?)?

I require a second basic bank account but am worried a full credit check would result in immediate "no" - have defaults, on dmp with CCCS. I already have a Co-op Cashminder account but need a second account which has a "proper" VISA debit card NOT an Electron card as local train station doesn't accept Electron cards .

jen245

Savings accounts don't generate internal scoring, so the decision to give you an account would be based on your credit report. If you want a second account, the Barclays basic account is probably the best basic account, as there are no ATM restrictions (Lloyds is limited to Lloyds Banking Group ATMs only), and it is a "proper" Visa debit card, so I'd try them

Saints2011

jen245 wrote: »

Savings accounts don't generate internal scoring

They are taken into account for lending (Risk Band)

MoneySaverLog

Saints2011 wrote: »

They are taken into account for lending (Risk Band)

Is risk banding something different to CPD or the same thing?