Current account advice for unemployed?

George_Mainwaring

I've never needed a current account before because I pay all my bills in cash and have never wanted overdrafts or credits cards etc.

However, with some utility companies charging for paying bills in cash, and others offering discounts for combined services paid via direct debit, I'm starting to consider finally crawling into the 20th century and getting a current account. Online train and coach fares being so much cheaper is another motivator.

My potential problem is that I'm currently unemployed and receiving no benefits or anything. I'm living off savings and that's fine for the time being. But I have zero income, which could look bad?

So, does anyone have any advice for how to go about getting a current account safely? All I want is facilities to pay for things with my own money, I don't want credit in any form so I should be no risk to any bank.

My main worry is that being unemployed with zero income may result in a bank refusing me a current account after doing a general purpose evaluation of me, and this will impact on my credit rating, making it even harder to get an account. I assume my rating perfectly average since I've never been in any debt or had CCJs etc, but have therefore never 'proven' my credit worthiness either. I'm a completely unknown quantity. The only thing going for me is probably that I've lived in the same house for over 15 years.

George_Mainwaring

I forgot to also ask... is it possible to apply for a current account and debit card, but explicitly request no overdraft or other credit? Will this make getting one more likely?

I see the Halifax offer £5 per month if you pay in £1000. Does this mean I can transfer £1000 from a savings account each month, get my £5 and then move it back to the savings account, or do they watch out for people doing that trick? If so, I'd probably like to get that one, but without the overdraft.

fluffymovie

Hello
I work in benefits and see a lot of customers who say that they find it hard to get a bank account.

We always advise to open a basic bank account which has no overdraft or cheque book. Banks don't advertise as they don't make any money from these types of account but it's totally possible.

You are looking for an account which will accept d/debits and standing orders I assume?

The big 4 are harder than say, Nationwide or a smaller building society but it is possible for anyone to get an account pretty much!

I find, Co-Op very good but also someone like the Credit Union if you have one in your town might be useful?

xylophone

http://www.moneysavingexpert.com/banking/basic-bank-accounts

MoneySaverLog

Co-op cash minder does what you need and they should accept you.

http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts

BugsyBrowne

Plxply wrote: »

As harmless as it may seem this is illegal and if you're applying for a product with credit you may get caught by National Hunter.

pmduk wrote: »

I'm sorry but this is very poor advice and could lead to a CIFAS marker and all bank accounts being closed.

And any particular reason why they would think George is a fraudster?

Plxply

BugsyBrowne wrote: »

And any particular reason why they would think George is a fraudster?

It's illegal to purposefully mislead someone in a way that benefits you (in terms of services/goods). I'm sure there is also financial law in regards to money laundering, I'm not a lawyer but you don't have to be one to know lying on a financial application is illegal.

pmduk

Plxply wrote: »

It's illegal to purposefully mislead someone in a way that benefits you (in terms of services/goods).

It's called obtaining pecuniary advantage, and isn't helpful when you're job-hunting.

MoneySaverLog

It's application fraud, which if found out could result in a CIFAS marker. Get one of those and I doubt any bank would touch you even for a basic bank account.

Is it really worth the risk?

opinions4u

1. It is lying to obtain a facility that wouldn't other wise have been made available.

2. Perfectly adequate alternative facilities will be offered without lying.

3. It is fraud. It is criminal. It is wrong.

4. If the bank or building society get wind of somebody lying to obtain a facility they will ensure that the information is shared with other providers. This will exclude the individual from the overwhelming majority of financial products for several years to come. And the suggestion in one of threads above that there is nil chance of this sort of lie getting spotted, I assure you there is. Some applicants may get away with it. But they are taking one hell of a pointless risk.

5. Everybody doesn't lie in circumstances like these. Just because you are a crook doesn't mean that everybody else has the same poor standards.

6. You do not have to "blag" to get a basic bank account.

7. Your posts on this thread are a disgrace. Individuals who follow your advice run a fairly significant risk of making a mistake that could blight their lives for years to come. Indeed, it could be a mistake that has significant impacts on their personal relationships when partners discover they can't buy a house together.

8. Anybody following your advice in this thread is an idiot. For what it's worth, you are something significantly worse.