Which type of bank account do I need?

mmummy21

Hi ladies and gents

Back to this forum again (and still not debt free!!!!)

I am a recent single mother of 2 under 2. I am living between my ex-partners and my mothers and any income is still jointly paid into an account held with my ex-partner. I have no idea how to separate our finances before I move out since my salary is not enough to live on and I can't make a single tax credits claim until I find somewhere else to live (and with no deposit, no money to save and a long housing association waiting list that'S likely to be a couple of months at least, my mother will be able to help me with a deposit and debt repayments once her puppies are ready to be sold in 8 weeks)

Anyway I am looking for a single, basic bank account which I can open now and pay a small amount each week into (£5-10) so that I at least have a small amount to get any basics I need for the house.

The account cannot be with Bank of Scotland as my current account and our joint account are currently drowning in overdraft charges etc. I can't get my name off the joint account until the overdraft is paid off and I can't get on top of my overdraft on my current account (£1000eek!) until there is some money in the joint account to actually pay towards my own current account! At the minute as soon as there is money in the account I rush out to buy food and everything I need for the kids and then pretend the account doesn't exist until next time (not good I know).

I will be paid a small salary each month (£550ish) plus tax credits and child benefit weekly. I need a debit card as find it easier than having to withdraw money and need a direct debit facility as I need my bills to come out on payday otherwise I will just get into a cycle of having everything bounce again. I would prefer online banking and prefer to open the account online seeing as I have both children on my own 99% of the time and I can imagine it being extremely stressful and difficult taking both kids into a bank appointment for an hour or so. I don't like the idea of thinkbanking with the seperate accounts.

My credit rating is probably pretty rubbish. I am financially linked to ex who has several defaults and decrees and the past 6 months my loan has repeatedly bounced.

Any ideas? I like the idea of Barclays Cashcard but you can't apply online!

Loubell83

I have heard a lot of people on here saying that the Co-op do a good basic bank account. I dont know the name of it though, I am sure that someone will be along with that! I do not know if the bank account allows Standing Orders and Direct Debits though.

In my own personal experience, I got a good basic account with RBS. Applied online, then went into a branch to sign for it.

innovate

May be ask in the basic bank accounts thread?

dr_adidas01

Loubell83 wrote: »

I have heard a lot of people on here saying that the Co-op do a good basic bank account. I dont know the name of it though, I am sure that someone will be along with that! I do not know if the bank account allows Standing Orders and Direct Debits though.

In my own personal experience, I got a good basic account with RBS. Applied online, then went into a branch to sign for it.

The one that Co-Op do is the cashminder account its a basic account you can have direct debits and standing orders, you also get a visa debit card.

You need to be aware though that they have a 3 strike policy with this account. If direct debits bounce 3 times they will close your account.

You also need to be aware there online banking system isn't the best, it takes 2 to 3 days for any transactions you do when using your debit card to show up on online banking.

cgccec

We opened a Barclays account having lost our business on the advice of a financial solicitor.

My wife and I visited the branch and were promptly taken to an office, to do the deal as it were. The lady informed us she was the person who dealt with all new accounts for both this branch and another one in the next town.

We spent 10 minutes explaining our circumstances and that Bankruptcy was the next step to which we were given the basic account and the lady also opened an 'everyday savers account' for us attached to same account. The accounts allowed internet banking and telephone banking but no cheque book and no overdraft which was perfect for us allowing us now to carry on to the next stage in our lives.

She was very sympathetic and open about her husbands own personal financial situation and that it was nothing to be ashamed of.

She arranged all the paperwork as one would expect and a paying in book for the savings account promptly arrived a few short days later along with a debit card each.

We are now a number of months down the line and having gone bankrupt eight weeks ago, we discovered there was an error on our online banking and also when we telephone to transfer money they informed us telephone banking was also not available.

We were refused any help as to what the error codes meant but was informed by a foreign gentleman to call into your local branch and tell the cashier there is 'maintenance on your account' and they will explain everything.

Panicking I telephoned the fraud line thinking something was seriously wrong to be told they couldn't help either. Thank goodness for Google. A split second later up came the problem on various blogs.

Barclays do not allow internet banking or telephone banking once you have gone bankrupt.

Anyway a very long story short... Although we both are in employment for the moment we qualify for tax credits and have had them paid into the savings account for weeks now.

Today I traveled the 6 miles I now have to go on my day off to get the cashier to transfer the tax credits across to the basic account. I got there to be told by the cashier that our savings account didn't exist.!!! Panic set in very quickly yet again.

Eventually I spoke to a 'Personal Banker' to be informed Barclays don't let you keep a savings account with them once you go bankrupt.

The Personal Banker agreed we should not have been given the savings account, the internet banking and the telephone banking from day one and this was a major mistake on their part.

He has however given us a loan as the payment due to go into the account yesterday failed and will be returned to the originator. I thought we would not qualify for a loan as we were bankrupt and this account wouldn't allow it, funny how they can bend the rules.

We were sent a letter three days ago according to Barclays advising the closure of all services and the savings account and as yet, still today, it has not arrived.

I have telephoned the Co-op and they assured me they do internet banking even when you have gone bankrupt. They asked if I would like to transfer to them, I think we will.

Why internet banking is not allowed escapes me. You can not spend what haven't got so what is the difference???