Co-operative bank accounts - applying with a default

mildredalien

I'm not far off become debt free (hurrah!) and want to switch my banking from HSBC if possible. I have one default on record in the last 6 years, but my account has been pretty clean for about 3 years now.

I'm looking at a few options but I'm interested in the Co-operative current account. The 'plus' one would be good for me as it has a linked savings account and I will be paying in a lot more than the minimum each month. I'm just wondering if anyone has any experience of Co-operative accounts and whether you can get more than the very basic accounts with a default on file?

Any experience of other good bank accounts also welcome, especially those where there is the option to have multiple accounts linked (I like being able to split my money up 'virtually') Thanks

YorkshireBoy

If you start an online application for their current account or current account plus you have to answer true or false to their eligibility questions.

Answering false to this one...

I have not been defaulted on any credit agreement in the last 6 years.

...returns a screen saying only their 'cashminder' account is available to you online.

mildredalien

Darn. Looks like I'll have to stick with HSBC until my default drops off in 3 years then!

YorkshireBoy

mildredalien wrote: »

Darn. Looks like I'll have to stick with HSBC until my default drops off in 3 years then!

Possibly, but if you simply want to get away from them you'll find plenty of other providers offering 'basic accounts' to applicants with a poor credit history. See here...

https://www.moneyadviceservice.org.uk/files/bank_accounts_table.pdf

mildredalien

True, I don't want any special credit or features, so a basic account may do me fine! Any idea if you can open more than one basic account with the same bank?

Chrisblue1962

Hi mildredalien

Yes, you can open more than one basic account with a bank.

I'm sure the Co-op wouldn't mind you having two Cashminder accounts plus a Smartsaver savings account, into which you can transfer money to and from the Cashminder accounts online.

The only small word of caution is that the debit card that comes with the Cashminder account is NOT a full Visa card despite what Co-op staff will tell you - it is an Electron card "badged" as a Visa card as the card is NOT universally accepted everywhere e.g. Pay-at-pump facilities.

Apart from the above, the Cashminder account is fine, you can even withdraw cash at a Post Office counter .

Hope this helps.

sexyshark

I would like to point out that I have a cashminder account with coop and I have used the card in the pay at pump at morrisons petrol station

BugsyBrowne

sexyshark wrote: »

I would like to point out that I have a cashminder account with coop and I have used the card in the pay at pump at morrisons petrol station

I think the days of this offline/online debit card buisness has long gone.
At the end of the day a visa debit card should be accepted everywhere.

mildredalien

Huh interesting. I do have a credit card I could use if I had to if the debit card didn't work for some reason (and pay off in full each month of course). Thanks for the info guys!

Chrisblue1962

BugsyBrowne wrote: »

I think the days of this offline/online debit card buisness has long gone.
At the end of the day a visa debit card should be accepted everywhere.

I agree, they should be but sadly they are not... Co-operative Bank so-called debit card provided with the Cashminder account is not accepted everywhere e.g. at railway stations on Merseyside or on Northern Rail trains if trying to purchase a ticket - I know through personal experience .

Tupperware_Queen

I have two cashminder and a smartsaver, and jiggle money between them as easy as pie on internet banking. I have had a couple of problems a while ago with acceptance of the card, but not recently, so I'd say go for it