Secure Trust Bank

Little_Moo

Hi, So i had a bad credit history and am now all back on track with everything :-) I've struggled to get a decent bank account (well one that lets me actually use my card where I need to).

For a basic bank account I was recommended to Secure Trust Bank and they accepted my application without hesitation.

For anyone out there who has had any such similar problems as me trying to get a decent bank account, with good services where you feel as much like a customer as the next person in the line try them.

Hope this has helped, I know when you're trying to get back on track it can seem so frustrating.

hollie.weimeraner

They also pay cashback if you use certain retailers (eg Asda groceries and fuel 4%) so you can easily recoup the monthly charge.

I used to visit people with Debt Management Plans etc and Secure Trust was generally recommended to them by the companies I represented.

jonesMUFCforever

They might offer good customer service but it costs £12.50 to set up and then £12.50 monthly 'management fee' to run the account and it states it costs for cash withdrawals and overseas transactions (didn't find out how much).
To me this is a very expensive way of getting a bank account.

BASFORDLAD

little moo why have you wasted your money on secure trust bank?

You could have a free, yes free bank account with the

Co-op Bank
Yorkshire Bank
Yorkshire Building Society
Coventry Building Society
Derbyshire Building Society
Clydesdale Bank

So why are you wasting £12.50 per month?

Anthorn

jonesMUFCforever wrote: »

They might offer good customer service but it costs £12.50 to set up and then £12.50 monthly 'management fee' to run the account and it states it costs for cash withdrawals and overseas transactions (didn't find out how much).
To me this is a very expensive way of getting a bank account.

Yes, it is 12.50p to set up and £12.50p per month or to put it another way £25.00p for the first month and £12.50p per month thereafter.

But not if you apply through moneysupermarket.com where you can get it for £4.00p set up and £4.00p per month for six months.
http://www.moneysupermarket.com/current-accounts/basic-bank-accounts/

There are also the cash rewards which Secure Trust Bank estimates could be double the monthly account fee for an average couple. You don't get that with a free basic bank account.
http://www.securetrustbank.com/rewards/the-secure-trust-bank-rewards-scheme

I think probably the major attraction though is that you're not allowed to go overdrawn so it is attractive for those who have been burned by the banks in the past.

BASFORDLAD

Anthorn wrote: »

Yes, it is 12.50p to set up and £12.50p per month or to put it another way £25.00p for the first month and £12.50p per month thereafter.

But not if you apply through moneysupermarket.com where you can get it for £4.00p set up and £4.00p per month for six months.
http://www.moneysupermarket.com/current-accounts/basic-bank-accounts/

There are also the cash rewards which Secure Trust Bank estimates could be double the monthly account fee for an average couple. You don't get that with a free basic bank account.
http://www.securetrustbank.com/rewards/the-secure-trust-bank-rewards-scheme

I think probably the major attraction though is that you're not allowed to go overdrawn so it is attractive for those who have been burned by the banks in the past.

But lots of the basic accounts dont let you overdraw and they dont charge you either.

jonesMUFCforever

Lloyds TSB have a control account where for £10 a month it stops you overdrawing and does not charge for returned items if needs be.

Anthorn

BASFORDLAD wrote: »

But lots of the basic accounts dont let you overdraw and they dont charge you either.

I know of only two so-called basic bank accounts that don't allow overdrafts and that's Santander and Barclays but I suppose there will be others. That's in theory but in practise they probably do in order to get the charges. No bank is going to give anything away for free which is what they do with a real basic bank account without overdrafts and the corresponding charges.

BASFORDLAD

Anthorn wrote: »

I know of only two so-called basic bank accounts that don't allow overdrafts and that's Santander and Barclays but I suppose there will be others. That's in theory but in practise they probably do in order to get the charges. No bank is going to give anything away for free which is what they do with a real basic bank account without overdrafts and the corresponding charges.

There a lot of others

Mrs_Ryan

My Barclays basic account is 8 quid overdrawn at the minute... so yes it does...

Anthorn

BASFORDLAD wrote: »

There a lot of others

Ok enlighten me: Which ones?