Secure Trust Bank

Anthorn

Getting back to the OP, the reason why I know about Secure Trust Bank and why I recommend it as a last resort is that a close relative of mine has one.

She was made redundant in 2008 the same time as I was from the same company that went under due to the banking crisis. Whereas I severely cut back she didn't and her bank account went bad and she lost it. She didn't even try to get another bank account but was eventually recommended to Secure Trust Bank. To cut a long story short her finances are now a whole lot better than mine and she could easily get an account at a major bank but she refuses to move and is staying put. As she says, she knows what her charges are going to before the month even starts!

BASFORDLAD

Anthorn wrote: »

Ok enlighten me: Which ones?

I would recommend Yorkshire building society cash transactor or coventry be money manager accounti

vincerob69

BASFORDLAD wrote: »

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?

Oh that it was so simple.
The whole topic of obtaining a bank account with bad credit has been covered to death elsewhere on this forum.

Yorkshire Bank/Clydesdale Bank are the same firm and run credit checks for even a basic account.
The Yorkshire B.S Cash Transactor Account doesn't (when I last checked) offer a debit card and the Derbyshire Cash Account is even less flexible.
I can't comment on Coventry B.S , they might be an option if you live near Coventry and it may be worth considering the Cumberland B.S if you live within their area of operation.
I understand the Co-op have recently tightened their acceptance criteria (and weren't an option for me in any case).

My Secure Trust Account works well and does what it says on the tin, it even has some advantages (eg I can pay in money at my local newagents). It has a fee but I learn't long ago that there is no such thing as free banking

pmduk

vincerob69 wrote: »

It has a fee but I learn't [sic] long ago that there is no such thing as free banking

Oh, but for most people, there is such a thing has fee-free banking. In addition to the list given before there is Natwest/RBS, Barclays and/or HSBC. If you're desperate you might even consider Santander or Nationwide. Paying for a managed bank account should always be the last option.

Anthorn

pmduk wrote: »

Oh, but for most people, there is such a thing has fee-free banking. In addition to the list given before there is Natwest/RBS, Barclays and/or HSBC. If you're desperate you might even consider Santander or Nationwide. Paying for a managed bank account should always be the last option.

It's not essentially a managed bank account if by that you mean they hold back funds to pay outgoings such as direct debits and make the rest available to spend. The account is in two parts, the account and the pre-paid card. Money is held in the account and transferred to the prepaid card as required by the account holder although they will expect there to be enough funds left in the account to pay outgoings. This in itself is more secure than a standard bank account since if anyone fraudulently gains the card details they can only steal what's on the card and not the whole of the account's funds.

I can anticipate the objections coming from the term "pre-paid". But in fact there is virtually no difference between a bank account with a debit card and any pre-paid card or bank account. Both are loaded with money which is then available to spend.

vincerob69

pmduk wrote: »

Oh, but for most people, there is such a thing has fee-free banking. In addition to the list given before there is Natwest/RBS, Barclays and/or HSBC. If you're desperate you might even consider Santander or Nationwide. Paying for a managed bank account should always be the last option.

The OP clearly states that he/she has a bad credit history.
All major High St. banks conduct credit checks on new applicants even if they are only asking for a basic account.
They are not supposed to but the reality is that they do
(because they want to flog an overdraft) -if you fail the credit check you will be rejected or offered a highly restricted service
(eg. Barclays may give you a cash card account but with no internet banking.)
Frankly I've been there , done that and got the T-shirt.

Secure Trust offers a payment card, ATM access, direct debits, standing orders and internet banking. The account functions well as a main bank account and crucially is available to anyone who can prove their identity.
I pay a straight forward fee for a service and In my view that's fair enough - Secure Trust are not a charity and should
I make a mistake I don't end up paying £35 plus interest for a bounced direct debit.

vincerob69

Anthorn wrote: »

It's not essentially a managed bank account if by that you mean they hold back funds to pay outgoings such as direct debits and make the rest available to spend. The account is in two parts, the account and the pre-paid card. Money is held in the account and transferred to the prepaid card as required by the account holder although they will expect there to be enough funds left in the account to pay outgoings. This in itself is more secure than a standard bank account since if anyone fraudulently gains the card details they can only steal what's on the card and not the whole of the account's funds.

I can anticipate the objections coming from the term "pre-paid". But in fact there is virtually no difference between a bank account with a debit card and any pre-paid card or bank account. Both are loaded with money which is then available to spend.

Bang On , exactly how it works.
It's two 'pots' but you control both.
In practice I found the only downside is on payday when I have to transfer money across to the card first thing.
I also find that some retailers treat the Mastercard issued by STB as a credit card or in the case of some discount shops
(Aldi) don't accept it at all.

Anthorn

vincerob69 wrote: »

Bang On , exactly how it works.
It's two 'pots' but you control both.
In practice I found the only downside is on payday when I have to transfer money across to the card first thing.
I also find that some retailers treat the Mastercard issued by STB as a credit card or in the case of some discount shops
(Aldi) don't accept it at all.

Non-acceptance by Aldi (and Lidl) is not confined to the STB card. They don't accept any credit cards at all and only accept U.K. debit cards. All Mastercard prepaid cards in the U.K. are designated as credit cards but that's just silliness because they are most definitely not credit cards. I see in the U.S. that the term prepaid debit card is being used more and more. Perhaps if Mastercard changed them to debit cards they wouldn't attract the criticism and suspicion they do at present and the term would more accurately reflect the use of the cards!

sscott5581

Anthorn wrote: »

Non-acceptance by Aldi (and Lidl) is not confined to the STB card. They don't accept any credit cards at all and only accept U.K. debit cards. All Mastercard prepaid cards in the U.K. are designated as credit cards but that's just silliness because they are most definitely not credit cards. I see in the U.S. that the term prepaid debit card is being used more and more. Perhaps if Mastercard changed them to debit cards they wouldn't attract the criticism and suspicion they do at present and the term would more accurately reflect the use of the cards!

Aldi accept credit cards in Scotland.

Jules2012

So an annual cost of up to £150 to have a basic account for people who are usually struggling with cash flow?