Which bank account would be best?

MrsNorthman

Hi
Im looking for some advice on bank accounts, me and DH have always had separate accounts, currently with Natwest but looking to change. Were looking to open two joint accounts, one for income and one to pay DD out of.

I havent changed banks since 2006 so dont have a clue where to start and what to look for. We had an IVA fail in July 2007 so I dont know if that will make a difference.

I am currently paying £8 a month for my account, im only paying this purely for the ability to withdraw from any cash machine.

We are looking for anywhere other than Barclays, Halifax and Natwest.

Any advice would be great and thank you for reading my post.

grumbler

MrsNorthman wrote: »

Hi
Im looking for some advice on bank accounts, me and DH have always had separate accounts, currently with Natwest but looking to change. Were looking to open two joint accounts, one for income and one to pay DD out of.

I guess you both have perfect or equally bad credit histories, so the financial association you are looking to create is of no concern.

I havent changed banks since 2006 so dont have a clue where to start and what to look for. We had an IVA fail in July 2007 so I dont know if that will make a difference.

Is it's still in your credit files?

I am currently paying £8 a month for my account, im only paying this purely for the ability to withdraw from any cash machine.

:eek:
I don't know any accounts that charge for this privilege. Except basic accounts all free full current accounts I know offer free withdrawals in UK.

We are looking for anywhere other than Barclays, Halifax and Natwest.

Any advice would be great and thank you for reading my post.

So far I don't see any requirements that would help to make a choice. Start with reading MSE article:

• Best Bank Accounts

JuicyJesus

MrsNorthman wrote: »

I havent changed banks since 2006 so dont have a clue where to start and what to look for. We had an IVA fail in July 2007 so I dont know if that will make a difference.

The failed IVA will severely limit your options most likely, probably only to basic bank accounts.

I am currently paying £8 a month for my account, im only paying this purely for the ability to withdraw from any cash machine.

You do not need to pay £8 a month to access non NatWest cash machines. Their free current account offers this and there is nothing to stop you downgrading to it. If anyone at NatWest has told you otherwise, and this is the only reason you're paying the fee, you need to complain at once.

We are looking for anywhere other than Barclays, Halifax and Natwest.

You're then looking at a basic bank account with HSBC or Santander if you want to stick with the bigger banks. HSBC most likely are preferable.

MrsNorthman

grumbler wrote: »

I guess you both have perfect or equally bad credit histories, so the financial association you are looking to create is of no concern.
We just decided it would be easier for us to have joint, rather than separate.

Is it's still in your credit files?:eek:
No I dont think it is, I got a notification from equifax a few months ago noting a change to my credit file and it said the IVA had been removed, same for my husband.
I don't know any accounts that charge for this privilege. Except basic accounts all free full current accounts I know offer free withdrawals in UK.We had basic accounts with Natwest, which we opened when we started our IVA, in November 2011 they changed it so you could only withdraw from specific machines.

So far I don't see any requirements that would help to make a choice. Start with reading MSE article:

• Best Bank Accounts

Copied from Natwest on the basic account details.

Cash Withdrawals - withdraw up to £300 a day from any NatWest, RBS or Ulster Bank cash machine in the UK (Remember, cash machines in many supermarkets including Tesco and Morrisons are NatWest & RBS branded), or at any UK Post Office counter. Use our cash machine locator tool to find the nearest one to you.

You would be surprised how little cash machines near us we can actually use, it was getting annoying having to go to the post office everytime we wanted cash so I upgraded my account, I have to pay £8 a month for the account but I can withdraw from anywhere.

MrsNorthman

JuicyJesus wrote: »

The failed IVA will severely limit your options most likely, probably only to basic bank accounts.



You do not need to pay £8 a month to access non NatWest cash machines. Their free current account offers this and there is nothing to stop you downgrading to it. If anyone at NatWest has told you otherwise, and this is the only reason you're paying the fee, you need to complain at once.
When I went into the branch to change my account, they never gave me the option of the free current account, they made out there were only 3 to chose from, the basic one, the select silver and the next one up, I know see they must've done this to get some money out of me.



You're then looking at a basic bank account with HSBC or Santander if you want to stick with the bigger banks. HSBC most likely are preferable.

Tbh im still looking to change banks, I have requested numerous times for my husband and I to have a joint account, either by me adding to his or him adding to me but they keep saying they cant do it.

JuicyJesus

MrsNorthman wrote: »

Tbh im still looking to change banks, I have requested numerous times for my husband and I to have a joint account, either by me adding to his or him adding to me but they keep saying they cant do it.

They may well be telling the truth on that. Requests to add new parties onto the account involve credit scoring, and the IVA most likely has put paid to that ever succeeding.

As for the paid for account - raise a formal complaint in writing with NatWest explaining that you were told that, as that is mis-selling. They have the free Select account which comes with a card you can use in any cashpoint. Do this even if you intend to switch banks.

Your only real choices if you did want to switch, like I said, would be HSBC or Santander. Lloyds TSB are now in the same group as Halifax and run on the same systems.

System

Assuming you can't get a full function account:

Nationwide or Clydesdale / Yorkshire will provide access to all LINK atms & issue a debit card on their basic accounts. HSBC or Santander are fine if you are happy with an ATM only card but may upgrade you later.

The full current accounts with the above will come with a debit card.

System

Apparently HSBC now issue a debit card on their basic account.

Heng_Leng wrote: »

Assuming you can't get a full function account:

Nationwide or Clydesdale / Yorkshire will provide access to all LINK atms & issue a debit card on their basic accounts. HSBC or Santander are fine if you are happy with an ATM only card but may upgrade you later.

The full current accounts with the above will come with a debit card.

RoxRoxBling

I think the issue with natwest is if you didn't have a free current account opened before, they aren't opening new ones so eagerly now (although I can have free cash from my free current account at any link cash machine, and can't understand why they've limit you)

Although they try and sell you a fee paying upgraded current account, however branch staff did not once mention about interest.

For that reason you're probably right to stay away from natwest.

danedin

Try Co-operative Bank. Or maybe Nationwide. They both do basic accounts that come with a VISA Debit card.