How hard is it to get a current account?

shinythings_2

Hi,

My fiance and I are trying to open a joint current account to pay household bills etc out of. We have just applied and been rejected for a First Direct account.

So my question is, are first direct unusually strict about who they accept or are we likely to be rejected everywhere?

I'm nervous about applying for another if we're likely to be rejected as I don't want loads of searches on my credit file...

A bit of background...we both work full time and earn a decent amount. I have an excelent credit rating, but he has a missed payment on his file from 5 years ago... although this didn't stop us getting a mortgage..

Would be grateful for any advice.

Thanks
C

Gromitt

Yes First Direct are picky.

Try somewhere else like TSB, BoS, Santander, Nationwide. All of these give you something back for your custom instead of just customer service.

CLAPTON

have you both checked your credit files

do they show you as being on the electoral roll

what else do they show

shinythings_2

CLAPTON wrote: »

have you both checked your credit files

do they show you as being on the electoral roll

what else do they show

Yes, they are both OK (appart from his 1 missed payment).
We're both on the electoral roll.
Could it be beacuse of our recent mortgage application....or the fact that we are not living at the same address as each other yet (not moving till August)?

TheEffect

shinythings wrote: »

Yes, they are both OK (appart from his 1 missed payment).
We're both on the electoral roll.
Could it be beacuse of our recent mortgage application....or the fact that we are not living at the same address as each other yet (not moving till August)?

1 missed payment will unlikely result in a decline.

I had a missed payment on my credit report when I applied for FD, and was accepted, however the late payment marker was removed after I complained to the creditor.

Saying that, FD are well known for their difficulty in getting an account. Try any high street bank. You should be fine.

You-kip

shinythings wrote: »

Hi,

My fiance and I are trying to open a joint current account to pay household bills etc out of. We have just applied and been rejected for a First Direct account.

So my question is, are first direct unusually strict about who they accept or are we likely to be rejected everywhere?

I'm nervous about applying for another if we're likely to be rejected as I don't want loads of searches on my credit file...

A bit of background...we both work full time and earn a decent amount. I have an excelent credit rating, but he has a missed payment on his file from 5 years ago... although this didn't stop us getting a mortgage..

Would be grateful for any advice.

Thanks
C

First direct are no different to any other bank, the only difference is they answer the phone quickly which means if customer service is your main priority then the bank must be doing something wrong if you're constantly going to be on the blower.

Go with nationwide or lloyds where their Internet banking is upto date and in 2013 where FD's is shocking also nationwide & lloyds have better interest on current accounts.

TheEffect

You-kip wrote: »

First direct are no different to any other bank, the only difference is they answer the phone quickly which means if customer service is your main priority then the bank must be doing something wrong if you're constantly going to be on the blower.

Go with nationwide or lloyds where their Internet banking is upto date and in 2013 where FD's is shocking also nationwide & lloyds have better interest on current accounts.

While I do agree with you that FD internet banking isn't the best and they lack interest on their current account, they do beat other banks in some ways, such as their 6% regular saver, £500 withdrawal limit, no card readers/pin device needed, instant overdrafts (unlike NatWest whose system updated overnight), sign up bonus, straight through on the phone should you need to (particularly helpful when abroad), etc.

You-kip

TheEffect wrote: »

While I do agree with you that FD internet banking isn't the best and they lack interest on their current account, they do beat other banks in some ways, such as their 6% regular saver, £500 withdrawal limit, no card readers/pin device needed, instant overdrafts (unlike NatWest whose system updated overnight), sign up bonus, straight through on the phone should you need to (particularly helpful when abroad), etc.

Lloyds have instant overdrafts & no card readers & £500 withdrawal depending on account type & TBH when I did have to phone lloyds it was around a minute & a half when they answered.

No proper banker would touch first direct.

TheEffect

You-kip wrote: »

Lloyds have instant overdrafts & no card readers & £500 withdrawal depending on account type & TBH when I did have to phone lloyds it was around a minute & a half when they answered.

No proper banker would touch first direct.

Lloyds charge a lot more for using their overdraft. Lloyds also charge for an account that allows you to withdraw £500 and Lloyds also do not offer a 6% regular saver or £250 interest free overdraft.

I'd say avoiding Lloyds TSB is probably a wise tip for 'proper bankers' as well.

innovate

shinythings wrote: »

....or the fact that we are not living at the same address as each other yet (not moving till August)?

Could well be why your application was rejected. The application process checks the address on the application against the ER....and that may well have thrown up an error. This could have happened at any other banks or BS that allows online applications for joint accounts.

If you are determined to have your joint account at FD, call them and discuss the matter.

You-kip

TheEffect wrote: »

Lloyds charge a lot more for using their overdraft. Lloyds also charge for an account that allows you to withdraw £500 and Lloyds also do not offer a 6% regular saver or £250 interest free overdraft.

I'd say avoiding Lloyds TSB is probably a wise tip for 'proper bankers' as well.

Agreed Most bankers with a few quid would defiantly swerve lloyds too.