Basic Bank Accounts

lisa701

We have a basic account with the Coop. Given the talk today of the boss resigning and some talk on twitter to suggest they may go into administration, I'm looking to open an account elsewhere just in case.

Who else offers a basic account with a debit card? I'm unable to open an account with either Barclays or HSBC due to past debt problems, so who else is available to me?

Archi_Bald

http://www.moneysavingexpert.com/banking/basic-bank-accounts

kpearsoncj

nationwide do a cash card account with debit card so do natwest and rbs.

pmduk

By all means open a second account, everyone should have one anyway. But don't pay too much attention to Twitter gossip, none of it is other than idle speculation, and even then your money is guaranteed up to the FSCS level of £85,000.

lisa701

pmduk wrote: »

By all means open a second account, everyone should have one anyway. But don't pay too much attention to Twitter gossip, none of it is other than idle speculation, and even then your money is guaranteed up to the FSCS level of £85,000.

I notice its also been mentioned several times on here too. As my only way of being paid, and paying many of my bills is through the bank I thought it would be a good idea to look elsewhere just in case.

One thing that no one seems to be able to answer though is if a bank did go under, what is the process and how long would it take for customers to get their funds back via the FSCS guarantee? Say you had just been paid, and then your bank went into administration - what then? Would you be left for many months before you got your money?

dr_adidas01

lisa701 wrote: »

I notice its also been mentioned several times on here too. As my only way of being paid, and paying many of my bills is through the bank I thought it would be a good idea to look elsewhere just in case.

One thing that no one seems to be able to answer though is if a bank did go under, what is the process and how long would it take for customers to get their funds back via the FSCS guarantee? Say you had just been paid, and then your bank went into administration - what then? Would you be left for many months before you got your money?

Read the process and how long it will take on the FSCS website:

http://www.fscs.org.uk/

lisa701

And what do people do whilst they wait for the FSCS to refund their money? I cannot see it taking only 7 days, especially if there are 100s of people claiming. No doubt you would have to complete countless forms, provide evidence in triplicate of what you had in your account etc. before they would even look at any claim.

No I'm prefer to have my funds elsewhere, or at least the money I need instant access to such as that I need for food or fuel. If my mortgage or gas doesnt get paid it will cause me major problems but I won't cry so much as I will if I cannot feed my family.

pmduk

You'd be unlikely to have to prove your ownership, you're not talking about a catastrophic failure of co-op systems. The likelihood would be another bank taking over their systems/assets with costs underwritten by FSCS/Govt. But it's for from a likely event.