Current account on benefits?

shana13

Hello,

Sorry if this has been posted before, I can't find anything!

So my situation, I'm looking to change current accounts, I am currently with Natwest (I joined when I went to uni as they had free rail cards and the best rates at the time etc).
I'm now looking to change, when I've been looking a lot of the bank accounts that seem any good require a certain income each month.
I am on employment support allowance as I'm not well enough to work so only get about £480 a month, can anyone recommend a decent account that doesn't require a minimum monthly deposit?

Thanks in advance.

Archi_Bald

shana13 wrote: »

I'm now looking to change, when I've been looking a lot of the bank accounts that seem any good require a certain income each month.

I'm now looking to change, when I've been looking a lot of the bank accounts that seem any good require a certain income each month

What is your definition of "any good"? Like with so many things in life, it's horses for courses. Not one single current account that I know of requires any monthly income. But there are many different offers in the market.

Interest-paying current account require monthly deposits. Deposits are can come from anywhere, incl. another current account in your own name. Thus it is relatively easy for most people to make the required minimum monthly deposits.

There is also a large number of current accounts that do not require any monthy deposits, and literally each of the current account providers does offer one of these accounts.



These links might help you with your search:

https://www.moneyadviceservice.org.uk/en/articles/current-accounts

https://compare.moneyadviceservice.org.uk/currentaccounts/Step1

Nada666

£480 is a lot more than £311 per month.

Any current account that accepts you will be fine (including basic accounts (which are current accounts)). So long as it provides Direct Debit facility choose whichever bank has a nice logo or whoever has the most pleasant local branch (not that you will be visiting it often) - you are unlikely to be saving much (and if you do you need to choose a savings account separately.)

If you get your housing benefit or allowance paid direct to yourself that can push your monthly pay-in to more easily receive an overdraft. You should have a separate account for your various benefits and make a single deposit transfer once a month to your current account rather than piecemeal.

colsten

Nada666 wrote: »

£480 is a lot more than £311 per month.

I agree but where does the £311 come from?

Mrs_Ryan

Word of warning, Halifax told me I could only have an EasyCash account as I'm on benefits and they don't 'give full current accounts to people on benefits' (not strictly true I think) I had the EasyCash account for years and it's rubbish. Have just told them to shove it. So I would say avoid Halifax. OH has an account with HSBC where his DLA gets paid in. He has a contact less Visa Debit with them- I think it's just the standard current account as he only pays in a couple of hundred a month but he's never had any issues with them.

colsten

Mrs_Ryan wrote: »

Word of warning, Halifax told me I could only have an EasyCash account as I'm on benefits and they don't 'give full current accounts to people on benefits' (not strictly true I think) I had the EasyCash account for years and it's rubbish. Have just told them to shove it. So I would say avoid Halifax. OH has an account with HSBC where his DLA gets paid in. He has a contact less Visa Debit with them- I think it's just the standard current account as he only pays in a couple of hundred a month but he's never had any issues with them.

What didn't work for you with Halifax? What is rubbish about the EasyCash account? Who did you go to after you told Halifax to shove it?

What's special about your OH's HSBC account?

B_G_B

Mrs_Ryan wrote: »

Word of warning, Halifax told me I could only have an EasyCash account as I'm on benefits and they don't 'give full current accounts to people on benefits' (not strictly true I think)

I opened a Halifax Rewards when on benefits.
Account opened online, no problem at all. When applying, there are guidance notes, which include benefits income.

EarthBoy

Mrs_Ryan wrote: »

I had the EasyCash account for years and it's rubbish. Have just told them to shove it. So I would say avoid Halifax. OH has an account with HSBC where his DLA gets paid in. He has a contact less Visa Debit with them- I think it's just the standard current account as he only pays in a couple of hundred a month but he's never had any issues with them.

The Easycash account provides nearly everything that a full current account offers except an overdraft. What's rubbish about it?

YorkshireBoy

EarthBoy wrote: »

The Easycash account provides nearly everything that a full current account offers except an overdraft. What's rubbish about it?

The account has 'branch counter restrictions' (but they're being removed from 18th May this year).

shana13

Thanks for your advice everyone, I might just stay where I am for now, I have an interest free overdraft with natwest, and although I haven't used it for a couple of years its nice to have that little bit of security to stop me stressing!

Fruit_and_Nut_Case

Nada666 wrote: »

£480 is a lot more than £311 per month.

colsten wrote: »

I agree but where does the £311 come from?

Yes, I haven't seen it mentioned anywhere previously.