RBS to launch "Foundation" bank account for those with poor credit score.

Paul_1977

A new "RBS Foundation account" will be launched by RBS in the coming weeks.

It is for customers who have a poor credit score. A very basic account.

Will be good for people who need to get on the current account ladder.

I assume Natwest may offer the same. It is not the business foundation account.

debtorwithaquestion

Where did you find this out? Can't see anything on their websites?!

I have a basic account with Natwest. Will this be migrated to the new foundation account?

SnowTiger

debtorwithaquestion wrote: »

Where did you find this out? Can't see anything on their websites?!

I have a basic account with Natwest. Will this be migrated to the new foundation account?

The Foundation account appeared in RBS' recent Current Account charges literature: https://www.rbs.co.uk/downloads/global/docs/RBS-Ts-and-Cs-Fees-Interest-Helping-You.pdf.

No overdraft or unpaid item fees is just about all we learn.

RBS and Natwest are still mirroring each other; presumably Natwest will also offer the account.

The Basic account remains.

I'd guess it's aimed at young customers. Under 16?

stclair

SnowTiger wrote: »

The Foundation account appeared in RBS' recent Current Account charges literature: https://www.rbs.co.uk/downloads/global/docs/RBS-Ts-and-Cs-Fees-Interest-Helping-You.pdf.

No overdraft or unpaid item fees is just about all we learn.

RBS and Natwest are still mirroring each other; presumably Natwest will also offer the account.

The Basic account remains.

I'd guess it's aimed at young customers. Under 16?

Its for adults to fall in line with the new legislation.

https://www.gov.uk/government/news/new-basic-fee-free-bank-accounts-to-help-millions-manage-their-money

paragon909

I'm guessing the government done this so they can avoid paying post office to use the card account for benefits, or to stop pay point payments.

Archi_Bald

paragon909 wrote: »

I'm guessing the government done this so they can avoid paying post office to use the card account for benefits, or to stop pay point payments.

No, that's not the reason. The legislation is a direct result of an EU Directive: http://ec.europa.eu/consumers/financial_services/bank_accounts/index_en.htm

chuckley

How does it differ to the 'basic' account?

Never upgraded mine as it does everything.

chambta

chuckley wrote: »

How does it differ to the 'basic' account?

Never upgraded mine as it does everything.

No unpaid fees for failed D/Ds or S/Os.

It's impossible to get charged in effect.

chuckley

oh ok, but I thought anyone could get a basic acc? or has that changed now too?!