Can't get a bank account anywhere

lynxptc

After a failed self employed business I was left with a lot of debt I could not pay and in turn several defaults, a CCJ and a terrible credit rating.

I'm currently unemployed due to disability and receiving benefits on a Post Office Card Account. I have been trying for the past two years to get a bank account - just a basic account - but I have been declined by virtually every lender because of my poor credit rating.

Does anyone have any advice on how I can get a basic account somewhere? All I want is somewhere to pay my benefits into and a debit card (which the Post Office Card Account doesn't provide).

I've heard that the government are changing the rules on basic bank accounts at the end of this year and I'm sure I read somewhere that everyone is guaranteed a basic bank account under new regulations - is this true?

Thanks in advance for any advice :-)

Caz3121

have you read through this thread https://forums.moneysavingexpert.com/discussion/319736

agrinnall

I can't see that you will get a debit card from anyone, your best hope is a basic bank account with a cash card.

eDicky

Why not go for a prepaid card, such as Pockit or Talk Home. No credit check, have your benefits paid in, it might be sufficient for your current needs.

http://www.pockit.com/

https://www1.talk-home.co.uk/CATCard/

summerlady_2

Have you tried the Co-op?

EarthBoy

Try the Nationwide. They've relaunched their basic account from today, and advertise it as suitable for people with financial difficulties:

http://www.nationwide.co.uk/products/current-accounts/flexbasic/features-and-benefits

Anthorn

I have experience with someone in a similar situation. They couldn't get a current account anywhere but they got a TSB Cash Account. But if you have one or more CCJs or an IVA forget it.

If you really have your back against the wall and you want the features of a current account, the Cashplus Gold Card is virtually the same as a basic current account. They will no doubt also offer you their credit card comparable with other sub-prime cards such as Vanquis, in due course. But avoid their "overdraft" like the plague.
http://www.mycashplus.co.uk/

Secure Trust bank offer a prepaid current account, £25 to start and £12.50 a month thereafter. After the initial setup it's cheaper to run day to day than Cashhplus and there is cashback from certain retailers.
https://www.securetrustbank.com/

Your local credit union may be able to offer a jam-jar account where you have all your benefits paid in and they split it into your payments out like standing orders, keep some back for savings and pay the rest into your prepaid VISA card (charges apply but not a lot after the initial £10 card fee). Not all credit unions have the same facilities.
http://www.abcul.org/home

SnowTiger

lynxptc wrote: »

After a failed self employed business I was left with a lot of debt I could not pay and in turn several defaults, a CCJ and a terrible credit rating.

[...]

I've heard that the government are changing the rules on basic bank accounts at the end of this year and I'm sure I read somewhere that everyone is guaranteed a basic bank account under new regulations - is this true?

Have you tried Natwest?

Apply for their Select Account. You will probably be declined, but they may off you a Foundation Account. I think this is the type of account you're referring to.

Alternatively, you could try Ffrees. They offer accounts that have a sort code and account number, so you could have your benefits paid in to it. It comes with a debit card which is free to use, however cashmachine withdrawals are 50p each.

Fees here.

It's not quite a proper bank account, but may be better than what you have now.

But give Natwest a go, even if you've tried in the past. Their Foundation Account is a new offering.

Ronnierhino7

I have applied to there new account today and it says I have been accepted but it said that last time and got a letter a few days later to say they can't open my account lol so I will see what happens with this new account lol

Ronnierhino7

It's called a step account, foundation is there business account I think

EarthBoy

Ronnierhino7 wrote: »

It's called a step account, foundation is there business account I think

You won't get a NatWest Step account because it was discontinued in 2011. It was the old name for their basic account, which has recently been replaced with the Foundation account). It's definitely not a business account.

http://personal.natwest.com/personal/current-accounts/compare-current-accounts/foundation-account.html?extcam=N_ppc_GGL_MTA_REWC_ZOM_%2Bnat%20%2Bwest%20%2Baccount_Search&gclid=CIzF7sChu8kCFcm6GwodkzoA2g