Finally Santander launch new Basic Account!! But in a different approach

Midslad27

Ive had a top up visa debit added to my basic account. I have my basic cash card and now my visa debit running aside each other. If I want to use my debit I've got to transfer funds across etc

Midslad27

Transfer funds to my top up debit in branch and online and app instantly

SnowTiger

It could be an alternative to the £17.50 a month Think Money account for those willing to put in a bit of budgeting effort.

stclair

Gives the ins and outs of it here:

http://www.santander.co.uk/uk/current-accounts/basic-current-account

chambta

Is there a point to it that I'm failing to see?

JuicyJesus

chambta wrote: »

Is there a point to it that I'm failing to see?

Well imagine if you had a service as crap as ThinkMoney but without the even basic money management service that ThinkMoney charge for each month. That'd be this.

I have no idea why anyone who isn't a flagrant idiot would go for this. It's not that hard to have more than one current account, either with the same bank or with other banks, and that works exactly the same way.

Midslad27

For me its perfect I cant get a basic account with anyone except Santander. Until now I didn't have an option of a debit card,yes its different to the other basic accounts out their but now I can have debit card

enthusiasticsaver

I am confused. Why would anyone go for this and what is the benefit of it?

colsten

Midslad27 wrote: »

For me its perfect I cant get a basic account with anyone except Santander.

In which case, take good care of it as it sounds really precious. The best care you can think of. Don't break the T&Cs, ever.

Have you looked at your CRA history? What problems does it show?

SnowTiger

enthusiasticsaver wrote: »

I am confused. Why would anyone go for this and what is the benefit of it?

People who have been unable to get a proper or ordinary bank account may "go for" it and be successful in opening one of these accounts.

The benefit is to separate money for bills from spending money. Some punters are already paying Think Money £17.50 a month for that facility, so there's obviously a market for it.

Others use envelopes or multiple bank accounts to achieve something similar.

Midslad27

Yes and when I was sorting yesterday they confirmed no credit check just ID check.. Yes its similar to Think money etc but free including free cash withdrawals etc including pay in and out at post office.