Fee Free Bank Accounts -NO INCOME CAN I OPEN ONE?

bobbo71

I have a relative who at the moment has no job/monthly income and is not drawing benefit. He has a four figure sum leftover from selling his house and I am currently holding it for him and doling out money as he asks for it, no sign of him signing on for JSA in the future. I don't want to do this for much longer and he has the necessary ID to open a bank account so he could manage his own money. Will a bank offering fee free bank accounts take him on with only a lump sum and currently without a monthly income of some sort? Do they have to under the new fee free banking policy?

Any advice appreciated.

grumbler

Generally, a monthly income isn't a compulsory requirement even for normal current accounts. I don't see why this can be different for basic accounts.

anoncol

They sold their house without a bank account?

colsten

He'll be offered one of the new basic accounts if he doesn't qualify for a normal bank account.

xylophone

They sold their house without a bank account?

Perhaps the money was paid into Bobbo's account?


Assuming the person has the ID required, there should be no difficulty about opening a basic account or even a savings account with ATM card?

Bobbo can then use FP to transfer the £9999 or whatever the four figure sum might be to that account?

System

Some providers (such as Nationwide) will let you apply directly for a their basic account.

That said, some providers may provide a standard account, without overdraft, even with no income.

colsten wrote: »

He'll be offered one of the new basic accounts if he doesn't qualify for a normal bank account.

Archi_Bald

Heng_Leng wrote: »

Some providers (such as Nationwide) will let you apply directly for a their basic account.

Sure, but you must be eligible for the account. E.g. at Nationwide:

You must be eligible for the account, which means:

You must be 18 years old or over and living in the UK.

You don't qualify for one of our other current accounts.

You don't have a UK bank account elsewhere, or

- you have a UK bank account elsewhere and you want to switch it to us, or

- you have a UK bank account with us or another UK-based provider but need a FlexBasic account because you're in financial difficulty.

http://www.nationwide.co.uk/products/current-accounts/flexbasic/apply#tab:Howtoapply

Anthorn

This thread is obviously beyond my understanding. Their house was paid for with cash and kept under the mattress or in a coffee jar? JSA can still be claimed. The difference is you just don't get any money if you are over the savings threshold. But if there is no bank account how are they going to know about savings? etc? etc?

System

As you must with any account, but my statement stands that you can apply for this (and various other basic accounts) directly...

Archi_Bald wrote: »

Sure, but you must be eligible for the account. E.g. at Nationwide:

EarthBoy

Heng_Leng wrote: »

As you must with any account, but my statement stands that you can apply for this (and various other basic accounts) directly...

Yes, you can apply for it, but they won't give it to you if they decide that you qualify for one of their other accounts. They will offer you one of those instead, on a take it or leave it basis.

bobbo71

Thanks to everyone for their replies, there are some clued up people out there. The house sale proceeds were paid to me by cheque and then into my zero interest current account and I have administered it at my relative's request, so it's not under the mattress or in a coffee jar.

Previous attempts to open an account were frustrated but this new initiative by high street banks could be the answer. UK residency, permanent address and ID are all available. Hopefully 2016 will prove to be a better year for my relative and they will manage their affairs independently of me.