Bank Account...with Poor Credit

Mustbeananswer??

My Partner of 5 years was already in a Gregory Pennington type deal when I met her.She didn't need to be ....she over-reactedted .She has a fab job and a regular income.

I have started to help tackle her situation and lent her the pittance she required to clear her debt last month.I also made sure I spoke to the companies and insured they came up with a discount for clearing in one hit.

ALL GOOD...


Now I need to deal with theiving Think Banking who charge her £17.00 a month for having a substantial wage paid into their account.I want to get her a free High Street Bank Account and not have her embarassed every time she pulls out her card.Early indications are that her credit rating is still poor.She just needs a standard Bank Account....no overdraft...we are now both nicely off....what would you recommend please???:j

A4445

I've got a cashminder basic bank account with the co op bank. I've had the account since 2009 never had an issue with them. You get a visa debit card and online and mobile banking. There is no overdraft or cheque book.

Anthorn

Think Banking is primarily a service for people who cannot manage their finances. Basically, income is paid in, outgoings for standing orders and direct debits are automatically deducted from that and the remainder is loaded onto the prepaid card to spend.

Anyone who needs such a service should expect to pay for it. It can be done cheaper with Secure Trust Bank but managing money keeping enough back for SOs and DDs and moving the rest onto the prepaid card is done manually by the customer.

There are loads of new basic bank accounts being offered by most banks. My friends like the Lloyds Bank basic account. But if an IVA is outstanding or bankruptcy is on the credit history you can probably forget it and you're probably stuck with STB.

Please note that the Lloyds Bank Basic Account cannot be applied for directly. That account may be offered if an application for one of their other current accounts is unsuccessful.

Mustbeananswer??

Thanks for those pieces of information....it appears Lloyds may be my best option...???

Candyapple

Read this:
http://www.moneysavingexpert.com/banking/basic-bank-accounts

http://www.moneysavingexpert.com/news/banking/2015/12/nine-banks-to-offer-fee-free-basic-accounts-in-the-new-year

Mustbeananswer??

Now that is really helpful Candyapple thanks....I'm an Advance Customer at HSBC...should be easy now...

Anthorn

Mustbeananswer?? wrote: »

Thanks for those pieces of information....it appears Lloyds may be my best option...???

Probably. It could be a basic account at any bank really. The benefit of Lloyds Bank is that you apply for a regular current account, say the Classic, and then if that fails the basic current account could be offered. I don't know of any other high street bank which does that.

EarthBoy

Anthorn wrote: »

Probably. It could be a basic account at any bank really. The benefit of Lloyds Bank is that you apply for a regular current account, say the Classic, and then if that fails the basic current account could be offered. I don't know of any other high street bank which does that.

It's the same with NatWest and RBS. You can't apply for their basic account direct. They will offer it to you if you fail an application for an ordinary current account.

20aday

I'd personally recommend Nationwide's FlexBasic account.

If the account is run well they will upgrade you (in time) to one of their 'better' current accounts.