pension cash in

Chaz53

I have a poor credit rating which prevents me from aquiring a conventional bank account,however,I can cash in a small pension (approx £26000)) which will clear ALL my debts but all basic bank accounts have a load limit,usually around £5000. My pension company has to transfer the funds to an account in my name. Any suggestions..?

January2015

Chaz53 wrote: »

I have a poor credit rating which prevents me from aquiring a conventional bank account,however,I can cash in a small pension (approx £26000)) which will clear ALL my debts but all basic bank accounts have a load limit,usually around £5000. My pension company has to transfer the funds to an account in my name. Any suggestions..?

We cashed in two small pensions last year and the payout on the larger one was circa £20k. Nationwide Flex Basic accepted the funds with no problems.

If you are unsure phone your bank and check.

sourcrates

Sorry, don't understand where your coming from.

There is no limit to the amount of money that can be paid into a basic bank account, it can be used just as any other account can be used.

What makes you think there's a limit ?

lazer-zxr

Also ... are you pre-retirement? ... please be aware that cashing in your pension before you retire is rarely the best financial decision, considering tax relief enjoyed on pension etc.