After advice on who to ditch

lincsvape

Hello,

I'm after some advice on which bank I should ditch.

I have been unemployed for close to 5 months whilst I have been doing some training, but I'm now about to start a new job in the new career I have trained for.

I have a NatWest full current account, contactless card, £120 overdraft, the works... the account is about a year and a half old... but during this last 6 months it's been overdrawn close to £500 and on a repayment plan which I have now almost got back into credit.

I also have a Lloyds Bank Basic Account (no contactless card) which is only 3-4 months old, but never been overdrawn or had payments refused on it. Always kept it in good standing. They said when my credit score improves they will upgrade me to a full current account.

My score is pretty low at the moment and I'm wanting to repair it and also streamline my banking so I only have one current account.

Should I have my wages paid into my Lloyds and close down the NatWest account, as I've no doubt now got bad history with them.. or should I be thankful for still having a full current account, have wages put into that and close Lloyds.

Both have branches in my town. I just don't want to stick with a bank in case they've now marked me as a poor customer for my time overdrawn. And presumably with Lloyds I appear to be a good customer to them now.

xylophone

Why not just leave well enough alone until you have been in your new job for a year or so?

Have your wages paid into Natwest ( don't stray into overdraft again) and perhaps set up a standing order to pay an amount into Lloyds which you can use for drawing cash as and when you need it.

After a year you might try for the best current account available for your needs - you could check here then http://www.moneysavingexpert.com/banking/compare-best-bank-accounts and perhaps pick up a switching bonus if there is one available.

System

I would just stick with Natwest as they've retained all your account facilities even with your mishaps.

You may be able to get the Lloyds account upgraded but it's equally possible they won't do it further down the line. Even if unemployed, they could have given you a classic account without an overdraft.

Jo_Blogs

xylophone wrote: »

Why not just leave well enough alone until you have been in your new job for a year or so?

Have your wages paid into Natwest ( don't stray into overdraft again) and perhaps set up a standing order to pay an amount into Lloyds which you can use for drawing cash as and when you need it.

After a year you might try for the best current account available for your needs - you could check here then http://www.moneysavingexpert.com/banking/compare-best-bank-accounts and perhaps pick up a switching bonus if there is one available.

I agree - Don't rock the boat . All the best with your new job :T.

Dobbibill

Why not keep both.

Perhaps use one for your bills and the other for your spending.

Your OD usage will not disappear if you close the account so maybe use this as an opportunity to demonstrate responsible use of the OD facility by having it but not needing to use it showing that the previous activity was a one off or blip.

lincsvape

THank you everyone, but isn't Lloyds better to keep as RBS (natwest's owner) is bordering on going bust and may fold and go under at any time whilst Lloyds is in really good shape

knack92

lincsvape wrote: »

THank you everyone, but isn't Lloyds better to keep as RBS (natwest's owner) is bordering on going bust and may fold and go under at any time whilst Lloyds is in really good shape

The advice has been to keep both so if in the unlikely case that happens, you will have options. And is LBG in really good shape? Maybe relatively to RBSG.

lincsvape

True thank you, I will stay with NatWest and have my wages paid into that. They have been good by not withdrawing any of my facilities during my blip, whereas Lloyds only offer me a babies basic account .... Lloyds can't want me as a customer as much. Besides, rbs are on the verge of sorting their books out and when they do will no doubt be in a lot better standing that Lloyds.

eskbanker

lincsvape wrote: »

RBS (natwest's owner) is bordering on going bust and may fold and go under at any time

lincsvape wrote: »

rbs are on the verge of sorting their books out and when they do will no doubt be in a lot better standing that Lloyds.

Strange pair of contradictory statements, although the truth no doubt lies somewhere in between those extremes!

System

eskbanker wrote: »

Strange pair of contradictory statements, although the truth no doubt lies somewhere in between those extremes!

Doesn't the op bank with Natwest, why would the solvency of it's sister bank matter? Don't they have individual deposit protection schemes??

eskbanker

SPalin wrote: »

Doesn't the op bank with Natwest, why would the solvency of it's sister bank matter? Don't they have individual deposit protection schemes??

To be fair, I think that OP was referring to RBS as the group-level entity (hence "NatWest's owner") rather than the sister brand, but yes, the retail banks do have separate licences.