Bank of Scotland Basic Account

Don80

I want to open a Bank of Scotland Basic account and I have some questions about this.

How easy is it to open? Has anyone been turned down (and why)? I'm just worried as they insist you have to try and open a "normal" account. Can you later convert it into a normal account?

I currently have "normal" accounts with TSB and RBS, I would close the RBS one and keep the TSB one open for now.

The reason behind all this is my other half has been made jobless, so we are down hundreds of pounds a month. I've now nearly maxed my credit cards and can just about make ends meet, despite cutting back on everything we can, however unexpected car bills etc have meant I don't always have money in my account. This has led to bank charges I really can't afford. For me a basic account would eliminate that side of things.

I recently failed a credit check with Sky Mobile (the first time that has happened in years). I have no CCJ's and currently am not defaulting on payments.

Thanks

gregpicard

Hi Don

With your current financial situation, I wouldn't worry, you should definately be offered a Basic account with Bank of Scotland.

I actually just applied last week for their normal current account. I got declined, but offered the Basic account and now I'm all set up with them. And I have multiple defaults going back a few years. Since your situation is better than mine I would assume that it should be ok for you. In fact I would imagine that they accept you for the normal account. That might be an issue if the reason you are trying to get one is regarding charges...? As you cannot choose the account. I also applied for a TSB normal account and got accepted for that one, even in my situation. And TSB are part of the same group as BoS.

mwarby

I think they and other providers of basic accounts are looking at the unbanked and insolvent, rather than those looking to avoid bank charges

Lloyd's and I'd think bank of Scotland and TSB offered a control option, which was about £10 a month but stopped charges for bounced or insufficient funds, maybe this would work for you ?

mwarby

Have you taken debt advice ?

eskbanker

gregpicard wrote: »

And TSB are part of the same group as BoS.

Not for the last couple of years they're not - they were bought from LBG by Spain's Sabadell in mid 2015.

gregpicard

eskbanker wrote: »

Not for the last couple of years they're not - they were bought from LBG by Spain's Sabadell in mid 2015.

Oh I wasn't aware of that, thanks for the info! They have the exact same application process for accounts, same website layouts etc - must have kept their system in place even after being bought up.

System

I'd suggest you actually keep the RBS and ask them to apply overdraft control (a free service) which will reduce your overdraft fees considerably.

Why do you want a BOS Basic Account over one from TSB or RBS anyway?

Don80

gregpicard wrote: »

Oh I wasn't aware of that, thanks for the info! They have the exact same application process for accounts, same website layouts etc - must have kept their system in place even after being bought up.

Yes, they currently buy the IT rights from Lloyds Banking Group, but this year they aim to migrate to their own system. This is a hangover from when they were split from Lloyds. TSB say that using a competitor's system limits what they can do at the moment. I don't know if the new system will be a TSB one or Sabadell (though I think they have been developing this since before Sabadell's takeover).

I thought it was a shame they were taken over, it was nice to see a new smaller independent bank on the high street.

Don80

mwarby wrote: »

Have you taken debt advice ?

Yes, I was in debt in the past and up until this happened had been doing very well. The issue is simply what we hope will be a short term loss of income.

Don80

Heng_Leng wrote: »

I'd suggest you actually keep the RBS and ask them to apply overdraft control (a free service) which will reduce your overdraft fees considerably.

Why do you want a BOS Basic Account over one from TSB or RBS anyway?

I don't really want to pay £10 a month when a basic account has that built in. To me that is a rip off.

I'd been thinking about closing the RBS one anyway, I can't say I have had a bad experience with them, they're "ok". My other half is with the Bank of Scotland and we feel it makes sense as in the long term we'll want to open joint accounts and maybe a mortgage one day. As I had been thinking about closing the RBS one, I've been looking at alternatives anyway and Bank of Scotland seem to offer better accounts than RBS, and score higher in MSE satisfaction polls. I plan to keep the TSB account as I have a linked savings account which earns higher interest than elsewhere. Plus on the whole I like TSB. I have always had 2 accounts as I find it's easier to control my spending that way.

Don80

mwarby wrote: »

I think they and other providers of basic accounts are looking at the unbanked and insolvent, rather than those looking to avoid bank charges

Lloyd's and I'd think bank of Scotland and TSB offered a control option, which was about £10 a month but stopped charges for bounced or insufficient funds, maybe this would work for you ?

I've considered that but all the control function does is effectively turn the account into a basic account. They remove overdrafts, swap your card to an offline card, and there are no charges. Essentially you're paying £10 for a basic account. To me that's a rip off.