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I withdrew funds from my savings account but unable to get a current account

As im unemployed, ive now been rejected for a few current accounts. Unlikely anyone will accept an application from me. Recently i withdrew £10,000 from my savings account through a cheque, and that cheque is getting pretty bored right now.

Any suggestions?

Comments

  • A basic bank account?
    I hear the lloyds one is good...
    http://www.lloydstsb.com/current_accounts/cash_account.asp
    It comes with a "2in1" debit card aswell.
    It looks pretty good!
    Hi, I've already asked and been granted for permission via PM for a Help for Heroes link. Pfft.

    As my previous signature said, I support Help for Heroes
  • Atos wrote: »
    Recently i withdrew £10,000 from my savings account through a cheque, and that cheque is getting pretty bored right now.
    If you receive any means tested benefits (Income Support, Housing- Council tax Benefit) you might fall foul with the level of savings you have.

    Maximum is £6,000, if your savings are higher, you’ll get benefits deducted.
  • cruzier
    cruzier Posts: 69 Forumite
    I'll entertain your cheque for you if you like :rotfl: .

    I have a lloyds cash account and its quite good.

    You even get a Visa Debit card (Not electron) which allows me to pay for things in shops. The only slight downfall is that LLoyds restrict you to using only lloyds TSB cash machines with their cards.

    But if you open one of their Guaranteed TRackers, it comes with a cash card which works in any cash machine.
  • My credit rating was really bad a few years back, but I managed to get an account with TSB. Initially all I could get was a basic account with a cashcard wich I could only use in TSB machines, although I could set up direct debits from my account. Then after a couple of years they upgraded me to visa electron and able to use in any cashmachine, that lasted about a year before they upgraded me again to a visa delta debit card and now I also have a credit card. If you manage your account well they will upgrade you, you just have to prove yourself to them first.
  • Atos
    Atos Posts: 43 Forumite
    Ive just had a look at a few basic bank accounts. This type of account seems to have a few restrictions to it but anything is good i guess. :beer:
    If you receive any means tested benefits (Income Support, Housing- Council tax Benefit) you might fall foul with the level of savings you have.

    Maximum is £6,000, if your savings are higher, you’ll get benefits deducted.

    Wow thats news to me. I do recieve a few benefits in fact.

    So are you saying if i were to cheque in £10,000 to a basic account, my benefits will be deducted just LIKE THAT? I dont know if ive mistaken your post.

    What if i were to cheque in say £5000 in one month, and a month later chequed in another £5000?
  • Atos wrote: »
    Wow thats news to me. I do recieve a few benefits in fact.

    So are you saying if i were to cheque in £10,000 to a basic account, my benefits will be deducted just LIKE THAT?

    What if i were to cheque in say £5000 in one month, and a month later chequed in another £5000?

    Here is an introduction to Means Tested Benefits and the Capital Rules that apply.
    http://www.newcastle.gov.uk/core.nsf/a/wr_calcmt

    To be fully eligible, you must have under £ 6,000 in Capital (Savings, Shares etc.), thereafter benefit will be deducted and over £ 16,000 you cannot get any means tested benefits.

    If you have more than £ 6,000 and don't declare it, you might get done for benefit fraud. Check that the benefits you receive are not means tested (not all benefits are).
  • Atos wrote: »
    Ive just had a look at a few basic bank accounts. This type of account seems to have a few restrictions to it but anything is good i guess. :beer:

    And if you operate the basic bank account responsibly, you will usually be able to upgrade it to a "full" current account later on. How long, depends - different banks have different attitudes to this, but worth asking after, say, 12 months.
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
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