DMP Bank Account

in Debt-free wannabe
7 replies 1.2K views
We have been on a Dept Management Plan through Stepchange for the past few months and at the time set up a new Cash Account at TSB.
Due to being a bit unimpressed with the service recently I've been looking at changing banks and came across the online bank called Starling.
Just wondered if there would be a problem with opening an account with them without an overdraft. Is it a feasibly basic account that would be ok to have with being on a DMP.
Thankyou in advance for any advice.

Replies

  • edited 28 May 2018 at 11:57AM
    DCFC79DCFC79 Forumite
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    edited 28 May 2018 at 11:57AM
    Daddio70 wrote: »
    We have been on a Dept Management Plan through Stepchange for the past few months and at the time set up a new Cash Account at TSB.
    Due to being a bit unimpressed with the service recently I've been looking at changing banks and came across the online bank called Starling.
    Just wondered if there would be a problem with opening an account with them without an overdraft. Is it a feasibly basic account that would be ok to have with being on a DMP.
    Thankyou in advance for any advice.


    Why not try ?
    There's also Monzo as well ?


    No idea how lenient/strict they are though ?


    Cant see it being an issue if you don't ask for an overdraft.
  • Daddio70Daddio70 Forumite
    9 Posts
    Apparently they're not to strict with applying, I was just curious whether it was considered a basic account as recommended by step change.
  • DCFC79DCFC79 Forumite
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    Daddio70 wrote: »
    Apparently they're not to strict with applying, I was just curious whether it was considered a basic account as recommended by step change.


    As far as I know its an account, I don't know how StepChange view it, maybe give them a call.


    As long as payments can leave your account that's all that matters as far as I'm concerned.
  • Daddio70Daddio70 Forumite
    9 Posts
    That's true, and as long as the overdraft option isn't used I don't see a problem. Gotta be better than the clappy TSB account that I'm always having trouble logging into the app with. I like the fact that payments are shown instantly as well.
  • DCFC79DCFC79 Forumite
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    Daddio70 wrote: »
    That's true, and as long as the overdraft option isn't used I don't see a problem. Gotta be better than the clappy TSB account that I'm always having trouble logging into the app with. I like the fact that payments are shown instantly as well.


    Yes that's useful.
  • LewysLewys Forumite
    15 Posts
    I have a Starling account; particularly for travelling as they have great rates, few fees and a great feature set when it comes to travelling. Very similar to Monzo.

    While I love my Starling account and made use of it a lot more having been in the same boat as you, as a fellow TSB customer. I would not recommend it as an alternative, particularly if I were in your shoes.

    Starling is a mobile only bank. That means you can only bank via your smartphone. There is no website you can login to and view your transactions, you can't export your transaction history - looking back to when I was in financial bother, I needed this information on paper, in front of me and the organisation helping me. I think it would have made things more difficult if I had to swipe through my phone or manually type everything out.

    They don't charge fees for insufficient funds etc. but do charge 15% APR on overdrafts. I'm not sure if it's classed as a basic or full blown account.
  • National_DebtlineNational_Debtline Has MSE’s permission to post for company Organisation Representatives - Private Messages may not be monitored
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    Hi Daddio70


    A basic bank account is a specific type of bank account that does not require a credit check to open it. It is recommended for people in financial difficulties as they should not be declined for this type of account. You also cannot have an overdraft (and get further into debt) and usually there are no fees.


    The really crucial point is you must be banking somewhere that you have no debt so that your money cannot be touched by your creditors. I hope this helps.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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