Basic bank account application - credit search?

TinyPomegranate

Thanks for your advice everyone, I've now managed to open two basic bank accounts with different companies, to help me with bugeting and saving

ThisnotThat

NewLeaf1986 said:

ThisnotThat said:

Probably worth adding as it hasn't been brought up yet that many banks will not allow you to open a basic bank account if you already have one, whether with them or someone else.

Nationwide was brought up and they don't appear to have that restriction but if you're applying elsewhere it'd be a good idea to check they don't have this restriction.

Tbh I don't know of anyone who enforces this restriction, maybe Co-Op do, I haven't asked them, but TSB, Nationwide, and HSBC are all happy to open a basic account to someone who already has one.

It doesn't matter.

I was pointing out that this restriction exists and that it would be unwise to open an account with anyone who says they won't allow you to hold an account with them whilst you have an account with someone else.  I stand by this.  Why open an account where you're immediately breaking the terms and conditions of the account?  You're just asking for trouble and you'll have the constant worry that one day they'll decide to enforce their terms, probably at the most inconvenient time.  When there are banks that don't have this restriction, it seems rather silly to expose yourself like that.

RAS

ThisnotThat said:

NewLeaf1986 said:

ThisnotThat said:

Probably worth adding as it hasn't been brought up yet that many banks will not allow you to open a basic bank account if you already have one, whether with them or someone else.

Nationwide was brought up and they don't appear to have that restriction but if you're applying elsewhere it'd be a good idea to check they don't have this restriction.

Tbh I don't know of anyone who enforces this restriction, maybe Co-Op do, I haven't asked them, but TSB, Nationwide, and HSBC are all happy to open a basic account to someone who already has one.

It doesn't matter.

I was pointing out that this restriction exists and that it would be unwise to open an account with anyone who says they won't allow you to hold an account with them whilst you have an account with someone else.  I stand by this.  Why open an account where you're immediately breaking the terms and conditions of the account?  You're just asking for trouble and you'll have the constant worry that one day they'll decide to enforce their terms, probably at the most inconvenient time.  When there are banks that don't have this restriction, it seems rather silly to expose yourself like that.

It would be really helpful if you could specify exactly which accounts you have found to operate this restriction, so that other people don't have to undertake the same research.

Even better f you could advise whether any of them accept bankrupts; there may be some folk who have debts with the usual banks like Co-op, Barclays and Nationwide.

NewLeaf1986

Nationwide actively accept undischarged / discharged bankrupts for their Flex Basic account and they confirmed to me that while their pamphlet for the account stipulates that it should be your only bank account, they don't actually enforce this. I can confirm this as I also have opened a TSB account without Nationwide raising an eyebrow. 

Nationwide provided me the Flex Basic account despite my having an unsecured personal loan with them that was integrated into my bankruptcy order. Having existing debts with them isn't a barrier to opening a Flex Basic account. 

As long as they are aware of your bankruptcy - i.e. you've sent them a copy of your BR order in respect of whatever debt you have with them - they won't operate right of offset against your Flex Basic account. 

Sonic101

It is probably worth asking any bank you apply for what their policy is, but I personally would avoid ones that specifically state that you shouldn't have a bank account elsewhere, or put them lower on the list of options. As ThisNotThat points out about, it does seem a bit silly to run the risk of choosing a bank whose policy is not to allow other accounts if you have other options.

For example HSBC - according to the info on their website (https://www.hsbc.co.uk/current-accounts/products/basic-bank-account/): 
" You can apply for a Basic Bank Account if you:
are 16 or older and a UK or EU resident
can provide ID or proof of address if needed
are happy for us to do a credit check against your name (if you live in the UK)
will not continue to hold a bank account with another UK provider"

ThisnotThat

RAS said:

ThisnotThat said:

NewLeaf1986 said:

ThisnotThat said:

Probably worth adding as it hasn't been brought up yet that many banks will not allow you to open a basic bank account if you already have one, whether with them or someone else.

Nationwide was brought up and they don't appear to have that restriction but if you're applying elsewhere it'd be a good idea to check they don't have this restriction.

Tbh I don't know of anyone who enforces this restriction, maybe Co-Op do, I haven't asked them, but TSB, Nationwide, and HSBC are all happy to open a basic account to someone who already has one.

It doesn't matter.

I was pointing out that this restriction exists and that it would be unwise to open an account with anyone who says they won't allow you to hold an account with them whilst you have an account with someone else.  I stand by this.  Why open an account where you're immediately breaking the terms and conditions of the account?  You're just asking for trouble and you'll have the constant worry that one day they'll decide to enforce their terms, probably at the most inconvenient time.  When there are banks that don't have this restriction, it seems rather silly to expose yourself like that.

It would be really helpful if you could specify exactly which accounts you have found to operate this restriction, so that other people don't have to undertake the same research.

Even better f you could advise whether any of them accept bankrupts; there may be some folk who have debts with the usual banks like Co-op, Barclays and Nationwide.

I haven't really researched who does and does not operate this policy, I'm just aware that some of them do.  Ironically of the 3 that NewLeaf1986 listed, only Nationwide do not have this stipulation, the other two do.  Whether it is enforced or don't I have no idea but as I said, it seems silly to take the risk when there are alternatives that don't have this restriction.

From what I've seen they're all very upfront about this, it's right here on the product page of the account, none of this buried 35 pages deep in the T&C's stuff.