Basic Account with my current bank

RebeccaO26

Hi, 

I'm hoping someone can help me?  Tonight I tried to open a second current account with my current bank, Nationwide, for my bills to be paid out of.  I get paid every 4 weeks and I find it harder to keep track of my cash when the pay days start to fall out of sync with the beginning of the month.  When I tried to open the account, they rejected my application and directed me to a basic account which I then applied for thinking it would make sense in order to help me with my budgeting and my application was approved. 

Now I'm concerned that Nationwide might decide to close my preexisting current account into which my wages etc are all paid.  Should I be concerned or am I just overthinking things?  Ideally I'd be keen to keep both accounts open to help me with my budgeting.  

Any advice would be greatly appreciated!  

LippyDoodle

The reason your application was rejected could be to do with the type of account it is. I know that with certain types of savings accounts you are only allowed 1 at whatever bank you have it with. I'm not sure if there are certain currant accounts that also work that way as I've never tried to have more then one. I know you can open another current account at a different bank. 

Best thing to do is head over to Nationwide's website. Look at the terms and conditions of your 1st account and also the account you have just applied for. If you can't find the info you need or you are still worried I'd call them tomorrow to put your mind at ease. 

jackjones01

This is what the T&Cs say 

Daliah

Having a second current account with a different bank is generally a good idea, and would probably put your mind at rest. Starling Bank, Chase UK and Monzo don't carry out hard credit searches, so you would probably be able to open an account with one of these three quite quickly.

EarthBoy

Daliah said:

Having a second current account with a different bank is generally a good idea, and would probably put your mind at rest. Starling Bank, Chase UK and Monzo don't carry out hard credit searches, so you would probably be able to open an account with one of these three quite quickly.

Chase is no good if you need direct debits because they don't do them.

Daliah

EarthBoy said:

Daliah said:

Having a second current account with a different bank is generally a good idea, and would probably put your mind at rest. Starling Bank, Chase UK and Monzo don't carry out hard credit searches, so you would probably be able to open an account with one of these three quite quickly.

Chase is no good if you need direct debits because they don't do them.

Good point, I had forgotten they don't

General_Grant

RebeccaO26 said:

Hi, 

I'm hoping someone can help me?  Tonight I tried to open a second current account with my current bank, Nationwide, for my bills to be paid out of.  I get paid every 4 weeks and I find it harder to keep track of my cash when the pay days start to fall out of sync with the beginning of the month.  When I tried to open the account, they rejected my application and directed me to a basic account which I then applied for thinking it would make sense in order to help me with my budgeting and my application was approved. 

Now I'm concerned that Nationwide might decide to close my preexisting current account into which my wages etc are all paid.  Should I be concerned or am I just overthinking things?  Ideally I'd be keen to keep both accounts open to help me with my budgeting.  

Any advice would be greatly appreciated!  

As they offered the basic account when you already had a different type of current account with them, I would not expect them to want to close the pre-existing one as long as you are conducting it sensibly.  That is on the basis that the first account was not also a basic account but was, say, Flex or Flex Direct.

However, what they might do is close the new basic account if you later opened another basic-type account with another bank.

Emmia

The position on multiple current accounts does vary - I've got 2 barclays current accounts, neither of which receives my salary. One is used for my weekly spending allowance, and the other is used solely to pay my university fees (which are paid as montly installments, interest free). 

Neither has an overdraft facility.

Dobbibill

A quick look at the Nationwide website seems to indicate you can hold up to 4 current accounts with them (a combination of joint & sole). Do you have more than 4 current accounts? (Joint with someone else as well as your sole account) If not then they may have offered you a basic account due to your previous activity (you mention struggling to budget) and/or credit file data. Use the account to help you budget, don't overthink things and cross that bridge if it ever happens.