Best Bank for Poor Credit

Superhoopza

In a heap of debt (sorting out) and want to open a bank to pay my income into. Any suggestions? Apparently doing a switching service wouldn't be good for me unless I have misunderstood?

Brie

As I understand it all the major banks offer a basic bank account which allows you to have money put in, ATM and debit card payments but very little else.  

If you have debt with one of the banks then, no don't do a switching service.  Also be careful to pick a bank in a different group than one you have debt with currently.  So if your debt is with NatWest don't choose RBS.

fatbelly

Yes all have a BBA

https://www.moneysavingexpert.com/banking/basic-bank-accounts/

But are you sure you can't get a full one, and get paid for doing so?

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

Superhoopza

fatbelly said:

Yes all have a BBA

https://www.moneysavingexpert.com/banking/basic-bank-accounts/

But are you sure you can't get a full one, and get paid for doing so?

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

First Direct offering £175 seems appealing but says I have to use their switching service. Presume that means I have to switch over all my direct debits, which in my position I wouldn't want to?

eskbanker

Can you clarify the reluctance to switch, and the way in which you feel another account would help your situation?

Is your existing current account overdrawn, as paying your income elsewhere wouldn't go down well with the bank if this is the case?

Superhoopza

eskbanker said:

Can you clarify the reluctance to switch, and the way in which you feel another account would help your situation?

Is your existing current account overdrawn, as paying your income elsewhere wouldn't go down well with the bank if this is the case?

Got a maxed overdraft and maxed credit card with my current bank

eskbanker

Superhoop91 said:

eskbanker said:

Can you clarify the reluctance to switch, and the way in which you feel another account would help your situation?

Is your existing current account overdrawn, as paying your income elsewhere wouldn't go down well with the bank if this is the case?

Got a maxed overdraft and maxed credit card with my current bank

....in which case, as mentioned, choosing to pay your salary (or whatever the income is) into a different account may trigger a reaction from your current bank where the overdraft is, and you may find them withdrawing the facilities and demanding repayment on their terms rather than yours.

Superhoopza

eskbanker said:

Superhoop91 said:

eskbanker said:

Can you clarify the reluctance to switch, and the way in which you feel another account would help your situation?

Is your existing current account overdrawn, as paying your income elsewhere wouldn't go down well with the bank if this is the case?

Got a maxed overdraft and maxed credit card with my current bank

....in which case, as mentioned, choosing to pay your salary (or whatever the income is) into a different account may trigger a reaction from your current bank where the overdraft is, and you may find them withdrawing the facilities and demanding repayment on their terms rather than yours.

eskbanker said:

Superhoop91 said:

eskbanker said:

Can you clarify the reluctance to switch, and the way in which you feel another account would help your situation?

Is your existing current account overdrawn, as paying your income elsewhere wouldn't go down well with the bank if this is the case?

Got a maxed overdraft and maxed credit card with my current bank

....in which case, as mentioned, choosing to pay your salary (or whatever the income is) into a different account may trigger a reaction from your current bank where the overdraft is, and you may find them withdrawing the facilities and demanding repayment on their terms rather than yours.

That's fine, they are actually upping my rate, not a fan of them. Will default with them if I have to. Just don't want them getting my income

eskbanker

Seems a rather ungracious attitude towards a business that's lent you lots of money, but it's obviously your call to exclude them from the creditors that you're willing to repay, which is likely to have consequences....

Rob5342

I always recommend Starling and Monzo as their apps are so much better than the old fashioned banks. Most banks should give you a current account of some description though.

If you want a switching bonus you could open a new account and then switch that to get the bonus.

Superhoopza

eskbanker said:

Seems a rather ungracious attitude towards a business that's lent you lots of money, but it's obviously your call to exclude them from the creditors that you're willing to repay, which is likely to have consequences....

Do you work for them? I've answered your questions, have you got an alternative suggestion?