Best Bank for Poor Credit

Superhoopza

Rob5342 said:

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.

This seems a great idea! Is it possible?

Superhoopza

Starling looks the best of the bunch to start to build an emergency fund into whilst I reduce my overdraft and other debtors. Thinking of £100 a month. Any thoughts in terms of my selection of bank?

Superhoopza

Starling bank set up. Unsurprisingly they didn't offer me an overdraft but that was not the reason for opening it. I'll put away £100 a month into this account as an emergency fund.

eskbanker

Have you considered a separate regular savings account for building an emergency fund, rather than using a current account, given the better rates available?  The best rates are only available to holders of current accounts with the relevant banks, but you can still get over 6% without any credit checks....

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Have you read this piece evaluating saving versus debt repayment?

https://www.moneysavingexpert.com/savings/pay-off-debts/

Superhoopza

eskbanker said:

Have you considered a separate regular savings account for building an emergency fund, rather than using a current account, given the better rates available?  The best rates are only available to holders of current accounts with the relevant banks, but you can still get over 6% without any credit checks....

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Have you read this piece evaluating saving versus debt repayment?

https://www.moneysavingexpert.com/savings/pay-off-debts/

I didn't consider it no, but this current account has benefits too such as free forex transactions etc

I'm aware you're better paying off debts versus saving. You'll be upsetting a lot of people on this forum by quoting that article. I'm only building it up to £1,000, maybe I'll only go to £500, yet to decide. 

eskbanker

Superhoop91 said:

eskbanker said:

Have you considered a separate regular savings account for building an emergency fund, rather than using a current account, given the better rates available?  The best rates are only available to holders of current accounts with the relevant banks, but you can still get over 6% without any credit checks....

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Have you read this piece evaluating saving versus debt repayment?

https://www.moneysavingexpert.com/savings/pay-off-debts/

I didn't consider it no, but this current account has benefits too such as free forex transactions etc

I'm aware you're better paying off debts versus saving. You'll be upsetting a lot of people on this forum by quoting that article. I'm only building it up to £1,000, maybe I'll only go to £500, yet to decide. 

I wasn't meaning a regular saver instead of the current account, but as well as!

Not sure why it would be controversial to cite an article highlighting pros (and cons) of debt repayment versus saving, given relative interest rates - it's never a nice choice to have to make but obviously individual circumstances vary, so there isn't really a right or wrong answer....

Superhoopza

eskbanker said:

Superhoop91 said:

eskbanker said:

Have you considered a separate regular savings account for building an emergency fund, rather than using a current account, given the better rates available?  The best rates are only available to holders of current accounts with the relevant banks, but you can still get over 6% without any credit checks....

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Have you read this piece evaluating saving versus debt repayment?

https://www.moneysavingexpert.com/savings/pay-off-debts/

I didn't consider it no, but this current account has benefits too such as free forex transactions etc

I'm aware you're better paying off debts versus saving. You'll be upsetting a lot of people on this forum by quoting that article. I'm only building it up to £1,000, maybe I'll only go to £500, yet to decide. 

I wasn't meaning a regular saver instead of the current account, but as well as!

Not sure why it would be controversial to cite an article highlighting pros (and cons) of debt repayment versus saving, given relative interest rates - it's never a nice choice to have to make but obviously individual circumstances vary, so there isn't really a right or wrong answer....

Agreed just unfortunately not everyone thinks that on here