Making a fresh start?

fairmorn308

Hi

I am in progress of paying off all my debts and getting my finaces back on track. I have been with the Bank Of Scotland since i was about 8yrs old and they have known everything about my history and i think tis time to make a fresh start.

I was thinking of moving to LIOYDS TSB what do ppl think. just for a basic bank account and also how long would i need to wait before i could ask for a upgrade to current account? 6 months?

I will be using this account for wages getting paid in and also for a few direct debits.

I am wanting to have a wee bit of savings aswell. do i keep it all in this account or do i open another savings account with the same bank and put into it each week?

any help would be great

Ember999

I've been with Lloyds TSB for over 3 years now and can recommend them highly! My main bank a/c is with First Direct (15 years) also have another current a/c with SMILE Internet Bank and opened the Lloyds TSB Scotland a/c 3 years ago. Lloyds give me full internet banking, as do First Direct and Smile ( I live on the internet! so this is a must, plus can keep an eye on our money) and I also have online savings a/c's with all 3 banks. Lloyds TSB do what is called an Online Saver a/c which is attached to your current a/c and transfers are instant when done online. That would be good for you so that you can transfer your cash you want to save easily, but also transfer it back into your current a/c in an emergency, should you wish. Why do you want to go for a BASIC a/c rather than a full current a/c? are you worried you won't pass the credit scoring of Lloyds TSB?

fairmorn308

I know for sure i wont pass a credit check with LIOYDS TSB cause my credit rating is very very low and wanting to make a fresh start.

I will have to start at the bottom and work my way up

I have been reading there website and i will get internet banking with the basic account which i would b happy with and there is a local branch in my town so even better if needed to pop in if have any problems.

How long you think worth waiting before asking for a upgrade? Or do you think they will approch me once they see the activity on my account for lets say 6 months

Ember999

fairmorn308 wrote:

I know for sure i wont pass a credit check with LIOYDS TSB cause my credit rating is very very low and wanting to make a fresh start.

I will have to start at the bottom and work my way up

I have been reading there website and i will get internet banking with the basic account which i would b happy with and there is a local branch in my town so even better if needed to pop in if have any problems.

How long you think worth waiting before asking for a upgrade? Or do you think they will approch me once they see the activity on my account for lets say 6 months

The usual time any financial organisation takes to assess you is 6 months. To be sure of being in a position to be granted an upgrade to a full current a/c I would suggest opening the basic a/c, also opening a 'regular saver' a/c with them and making sure you use the account well and also transfer regularly some savings into the 'regular saver' a/c. This will show them you handle your money well.

I think it's good to change banks every now and again, i've now got three a/c's as I fancied a change, but never closed the old ones! Not quite what I intended to do, but I have good relationships with them all now so I can only see that as a benefit.

Good luck with opening your new a/c, one very good thing I find also with Lloyds TSB is they seem to have a branch in every town over both England and Scotland, which is more than I can say for HSBC who own First Direct. Pretty poor in Scotland, only 2 branches, one in Edinburgh and one in Glasgow. I think Lloyds TSB will suit your needs well.

fairmorn308

thanks for your advice m8

I get paid weekly and will be paying money into the savers acc weekly once i get paid.

I am going to leave it until after xmas to speak to them to see what they think about me upgrading before applying.

What am planning on doing is using the savings account for most of my wages and the rest would be for just normal day to day running so really end of the day there wont be very much in the normal basic account. you think there is a better way around it or will they see am managing my money ok?

Ember999

fairmorn308 wrote:

thanks for your advice m8

I get paid weekly and will be paying money into the savers acc weekly once i get paid.

I am going to leave it until after xmas to speak to them to see what they think about me upgrading before applying.

What am planning on doing is using the savings account for most of my wages and the rest would be for just normal day to day running so really end of the day there wont be very much in the normal basic account. you think there is a better way around it or will they see am managing my money ok?

Hi Hon,

That sounds fine! They will see you are savings plenty with shows financial stability, you'll earn some interest and build up a nice nest egg and things should do nothing but get better and better! Around 6 months after you have opened your basic a/c just make an appointment to see an adviser and ask to be upgraded to a current a/c. I don't see there being a problem from what you have said you will do.

Anyway, got to go to bed now, get some Zzzzzzzzzzz's

Ember x

fairmorn308

cheers for advice. speak soon to u soon.

fairmorn308

wnet to have a chat with them 2day and everything went well and can open accounts etc on same day.

Just need to get the address on my drivers licence changed before i can open a account for ID

Ember999

Tha's great, hope it all goes well for you

fairmorn308

me to

also applied for a 2nd job so lets hope it can fit in between my life and my 1st job but means about 75hrs a week but think of the money

Ember999

fairmorn308 wrote:

me to

also applied for a 2nd job so lets hope it can fit in between my life and my 1st job but means about 75hrs a week but think of the money

Good luck with your new job honey, hope you manage to find some time to relax with your new busy schedule. Great about the money though, you'll be rich :j :j :j