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I can't seem to open a current account

kevtrader
Posts: 3,270 Forumite

I'm trying to open a current account but each one I've tried to open I get turned down as my credit score is too low according to their way of doing it. The one I've got is with Abbey and it pays 0.1% interest at the moment as I'm not putting £1000 in each month but if I do it pays something like 2.53%.
I'm unemployed as I've been signed off sick for the past 2 years and on benefits. I've got £2k in the bank and would like to get a better rate if I can.
Has anyone got any ideas?
Thanks
I'm unemployed as I've been signed off sick for the past 2 years and on benefits. I've got £2k in the bank and would like to get a better rate if I can.
Has anyone got any ideas?
Thanks
Waddle you do eh?
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Comments
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kevtrader wrote:I'm trying to open a current account but each one I've tried to open I get turned down as my credit score is too low according to their way of doing it. The one I've got is with Abbey and it pays 0.1% interest at the moment as I'm not putting £1000 in each month but if I do it pays something like 2.53%.
I'm unemployed as I've been signed off sick for the past 2 years and on benefits. I've got £2k in the bank and would like to get a better rate if I can.
Has anyone got any ideas?
Thanks
You might not want to consider a new bank account, and I don't think there are any that pay any better than 0.1% unless your paying in at least £500+ a month.
Instead you could open a savings account in addition to your current account. I don't know if you use Abbey's online banking service but if you do you can open an ESaver account with them which offers a pretty good 4.85% rate and your free to move your money in an out when you please.
By using the Ebanking service you could put the entire £2000 you have in the ESaver at the click of a mouse and just move the money back into your current account as and when you need it, or leave as much as you think you'll need in your current account. That way you have the flexibility to earn a good amount of interest on your money yet still be able to spend it when you please.
This is how I manage my account with Abbey anyway, The maximum amount I will allow my current account balance to reach is £800 (£500 + £300 overdraft limit) and when it goes above that I move the excess into the ESaver through Ebanking if I run short I can always move some back and the transfers are instant 24/7!. :cool:0 -
Because of your situation you are very unlikely to get a 'normal' current account anywhere else.
As bargains83 says though, there are no restrictions on opening a savings account with either Abbey or someone else.
Good luck.
R.Smile, it makes people wonder what you have been up to.
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At the very minimum, considering that you are on benefits, all banks should offer you their Basic Bank account, and never turn you down completely for a current account, under new discrimination rules.
I'd suggest trying to apply for a Nationwide current account. Nationwide's basic account is called Basic Flexaccount, which pays 0.5% credit interest. This same rate applies to their 'normal' Flexaccount if you pay in less than £500 per month, and you could always try to get accepted for that account.
I agree with the others re: savings. Your income situation should have no bearing on what type of savings account you apply for. Any of the leading rate companies would take your £2k I would expect.
Hope this helps
Darryl.... Fool's Gold ...0 -
I had some debts and couldn't open an account and I just started working which was awkward as I ended up getting paid through someone elses's account. I opend a natwest step account because they check only for brankrupcy. I had a look through this (last page) to see what i could get.0
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hi... im in a similar situation in that i keep being refused current accounts.. iwas in some financial trouble 3 yeasr ago after leaving uni but i have satisifed all debts over 6mths ago... i have one default that was for £428 2 years ago, that was settled quickly, i am in full time employment paying in just over £1000 a month by bacs transfer. Im currently with halifax, a card cash account, havent been over my overdraft (£100 which i admit i end the month at limit.. more from laziness in not closing it when i have spare cash than inability to pay.. but my wages always clear me out of) in 3 years, and have tried several times to open a current account. Its getting really frustrating because i made all my repayments on time and have worked really hard to clear everything i owed and i still cant get anywhere... any advice?0
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