Basic bank account feedback thread

Former_MSE_Alana · 26 October 2010 at 11:41AM

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This thread is to discuss Basic Bank Accounts[/title]

Please read the full MSE guide to Basic Bank Accounts

Please let us know your experiences of opening a basic bank account including:

Ease of acceptance
Ease of application process
Any issues experienced
Did the bank try to encourage you to get a 'normal' bank account?

Click reply to post your experiences

GreenMan · 27 October 2010 at 12:24PM

I have banked with the Co-op for many years and have found them to be an excellent bank and living in Scotland there is only one branch here and its nowhere near me.

Unfortunately my partner recently had to apply for a cashminder account and there was a string of mistakes on the Co-ops part regarding registration because we had no nearby branch to register at.

They initially advised her to send copies of proof of address and ID that had been seen by a GP or similar. She was then advised that the policy had changed and she had to send originals which she did. She was then advised that this was incorrect again after doing so. They also failed to return the lease as proof of address and said they had no record of receiving the originals or the first set of documentation we sent. All in all a major !!!!-up. Hopefully this was a one off and it shouldn't be a problem if you have a nearby branch I imagine.

I think we'll have to try it again however as I cant face using Barclays because they dont mind lending money to the usual bunch of baddies (*sorry corporately I meant) etc.

[Deleted User] · 27 October 2010 at 2:30PM

My experience with Basic Bank Accounts are:

Lloyds TSB: there was no problems to join and worked ok for 18 months but from 20th November 2010 they (Lloyds TSB) are to share data with HBOS, so it was time to move on, as my record with the HBOS is not so good (But I am in control with my repayments agreements with help from the CCCS). I did not want the HBOS taking any of my income from my Lloyds TSB account with warning for payment of debts with HBOS.

I opened a Basic Bank Account with Yorkshire Bank but was annoyed they did a credit check on you. Even though I asked to open a Basic Bank Account. This was not the case when my wife open a Basic Bank Account in joint names 2 years ago. It seems the Yorkshire Bank does not let you open a Bank Account (of any type) without their computer system doing a credit check & making the decision of what type of bank account they could give, before allowing you to open a Basic Bank Account. The Yorkshire Bank computer said I could have a Basic Bank Account (which is what I asked for in the first place).
One good point is they give you a free internet saving account (with out asking for one) with the Basic Bank Account.

[Deleted User] · 27 October 2010 at 4:57PM

Lloyds TSB - swift and easy application process takes 30 mins on average in my experience (with acc no. issued instantly)
Didn't ask if wanted normal account just let me have it = done

catswin · 27 October 2010 at 5:16PM

Just did a search for a "Basic Bank account" - got a long list, but each time I followed a link to proceed, all I was offered was a current account, no mention of a Basic account anywhere. So it looks as though the only way to get one of these is to do the leg work - not online.

powerone · 27 October 2010 at 5:43PM

Natwest / RBS Basic accounts Step / Key

http://www.natwest.com/personal/current-accounts/g1/other-accounts/step-account.ashx

http://www.rbs.co.uk/personal/current-accounts/g1/other/key.ashx

They do what they say. Are treated in any other way by the bank. All the same facilities, online in branch etc.

Opened online with no probs

Both have worked fine. Had to move away from them as finances changing.

NotAFraudster · 27 October 2010 at 6:14PM

GreenMan wrote: »

They initially advised her to send copies of proof of address and ID that had been seen by a GP or similar. She was then advised that the policy had changed and she had to send originals which she did. She was then advised that this was incorrect again after doing so. They also failed to return the lease as proof of address and said they had no record of receiving the originals or the first set of documentation we sent. All in all a major !!!!-up. Hopefully this was a one off and it shouldn't be a problem if you have a nearby branch I imagine.

I doubt it: http://forums.moneysavingexpert.com/showthread.php?t=2755346

The Co-op are shysters.

Watalie · 27 October 2010 at 8:07PM

My experience with Basic Accounts is good.

I have a Barclays Premier Account but recently opened a Basic Account to help me sort my finances. Can't recommend them enough

They were/are brilliant.

My partner also opened a Basic Account with them and again, no problems.

He'd tried to open a Cashminder Account with the Co-Op but they insisted on trying a regular account which resulted in 2 searches on his Credit Record and of course he was turned down anyway. So my experience with Co-Op albeit indirectly, isn't good.

jen245 · 27 October 2010 at 8:20PM

I have a Lloyds TSB cash account which I use as a holiday savings/spends account alongside my main Natwest current account, and found it very easy to open. I applied online, got the welcome pack within a couple of days, and my pin and debit card a few days later. In total it took just over a week to set it up, and I registered for online banking. Lloyds online banking good, as good as Natwests i'd say. The only issue is that you can only withdraw cash from Llods TSB atms, but there are ways round it like cashback from supermarkets.

scott_lithgows · 27 October 2010 at 10:25PM

YBS cash transactor account,very good.

Skeenfleent · 28 October 2010 at 3:20PM

I opened a Co-op Cashminder account and they insisted on doing a credit check anyway. I didn't particularly want my other bank to know about this account (the idea is to transition over in time), so this was kind of annoying. They also asked for details of that account, which, strangely for me, I gave them. Still, no dodgy transactions on my account since then, they maybe had a decent reason for taking the extra information, but it's a bit cheeky I think. Anyone else?

Basic bank account feedback thread

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