New bank account

[towiedyer]

I know this question has probably been asked a thousand times but I ran a search and found no similar threads.

 

Having sent off my DPA letter to the Abbey I now need to open a new bank account.

 

My credit history is not great and I have been turned down for credit cards and things like mobile phone contracts in the past.

 

Does anyone know of any bank accounts that will not refuse me a new account? I really don't want to put another failed credit application on my record as I have been trying to keep it as clean as possible.

 

Any help or advice will be greatfully received, who have people been accepted by and did they have a poor credit history when they applied?

 

Sorry mods if this is in the wrong forum.

[Spiceskull]

...and really I want to have my wages in a shoebox under my bed...

 

Dave,

 

Can you tell us all where you live...?

[towiedyer]

 

Do you need an overdraft? If not, then why not a basic account. Most don't even credit score you at application for one of these.

 

I have an overdraft with the Abbey but I'm just opening another account in case my claim turns nasty. I don't want them to close my account and me be unable to open one elsewhere.

 

If they did close my account then I would just switch all my direct debits and payments over to the new account.

 

Only at the stage of waiting for their reply to my DPA letter.

[towiedyer]

I think it will be about 3 or 4 times the amount of my overdraft.

[Bovvered]

Try a NAT WEST STEP Account - you can apply online - I did and got the account and solo card sent to me within a week of application..

[towiedyer]

I used to have a student account with the Natwest before I changed to the Abbey. Ironically the reason I changed was because I thought the Natwest was screwing me over on bank charges. What did I know!

 

Anyone know of any accounts with banks other than the high street names like HSBC, Barclays that are easy and pain-free to open?

[Spiceskull]

If you apply for Nat West Step Account online, it is agreed in principal there and then (at least it was for me...)

 

Hey, what a great account...

[towiedyer]

If you apply for Nat West Step Account online, it is agreed in principal there and then (at least it was for me...)

 

Hey, what a great account...

How is your credit rating?

 

Think I'm gonna try for a Co-Operative Cashminder account.

 

Hopefully I'll never have to use the new account but I'm getting myself ready for an assualt on all those who have taken money off me.

 

Armed and ready!

[Spiceskull]

My credit rating - I haven't a clue. But it must be bad because the bank has always told me so...

 

However, the application for STEP account proceeded without pause, and I find it hard to believe that someone would have requested a credit rating in this time. If it was requested automatically, then there is absolutely no manual intervention...

 

However, I must re-iterate that it said '...agreed in principal...'

[towiedyer]

Just applied to open a Co-Op Cashminder account.

 

In doing so they had to take my other account details to use in the credit check. This means that Abbey will probably say I am a bad customer, but it is due in some part to their charges. They really get you over a barrell don't they?

 

Get the decision in 48 hours so fingers crossed.

[Spiceskull]

Good luck - and try the step account too. I applied for Co-Op last week, and step today. After all, if one refuses I have another application to fall back on. I checked my refund claim today on Royal Mail - it was delivered yesterday, so I may need a new account at any moment...

[closey]

I had to open a new account as I'm now in a PayPlan agreement. I opened with the Co-op on line. It was sorted in about 10 mins and my card arrived a week later.

 

I know my credit rating is shot to bits. But no questions were asked. Very hassel free.

 

What I like about this account is that once I've paid a cheque in I can usually draw against it within about two to three days, unlike the 5 sometimes six days experienced with Lloyds and Woolwich.

[Loula]

Hi!

 

'He who thinks he wears the trousers' has opened a Co-operative Bank Cashminder account despite CCJ's and LTSB shafting him. He has been using it for a month or more now and it seems to be great. Only get a cashpoint/switch card but hey what more do you want?

 

LOULA

[pjdudley69]

I'm paying off a couple of debts through dept management companies [nasty bunch, well one is anyway! [don't mean to offend anyone in here that works for one tho']]. Obviously, my credit rating isn't exactly great at the moment.

 

Does anyone know if I'd be able to get some kind of account with debit card/online banking/DD & SO ability/and an overdraft? I know, I know, I want it all!

 

I was thinking about the A & L account, as seen on MSE, but seeing as one of the debts was with A & L, I'd probably have no chance and I suppose it would be a bit cheeky lol

[flavor_ice]

I was just about to say that i just got accepted for an A&L account myself, but as i was a little creative with my details (saying i'd have at least £500 a month to go in when just now i get about £400.. altho i am looking good for a new job on monday which'll mean £1000 or so going in (and would save me!!!) i'm holding off signing til i know... but my credit is shitty and they nigh on jumped at giving me an account with a £250 overdraft, DDs and a credit card too so who knows.

[pjdudley69]

I was just about to say that i just got accepted for an A&L account myself, but as i was a little creative with my details (saying i'd have at least £500 a month to go in when just now i get about £400.. altho i am looking good for a new job on monday which'll mean £1000 or so going in (and would save me!!!) i'm holding off signing til i know... but my credit is shitty and they nigh on jumped at giving me an account with a £250 overdraft, DDs and a credit card too so who knows.

 

Is it online banking too? The account I saw didn't specify a minimum monthly amount going in. I think i'm probably more worried about the fact that my debt was with them before being passed on [however, the company that A & L passed my debt to are ever so nice and understanding, if you can apply that to a DMC lol]

[seylectric]

ALL banks now have to offer what is known as a basic bank account by law. My understanding of it is this: Employers are allowed to pay your wages into the bank by law. Maggie Thatcher brought this rule in.

 

However, this was causing problems for people going back to work who had, for example, been unemployed. Many people could not get a bank account and there were many stories in the press about people not being able to get a job because they couldn't get a bank account.

 

So a few years ago a law was brought in stating that everybody should be able to open a basic bank account. These accounts must offer free basic banking services, direct debits, standing orders etc and an ATM (cash machine) card, but there is no obligation to provide a debit card, overdraft or cheque book.

 

I have an RBS Key account, which is basically as described above but also offers free online banking where you can set up bill payments, transfers to other accounts, direct debits etc, and cancel the same. It's a very good service.

 

Tip: Once you have the account up and running you can apply for an Instant Access Savings Account. Basicaly the same as the above BUT you get a cheque book too (still no debit card though) and a little more interest - largely irrelevant if you never have much in your account. £50 opening deposit required but worth it for the cheque book.

 

Very good for those (like me) with a bad credit rating but........

 

A WORD OF WARNING!!!! bounce a direct debit and the charges are horrendous! £38 an item. I found this site because having bounced a few payments I incurred over £360 I charges inside 2 weeks, and was looking for a way to fight back.

[Spiceskull]

Is it still the case that the only legally enforcable currency is cold hard cash? I seem to remember that a few/many years ago, in the interests of fraud prevention, that some shops were refusing to accept anything but cash.

 

Their main argument appeared to be that they were not legally obliged to accept anything else if they didn't wish to do so...I'd love an update on this, as compulsory bank accounts seem to be in breach of this law (if it exists)

[seylectric]

Hmmm...interesting point since many companies often insist that a DD is set up as a method of payment. Some insist upon it, mortgage and loan companies for example, whilst some charge an extra £1 or so if you choose not to pay by DD.

 

I'm now wondering if the compulsory DD instruction is legal too.

[towiedyer]

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