Which Bank Account?

[Frustratedwithlife]

Hi,

 

My husband and I are in financial difficulty and are currently seeking advice with regards to iva's. It was suggested that we open a new bank account as we have an account with HSBC and Halifax (who are also our creditors for credit cards). Does anybody know who we should open an account with that has nothing to do with Halifax or HSBC?

[cerberusalert]

The Cooperative Bank is totally independent of both.

 

http://www.co-operativebank.co.uk/servlet/Satellite/1193206368227,CFSweb/Page/Bank-CurrentAccounts

Edited April 28, 2010 by cerberusalert

[Frustratedwithlife]

Thanks for that. I'll have to see if I've got one local to me.

[cerberusalert]

It doesn't matter whether there's a branch local because you can use any Post Office to make a deposit. A DD card with electron is provided with the a/c so you can use any cash machine, set up direct debits etc + you can apply online and they'll send the paperwork to you. http://www.co-operativebank.co.uk/servlet/Satellite/1193206368227,CFSweb/Page/Bank-CurrentAccounts

[Frustratedwithlife]

Thanks, that's great. My nearest branch is 10 miles away, but I have a post office on my doorstep and if I can apply online that's so easy. Thanks for letting me know.

[zingy]

Frustratedwithlife,

 

I have a basic bank account with NatWest and one with RBS. You can apply online, complete setup by post etc. I haven't been with the RBS group before and they seem to be pretty good.

[Frustratedwithlife]

Unfortunately I think they both have connections to HSBC and Halifax, but thanks for the input.

[cerberusalert]

Halifax is part of HBOS which includes;

 

Bank of Scotland

Bank of Scotland Private Banking

Bank of Scotland Treasury Services

Birmingham Midshires

Halifax

AA Savings

Halifax Financial Services (Holdings) Ltd

Halifax Investment Fund Managers Ltd

Halifax Share Dealing Limited

Halifax Unit Trust Management Ltd

Intelligent Finance

Sainsbury's Bank (50%)

The Mortgage Business (TMB)

Blair, Oliver & Scott (Debt recovery)

St James's Place Bank

 

HSBC is The Hongkong and Shanghai Banking Corporation, which includes;

 

HSBC Bank plc

The Hongkong and Shanghai Banking Corporation

HSBC Bank USA

HSBC Bank Middle East

HSBC Mexico

HSBC Bank Brazil

HSBC Finance

 

Natwest is part of The Royal Bank of Scotland Group which includes;

 

National Westminster Bank

National Westminster Life Assurance

Royal Bank of Scotland

Royal Scottish Assurance

Adam and Company

Child & Co

Coutts & Co.

Drummonds Bank

RBS Coutts

NatWest Offshore

NatWest Stockbrokers

Royal Bank of Scotland International

Isle of Man Bank

Comfort Card

Style Cards

Direct Line

Lombard Direct

Mint

The One account

Streamline Merchant Services

WorldPay

 

RBS is the Royal Bank of Scotland which is totally seperate to The Bank of Scotland Group.

[cerberusalert]

This wiki page will help you cross-reference banks to groups etc. List of banks in the United Kingdom - Wikipedia, the free encyclopedia

[cerberusalert]

There is also this too; Lending Standards Board

[Frustratedwithlife]

Cerberusalert - wow! Thanks for that, you've been very helpful. Reckon I'm going to apply to your suggestion of the Co-operative Bank.

 

Thanks so much.

[zingy]

The only reason I suggested RBS was because they were independent; I have my main personal bank account with Smile (part of Coop), and at times the whole Post Office scenario is frustrating.

And, I have had dealing with most other lenders, with many accounts currently in default.

 

Also, you're probably best to fave (bookmark) those links, as it's always good to know who belongs to which group, and especially for the future if you ever need to get credit.

[Frustratedwithlife]

Cheers zingy, it's a minefield out there, knowing which bank is part of which group, with mergers going on all the time. I've just applied with Co-op, so fingers crossed!

[Frustratedwithlife]

Does anybody know if they can touch kids bank accounts? I don't think they can because they are in my kids names, but I am trustee till they're 18.

[cerberusalert]

No, see http://www.consumeractiongroup.co.uk/forum/general-debt-issues/201907-can-creditor-offset-against.html

[cerberusalert]

Although they are not allowed to Halifax did in this case http://www.consumeractiongroup.co.uk/forum/halifax-bank-bank-scotland/191766-halifax-money-taken-out.html

[cerberusalert]

So really to save a lot of possible grief it would be wise to move their a/cs too.

[Frustratedwithlife]

Thanks, I think it would definitely be wise to close their accounts. Especially as the kids accounts are with the Halifax. Thanks again.