Forum

UK Savings Bank Accounts that are good to use with PayPal
 

Hi All eBayers in the UK

I hope to get a list together here of UK based 'savings accounts' that are OK to be added to PayPal for withdrawls.

I post this because I registered for Sainsbuys online savings account (£1 to open and all online based) this generated me an account number and sort code straight away

I added this to my new PayPal and went to withdraw the a minium amount (£7.00) for them then to limit my account and also say that i am unable to use this account for withdrawls.

Today I have called INGdirect and asked them if i was allowed to accept PayPal deposits and they said 'no' to

There are surely UK Savings accounts out there that PayPal will allow, so lets gets a list together

Ideally key features that would seperate the good from bad would be, minimum open balance, ATM card available with the account, online registrations, quickness of application opening and getting your sort code and account number

All contributions welcome
PAULUSS

(I stress the use of savings accounts, as a 'standard' currenty account requires credit checks/searches/job searches. WHich ideally needs to be avoided if you intend to open MANY accounts for several PayPal accounts)

Maybe not that many UK eBayers… which reminds me, I need to add a feature that will show another person's country flag next to their username.

hi

as a follow up to my post above i thought i would share some info for UK eBayers on this forum

Saving Accounts are not an option to be added to PayPal as 99% of them do not have the 'direct debit' facility on them, some very old accounts do ie Halifax Instant Saver and Natwest First Reserve. But both require sizeable opening balances

Instead, it is ESSENTIAL to use a bank account where it can accept Direct Debit for the x2 small deposits to go in successsfully and to verify the paypal account

Please bear in mind if you need a new bank account to go on your PayPal account and you go for a standard 'current account' this will involve a credit search that is recorded with Experian and Equifax. Even if you are not applying for credit facility the search will still be recorded against you.

I am not 100% sure but when applying for a basic bank account if a credit search is undertaken as you are technically not asking for credit facilities

Below are several BASIC bank account suggestions for people that ALL allow Direct Debits

Abbey Basic Account
Alliance & Leicester Basic Cash Account
Barclays Bank Cash Card
Clydesdale Bank Readycash
Co-operative Bank Cashminder
Coventry BS BranchSaveMoneyManager
Coventry BS CallSaveMoneyManager
First Trust Bank (NI) Basic Bank Account
Halifax Easycash
HSBC Basic Bank Account
Lloyds TSB Cash Account
Nationwide BS FlexAccount Cash Card
NatWest Step
Northern Bank (NI) Northern Personal Access
Norwich & Peterborough BS Gold Current
Royal Bank of Scotland Key
Ulster Bank (NI) Step Account
Yorkshire Bank Readycash

I can recommend the Nationwide FlexAccount as you can withdraw cash fee free from ATMs abroad and also have the facility of being able to get cheques printed from the account over the counter
Hope this helps UK eBayers & PayPal'ers who are on the rocks

PAULUSS