uk bank advice / queries

[diamonda]

Have gone through many previous posts on these themes but with conflicting info between some posts and them being spread over a few years, thought I'd try to get these questions set straight- hopefully for other people too- before going ahead opening a new bank account.

1) Best banks currently- in the UK- to open accounts with?
I see people use a variety but I can't seem to see any recurring favourites, as well as some that were ok before suddenly causing problems.

2) Needs to be a current account?
This seems to be the general view on the forums, but I've also seen reference to checkings and savings accounts being fine. I already have a couple of savings accounts with bank 1 and bank 2 (my current account is with bank 3, this is the account I used to transfer to before seller suspension) so should I simply be using one of these saver accounts already set up at bank 1 and bank 2 for future transfers from stealth PP account? Or should I start a new current account with one of these banks? (I'm assuming that's an easier/better option than starting a current account from scratch at a fresh bank 4).

3) I need to check/ask if this new account will accept transfers into it from a different name?
Assuming "yes", is there a limit to how many times this bank will let the same bob clark transfer money into the same jon smith's account?
And it needs to accept direct debits?
Sorry if I sound silly, but why? Surely most people simply transfer money from PP to their bank account which is classed as "bank transfer", what has direct debit got to do with it?

[Imakemoney]

1) I would reccommend the following banks for stealth purposes:
- Cooperative
- RBS
- Natwest

2) Yeah it needs to be a current account as they have a DD feature. If you add a savings account or such it will be kicked back after a few days or weeks because it doesnt have this feature. So for long standing stealthing current accounts are the way forward. Dont try to add a bank account previously used on any other account, wont work,and would link your accounts.

3) All the banks I have mentioned accept debits incoming from PayPal in a different name. I use them all daily

[GrannyT]

Halifax is also good - no need to mention the different name gig to anyone - just do it

[diamonda]

Many thanks to both, I will go with the one of the four above that I already have a savings account with, and just open a current account with them too, should be easier than starting afresh at one of the other three mentioned.

[ryanba]

Hold on,

I have a Lloyds Tsb savings account that I'm using for PayPal, just for withdrawals though.

If you want to fund payments or confirm it's your account then yes you need a current account with a direct debit feature on it.

[GrannyT]

Take my advise - stay well away from Lloyds TSB unless the account details match Paypal. Our farm account is with Lloyds and so last time the account manager called I gave him a cup of tea, a wedge of cake and said "What if .......?" - Take my advise - stay well away from Lloyds TSB unless the account details match Paypal.

Stay away from savings accounts unless you are an experienced stealther who knows how to use them (I don't know how but then I use current accounts)

There are lots of good accounts out there so why be silly?

[misterjack]

How much are you guys withdrawing into a bank account with a different name to paypal? Does it make a difference if it is a large amount (4 figures) - anyone had problems with that?

[meVebay]

I was using HSBC for over a year, had 2 accounts with them, each month withdrawing around 6k to both accounts. 5 days after the biggest withdrawal I ever made from PP in one go (£1700) I got a letter advising me that all my accounts were to be closed and I wasn't able to use their service again.

I presume the big amount prompted them to look at my account, and they saw different names on the deposit's and got scared.

To be fair to them, they sent all my cash from the account very quickly, i'm sure they could of held it for months if they wanted to.

[misterjack]

Thanks MeVebay, good to know. Couple more questions if it's ok:

1 - Were the bank accounts only used for paypal, or for instance was there other activity using the correct name?
2 - Were the differing names both people, or did you use business names for 1 or both?

Thanks!

[meVebay]

Originally Posted by misterjack

Thanks MeVebay, good to know. Couple more questions if it's ok:

1 - Were the bank accounts only used for paypal, or for instance was there other activity using the correct name?
2 - Were the differing names both people, or did you use business names for 1 or both?

Thanks!

Only PayPal.

The PP account's were premier, the deposit's would have gone in my stealth names.

[diamonda]

Originally Posted by misterjack

Thanks MeVebay, good to know. Couple more questions if it's ok:

1 - Were the bank accounts only used for paypal, or for instance was there other activity using the correct name?

I've been wondering this too.... once the bank acct is set up, which is basically for the prime purpose of pp withdrawals from stealth name, what is the wisest way to use this account? Try to just keep it for these PP withdrawals? Mix it up with other acitivity such as other deposits or transfers? Not sure what's best in order to appear as "normal" an account as poss.... with the former, am worried how many times the same james smith can transfer to the same dan jones account without raising suspicion considering absolutely no other activity happens with that acct, yet with the latter, am worried that trying to dilute it (i.e. other totally normal non-stealth transactions/activity) would be the very thing to raise the red flags. advice?