trouble setting up a new bank account

[danjohnson]

im in the process of trying to set up my first bank account for a stealth paypal account. i went into santander at the beginning of the week and did an aplication in the branch, and the manager said it should all be fine. i had a call today however saying that my appilcation had been denied due to the fact that my credit rating wasnt high enough (i only applied for a standard current account with no overdraft or credit facilites). this could be due to the fact that my registered outgoings are relatively high (mortgages, car payment etc) and my income hasnt exactly been on the record over the last couple of years.

what can i do to overcome this? are there any banks anyone can recommend where i stand a good chance of just getting a basic account. i just did an online application for the co-operative bank, but im worried that the same thing will happen again. has anyone else run into this barrier?

[GreenBean]

Over past 18 months, it has been difficult for some people to get the OK for a new account.

I suggest you wait & see if it goes OK with the Co-op bank. If it does then that's one problem sorted. As a back up you can try NatWest as well. That bank prides itself on helping customers struggling with getting accounts.

[cmg]

Originally Posted by danjohnson

im in the process of trying to set up my first bank account for a stealth paypal account. i went into santander at the beginning of the week and did an aplication in the branch, and the manager said it should all be fine. i had a call today however saying that my appilcation had been denied due to the fact that my credit rating wasnt high enough (i only applied for a standard current account with no overdraft or credit facilites). this could be due to the fact that my registered outgoings are relatively high (mortgages, car payment etc) and my income hasnt exactly been on the record over the last couple of years.

what can i do to overcome this? are there any banks anyone can recommend where i stand a good chance of just getting a basic account. i just did an online application for the co-operative bank, but im worried that the same thing will happen again. has anyone else run into this barrier?

My credit rating is - 0000000 but co-op still let me open account (cashminder). I would always do it at brach tho, never online

[danjohnson]

i bank with barclays as it is and when i spoke to them this afternoon, they said that because im not a 'new customer' i can open unlimited current accounts without going through the credit check proceedure, so fingers crossed with that (shoulda just spoken to them first rather than faffing aroung with santander for a week!)

cheers for the advice about applying for co-op in branch though, that'll be my plan-B...

[cmg]

Originally Posted by danjohnson

i bank with barclays as it is and when i spoke to them this afternoon, they said that because im not a 'new customer' i can open unlimited current accounts without going through the credit check proceedure, so fingers crossed with that (shoulda just spoken to them first rather than faffing aroung with santander for a week!)

cheers for the advice about applying for co-op in branch though, that'll be my plan-B...

Unlimited accounts !!! that... sounds like heaven

[oompaloompa]

Originally Posted by danjohnson

i bank with barclays as it is and when i spoke to them this afternoon, they said that because im not a 'new customer' i can open unlimited current accounts without going through the credit check proceedure, so fingers crossed with that (shoulda just spoken to them first rather than faffing aroung with santander for a week!)

cheers for the advice about applying for co-op in branch though, that'll be my plan-B...

thats great news, caution unlimited accounts, should not be taken literally!!they will limit you after a 2 or 3 unless there is good reason.

[imhim]

you might need to go to natwest and apply for an e-savings account...

either way... there is a basic basic natwest savings account that allows direct debits and allows a card facility (ive just forgotten the name :S)

[cmg]

Originally Posted by imhim

you might need to go to natwest and apply for an e-savings account...

either way... there is a basic basic natwest savings account that allows direct debits and allows a card facility (ive just forgotten the name :S)

CASHMINDER i believe. I got myself one of those and the next day in the post was a letter saying something like "after further checks we have decided to close this account". I had already added it to my paypal!!

[danjohnson]

cmg, thats a bit worrying! i got a letter through yesterday saying my online application with the co-op bank has gone through fine and that all the details will be coming to me soon. hopefully that'll work!

[robsut]

Originally Posted by danjohnson

im in the process of trying to set up my first bank account for a stealth paypal account. i went into santander at the beginning of the week and did an aplication in the branch, and the manager said it should all be fine. i had a call today however saying that my appilcation had been denied due to the fact that my credit rating wasnt high enough (i only applied for a standard current account with no overdraft or credit facilites). this could be due to the fact that my registered outgoings are relatively high (mortgages, car payment etc) and my income hasnt exactly been on the record over the last couple of years.

what can i do to overcome this? are there any banks anyone can recommend where i stand a good chance of just getting a basic account. i just did an online application for the co-operative bank, but im worried that the same thing will happen again. has anyone else run into this barrier?

Try The Halifax, do it online and exaggerate a little when it comes to your earnings, leave a few things out like car loan etc, do it online, but be careful, if you apply for to many financial items at once they will all get refused, ie loan , bank account, credit card, normally stick to max 2 aweek, i have had it when you i have done 3 in a week and they all get refused and my credit score is excellent

[GTB]

can anyone tell me if a halifax saver is good for the go-ahead?

[Stigger]

Halifax is easy, they don't do Credit checks at the mo, my C R is well up the pan

i would go for a easy cash account, then a week later go in to the bank open a guaranteed saves, good for D D mandates

[GTB]

Originally Posted by TizWoz

Halifax is easy, they don't do Credit checks at the mo, my C R is well up the pan

i would go for a easy cash account, then a week later go in to the bank open a guaranteed saves, good for D D mandates

ok thats brilliant
i have a savers acct already and im applying for a easy cash one online,i got denied for a current acct coz i have not got a credit rating,dont know why lol,im sure ive had a few issues with not paying loans and fone contracts,ahh well at least i can use a savers acct,
do they do a credit check for easy cash and savers accts???

[autosweeper]

hang on just one minute who told you savings accounts were any good for paypal?

there are no savings account I have found yet that allow dd everyone has said natwest first reserve allow dd, and yes I have seen it is an instant savings account with a debit card.

the thought of savings account working are a dream as you can have as many as you want and open them with ease online but the fact remains is that when ive been in the natwest branch and asked do any of your savings account offer direct debit facility i am told categorically no (this was yesterday)

Am I being misinformed?? Can anyone confirm they have a direct debit setup with paypal on a savings account??

And what is a good reason for requesting a second current account from your bank?

[GreenBean]

I think you are 100% correct, autosweeper. Never had any luck with 7 different banks to use savings accounts and maintain an operating paypal account

I have 2nds in case I want to add another paypal later, and thirds and you get the picture

[Stigger]

Well i 100% disagree based on fact .

halifax GT'd savers, lloyds tsb ISA are both savers that are good for Direct debit mandates there are others as well

[autosweeper]

hey tizwoz

Interesting, sometimes there is a lot of inconsistency within the banking system. One branch will ask for several documents to open say an account whilst another will as for different documents etc, it seems to be down the members of staff dealing with you at the time.

Sorry for my ignorance but what is a gt'd saver? im just on halifax's website looking at the savings accounts which are as follows

Web Saver Extra
ISA Direct Reward
Variable rate Web Saver
Children's Regular Saver
Guaranteed Saver Reward

which ones have you found that work ok? and do you have internet banking with them?

I look forward to your reply, thanks for the input GreenBean..

GB if you don't mind me asking do you manage to open several current accounts at the same time with the same bank? If so what is your excuse for needing more then one?

[GreenBean]

Went into the branch, offered them my football Club and the rest is history

Checked their websites. Those banks that allowed easy access for subsequent accounts got chosen. Initial contact was at branch. Then I came back to Australia and just made the subsequent accounts on line, easy-peasy

[GreenBean]

Originally Posted by TizWoz

Well i 100% disagree based on fact .

halifax GT'd savers, lloyds tsb ISA are both savers that are good for Direct debit mandates there are others as well

Well I did base mine on what was happening B4 you joined the forum. Suppose I should be UTD (up to date). Frankly, I prefer other banks which give me what I want with no dramas.

[GTB]

:(.....i tried adding a instant saver(halifax) abit ago and it wouldnt go through,plus im sure pp do allow saver accounts as they ask current or saver!

[Stigger]

Halifax - Guaranteed Saver


like i i said Lloyd's isa works a treat too, another thing is that with lloyds online banking you can create as many normal savers as you like, good for cashing out

i have had the lloyds isa a while now and it never used to allow DD's, its only since they updated there website it has been allowed, there easy savers and e-savers are no good for anything other than cashing out but like i said you can create them at will, you just have to go into the bank to close them

[cpm]

What business does PP have asking whether bank account is Current or Saver?