Do you need a parachute account?

[barracad]

Below is a list of basic bank accounts available for people who need a parachute account, but who may struggle to open a 'regular' current account.

The details are in alphabetical order so one bank is not recommended over another.
For ease of reference, the only two which offer debit cards are Co-op (Electron Card) and NatWest (Solo Card). However, I have also included a list of their charges which may sway people who aren't too fussed about a debit card. [Please note charges can change so please check with the bank]


Abbey
Basic Account

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £35
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.


Alliance & Leicester
Basic Cash Account

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Direct debits only
Charge for unpaid direct debit: £34
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, some bad debts depending on individual circumstances.


Bank of Ireland
Basic Cash Account
(Only available in Northern Ireland and Eire)

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £38
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud, record of bad debts.


Bank of Scotland
Easycash

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £39
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.


Barclays
Cash Card Account

Minimum age to open an account: 18
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Direct debits only
Charge for unpaid direct debit: £39
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Record of fraud.


Clydesdale
Cashmaster

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £35
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud, some bad debts.

Co-operative Bank
Cashminder

Minimum age to open an account: 18
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £19.50
Debit card (Solo or Electron): Yes
If any of the following apply to you, your application may be declined: Record of fraud.


First Trust Bank
Basic Bank Account

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: £10
Direct debits and standing orders: Direct debits only
Charge for unpaid direct debit: Under £35: £22.50; Over £35: £37.50
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud, record of bad debts.


Halifax
Easycash

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £39
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.


HSBC
Basic Bank Account

Minimum age to open an account: 18
Minimum amount to open an account: None
Free buffer zone: £10
Direct debits and standing orders: Yes
Charge for unpaid direct debit: No
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.


Lloyds TSB
Basic Bank Account

Minimum age to open an account: 18 (16-year-olds can open a similar account)
Minimum amount to open an account: None
Free buffer zone: £10
Direct debits and standing orders: Yes
Charge for unpaid direct debit: No
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.


Nationwide Building Society
Flex Cash Card

Minimum age to open an account: 16
Minimum amount to open an account: £1
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £30
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: History of fraud.


NatWest
Step Account

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £38
Debit card (Solo or Electron): Yes
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.


Northern Bank
Cashmaster - Basic

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £37.50
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarge bankrupt, record of fraud, record of bad debts.


The Royal Bank of Scotland
Key Account

Minimum age to open an account: 18
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £38
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarge bankrupt, record of fraud.


Ulster Bank
Basic Bank Account

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: Under £20: £35.00; Over £20: £37.50
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.


Yorkshire Bank
Readycash

Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £35
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischargedbankrupt, record of fraud, record of bad debts.

[Giveitback]

LLoyds TSB 'When we are not able to pay cheques, direct debits or standing orders because there is not enough money in your account, we normally charge £35 for each item of £10 or more we have not paid."

[Karnevil]

Nationwides online banking facility is very good - very easy to set up and manage bill payments.

[Darren]

Have just spoken to NatWest, they do business accounts for bad credit too.

[MARTIN3030]

I was told by NatWest that one of their criteria for giving a business account is at least 6 months bank statements showing good management ie no overdrawns/bounced cheques and of course a lot of activity.

[kia]

ta very much i thought wed have problems but theres loads

[MARTIN3030]

I am looking at it as I need one myself again.
The government is investigating offshore accounts which I was looking into.
so looking again.
We can deffo rule out the high street big boys.

If there is a deafult at your address then thats also a hiccup as they will look at that too

not easy at all..............especial ly as these days you will no doubt need a point of sale card reader.........and thats a really big hurdle as they really do some big checks :o

[Solowka]

whats a point of sale card reader?

[MARTIN3030]

Originally Posted by Solowka

whats a point of sale card reader?

oops sorry its retailers jargon speak.

its the machine/trminal that reads your credit/debit card.

In the old days they had a manual one where you rolled the top part over the lower part........these were great for fraudsters and dodgy traders.
There were a few Indian restaurants who used to do 2 sets for boozy customers and keep one for use if they didnt pay next time.........reason I know this is cause the owner of the 1 I use told me !!

Most business still have these for back up.........a word of warning....if ever you are asked for payment by anyone using one of these keep your eyes open at all times.Double swiping as it is known.......was a favourite trick for the less honest traders !!

[JonCris]

Originally Posted by MARTIN3030

oops sorry its retailers jargon speak.

its the machine/trminal that reads your credit/debit card.

In the old days they had a manual one where you rolled the top part over the lower part........these were great for fraudsters and dodgy traders.
There were a few Indian restaurants who used to do 2 sets for boozy customers and keep one for use if they didnt pay next time.........reason I know this is cause the owner of the 1 I use told me !!

Most business still have these for back up.........a word of warning....if ever you are asked for payment by anyone using one of these keep your eyes open at all times.Double swiping as it is known.......was a favourite trick for the less honest traders !!

Also NEVER EVER let lose sight of your card. When presented with your bill take it yourself to the cash point for card payment. Never do what many people do & let the waiter take your card to the cash point whilst you remain in deep conversation with your friends.

I even had one retailer attempt to take my card into the rear of their shop "cos that's where the reader is sir". I stopped them & demanded the return of my card. Left the shop empty handed but secure in the knowledge that I wasn't going to be ripped off by them

Forgot to mention if they drop down behind the counter, even for a moment, (they usually pretend to have dropped something) they are probaly putting your card through their own reader which will allow them to clone your card.

[kia]

remind me again what i was asking for i only needed an account for hubbys wages with debit card. youve totally baffled me with your comments

[barracad]

I have no idea why this has turned into a random discussion about POS equipment either, but if you are looking for a parachute account for your hubby please see the first post in this thread.

[freebird]

Thanks for the list of banks, I need now to get down to the nitty gritty !
I'm bad ( no I'm not singing )
My credit's bad
My address is bad
I'm fighting off bailifs

has anyone managed to open an account, when all the odds are against you ?
If so where please.
I need to go on Monday to get my income support and carers allowance sorted, before the b......s take even more off me !
cheers Freebird x