Since falling foul of the debt collection industry several years ago I have managed to exist without a bank account - difficult but I have managed it.

I have a small quantity of premium bonds gathering dust (a few hundred pounds) and rather than let this money stagnate I would like to cash them in.

My question is does the warrant issued have to be paid through a bank account or can I go into any bank with my passport and cash in the warrant for readies? I do not want to use any of the rip off facility services that offer to cash such a payment for a fee.

Hello there.

I found this online about cashing in NS&I investments. The link isn't working for me, but the information in the heading seems to say it can only be to a UK bank or building society.

• cash in Premium Bonds - National Savings and InvestmentsBonds first and pay the money into your nominated bank account on our records. ... to be paid – either by direct credit into your bank account or by warrant (like a .... direct credit (we can only make payment to UK banks or building societies).
  http://www.nsandi.com/files/asset/pdf/cas…
  

My best, HB

Thanks HB,

I used your link and got through to the web site and the terms and conditions regarding premium bonds.

What a bummer! It looks like I cannot realise the funds from the bonds without a bank account. As I have a pile of debts registered against my name and one CCJ it is unlikely a bank will allow me to open an account as any credit reference check will start every alarm bell and klaxon going full blast!!

Or does anyone know of a bank likely to give someone like me a basic account? I have not held a bank account since my business went bust through ill health and me defaulting on every loan, credit card and overdraft I had at the time. - Though I have religiously maintained all agreed repayments set up at the time (about five years ago now).

Hello again.

You might like to speak to the independent Money Advice Service. It's free and they might have some suggestions for you. I think you might need to wait until Monday though.

www.moneyadviceservice.org.uk

HB

Most banks have a basic account that anyone can open and you can open a savings account with a building society.

To add to what Caro said, there is also your local credit union if you have one. I have a soft spot for them, it's ethical banking, but you need to see if they can offer what you need.

http://www.findyourcreditunion.co.uk/home

HB

Many thanks for the replies and suggestions.

I remember trying to open a basic bank account when everything went haywire for me and got turned down - so I simply ended up doing everything with cash only which proved to be extremely difficult and expensive. I did have a tax rebate which I had to turn to cash using one of the shylock services that will cash such a cheque for a hefty commission. At the time I only tried one bank (can't remember which one though) and the reaction I got simply put me off trying anyone else.

A search for a local credit union has failed to come up with anything and asking around locally just got me totally blank looks - but there are some local Building Societies but they seem to lack 'bricks and mortar' premises - it seems their business is conducted online so I would have exactly the same problems getting hold of cash unless they offer a debit card on a Savings Account (which seems highly unlikely).

Next week I may try a trawl of my local High Street and see what comes up. Or I may try and open an account over the Internet. If I can get an account opened I can try and reactivate my business interests again in a small way to generate a small income other than the pittance I survive on presently.

Anyway any other suggestions and recommendations are most welcome.

Try nat west.

Thanks Caro,

Before trying any bank I will have to see the current state of play with who owns my debts as the last thing I want is a bank trying a set off with any funds I deposit with them. For definite Lloyds are a no go area because of this. Most of my other debts have been sold on so many times it is difficult to remember who actually owns them anymore. One bank I do not owe anything to is the Coop but they do not have a presence locally.

Tomorrow I will check who the current leeches are that own my liabilities and work from there. I am presuming though that if the original debt was owned say by Barclays (Barclaycard) and the debt has been sold on Barclays will no longer have any interest in the debt? Or am I living in cloud cuckoo land and Barclays will apply a set off and seize the money?

Coop have an internet bank called smile. All the usual facilities with debit cards and you can pay in at post offices or cheques by post.

Might be safest ......

Thanks again Caro,

I will give Smile a whirl tomorrow and see how I get on with them. It will be very strange for me coming back into the 'mainstream' financially again after existing in a cash only economy for the last five years or so! That is, of course, if I succeed in getting a basic account up and running.

You've done well to avoid it for so long. Let us know how you get on.