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.

	Parachute account "Parachute account" describes a second bank account opened expressly in order to avoid retaliatory action by a customer's usual bank once a bank charges claim had been commenced. The term "parachute account" was first used in this sense by BankFodder on the 22nd February 2006 and has since become part of general usage in this context. "parachute account" is used regularly by Martin Lewis of MoneySavingExpert.com and also by the National press.

[Johanna Anna]

Originally Posted by 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.

I asked for a business account at Royal bank of Scotland - the bank account was refused, even that I have no debts, I work properly with my company and I work as a journalist and have no bankruptcy or other bad debts record except this HSBC.

	Parachute account "Parachute account" describes a second bank account opened expressly in order to avoid retaliatory action by a customer's usual bank once a bank charges claim had been commenced. The term "parachute account" was first used in this sense by BankFodder on the 22nd February 2006 and has since become part of general usage in this context. "parachute account" is used regularly by Martin Lewis of MoneySavingExpert.com and also by the National press.

[Johanna Anna]

I would like to have a parachute account for my company, whatever that means. I don't want to work with Abbey and also not with HSBC.

What can I do to get an answer, why they refused to open a company bank account?

	Parachute account "Parachute account" describes a second bank account opened expressly in order to avoid retaliatory action by a customer's usual bank once a bank charges claim had been commenced. The term "parachute account" was first used in this sense by BankFodder on the 22nd February 2006 and has since become part of general usage in this context. "parachute account" is used regularly by Martin Lewis of MoneySavingExpert.com and also by the National press.

[Perseus]

Have you thought of checking your credit file?

This may reveal that you have something in your past credit agreements (personal) that may be stopping you?

checkmyfile.com - Credit reference, Credit file, Credit score is worth a look (amongst others).

Hope this helps?

	Credit Report Click link to open in new window.

[knognol]

I cant wait to start this ball rolling - I've looked at a number of posts and faqs - but who do i address the initial letter of request of information to? is it to my branch manager or RBS data controller?

[starling]

I think you would get a better response if you posted in the section that covers the company you are claiming from. There are seperate boards for each bank. Here is a link to the template letters that you need. I am new here today so not too sure about much myself. I hope I helped you.

http://www.consumeractiongroup.co.uk...lates-library/

[Lakefield]

Hello

Am new to all this and just finding my way around. Hope to speak some more later. Not well up on computers

[timbo himbo]

yes how do i get one please reply

[chancer]

Hello all,

I'm new to this also - so just saying hello and keep up the good work.

Regards,
Patrick

[Perseus]

Originally Posted by knognol

I cant wait to start this ball rolling - I've looked at a number of posts and faqs - but who do i address the initial letter of request of information to? is it to my branch manager or RBS data controller?

Hi knognol

The first thing you want to do is see what/when/how many charges have been applied to your account.
You need to start a new thread for your particular case here http://www.consumeractiongroup.co.uk...bank-scotland/ and send your Subject Access Request letter (1st step) found here http://www.consumeractiongroup.co.uk...ction-act.html . Then check this site Information Commissioners - Data Protection Public Register and type in Royal Bank of Scotland in the Name, press enter and check which company name matches the letterheads etc on your statement. It's likely to be here Information Commissioners - Data Protection Register - Entry Details .

If you address it to the Data Controller/Data Processing Officer at his address as above, send it special d if you can (for tracking/signature) or at least recorded delivery.

If you start your own thread as soon as possible, you'll have support from members on here - all the way!

All the best
Perseus

	Subject Access Request A Subject Access Request is a demand which you can make to any organisation to disclose any personal information which they hold on you. The right to disclosure of data is provided by the Data Protection Act. There is no time limit. The organisation is obliged to reveal everything they have about you - which you ask for - as far back as you ask for. There are very few exceptions. It does not matter whether the data is held on microfiche, in an archive, on tape, in a cardex system, in sound recordings or in screen notes. Some companies are saying that they do not have to disclose where it would be difficult to do so - "disproportionate effort". This is untrue. Disproportionate effort refers to something else under the Act. If you are seeking bank charges information then you should ask for "all data held on you" and you should make it clear that you want everything as far back as it goes. Do not be put off by excuses. Do not accept being fobbed off. It is not in your bank's interest to make full disclosure to you. This means that it is in your interests to get it. If you have not started gathering your bank charges information yet, then you should start now. There will soon be a big rush once the OFT test case has been settled. Get all of your bank account informtion as far back as possible. At least as far back as 1995. If your bank says that they don't keep data as far back as this, don't accept it. Be persistent. They've got what you need in some form or other.

[Perseus]

Originally Posted by Lakefield

Hello

Am new to all this and just finding my way around. Hope to speak some more later. Not well up on computers

Hi Lakefield,

Just take it easy, you'll find plenty of help here, novices to experts alike are getting great results from great helpers on this site.

If you start your own thread from the main page, and look for the company you are dealing with (Abbey/MBNA/Alliance & Leicester) etc, just click on the heading, and find the 'New Thread' button - and type away.
Any problems, just ask



Perseus

[Perseus]

Originally Posted by timbo himbo

yes how do i get one please reply

Hi Timbo

Depending on what your assessment of your credit rating is and using the list at the start of this thread - just call into a branch or apply online for 'another' account. The descriptions above will show what restrictions are around for people of lesser credit status. NatWest and Co-op are two that jump out for lesser credit but offer a debit card.

Once your new account is set up with/without a debit card, and you have arranged transfer of income and/or direct debits etc to the new one - you're good to go.

It is unusual to have an account closed because you are pursuing refund of charges etc - but it has happened. Alliance & Leicester have been pulled up and fined for doing just that, so it may have sent a warning to other banks not to!.

What ever your circumstances, if you need help just post here re this topic, or start your own thread for specific help, in the appropriate Bank section here http://www.consumeractiongroup.co.uk...group-against/ .

All the best
Perseus

[Perseus]

Originally Posted by chancer

Hello all,

I'm new to this also - so just saying hello and keep up the good work.

Regards,
Patrick

Hi Patrick

Wish you well in your pursuits, using this site.
Don't forget, start your own thread in which ever Bank Forum here
http://www.consumeractiongroup.co.uk...group-against/ . You'll receive any help or advice needed.

All the best
Perseus

[shrike71]

Hi,just joined the group,thanks to barracad for the list of accounts,have been getting more and more disgruntled with my bank for years and now I'm gonna start doing something about it.

[purplepit]

Hi mate,

If you can get hold of of a copy of yesterday's Daily Mirror (Sunday 25th) either from the newsagent or from their website, it gives detailed steps to follow,

Good luck

[Perseus]

Hi purplepit and shrike

Alternatively, there is a fully comprehensive step by step guide on how to reclaim your charges, with full guidance notes and assistance examples/templates etc here on the CAG website.

http://www.consumeractiongroup.co.uk...tructions.html

This should answer most/all of your questions, and if you should need any further help, start your own thread and ask a question - plenty of people will assist or try to answer any queries.

All the best
perseus

[queenvic]

Can someone please advise me on which one to choose?

[Perseus]

Hi Queen Vic

Obviously it is your choice.
In my opinion - reading a short set of instructions from the paper is informative but nowhere near as comprehensive, researched and supported as using the link I posted above.

There really is a wealth of knowledge, experience (first hand), case history, template letters, step-by-step guides with if, whens and why-fors here - and with just under 6000 people re-claiming just under £8million on this site alone - I think the figures speak for themselves.

All the best, and ask away if you need help!

Perseus

[queenvic]

Do i need to open up another bank account before i go ahead with my letter? or Can I send the letter off, & then open up anothe account?

[JulesMUA]

I'd like to know the same as queenvic.

Hello by the way, I've never posted on this but I'm very excited by the prospect of getting my money back!

My concern is that I have a couple of bank accounts, some debt and a bit of a ropey credit rating so I'm worried that if I ask my bank for my charges and they close my account I won't find anyone to take on the rest of my overdraft. Do they pretty much always close accounts? These doubts are putting me off claiming from my main bank.

Any advice would be appreciated.

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.