Difficulty upgrading from "basic" bank account

[fl0ssie]

Hi

 

I have had a basic bank account with NatWest for just over a year, after recovering from poor credit history due to various external factors. I now owe nobody a penny and have not done for the duration of the bank account being open.

 

I have been left some money by my late Mother and, for ease of moving money around for investment, wish to have a cheque book and access to electronic transfers.

 

Despite my account having a credit balance of £85,000, NastWest are refusing to upgrade my bank account to a chequeing account as I do not have a high enough credit score.

 

Is anyone aware of a bank or Building Society who would take a more lenient view and allow me to open a proper account?

 

p.s. I have recently been accepted for a credit card with Capital One which I intend to use to start to repair credit history by paying in full, early each month.

 

Many thanks:shock: :?

[mcjohnson]

If you're serious about investing this money, you wouldn't need a cheque book or electronic transfers to do this... you would either (if you fancy a risk) throw it into a share trading account, or (if you're not as adventurous) stick it in a long-term (5+years) bond or investment account. Instant access savings accounts offer the least RFI.

 

Personally, i would stick with the basic bank account.. Less to go wrong, get charged for, to worry about... keep the investment entirely seperate, just have the interest/dividends (if you want to) funded back to your current account.

 

Have fun spending the money!

[texel]

How about checking the internet and see who are paying the top or near top interest rate and getting in touch and saying how much you are thinking about "investing" with them what are they about to offer. In other words speak from stregnth not weakness. With the amount of funds you have you sure not speaking from weakness. You can suggest to NatWest if you would like to stay with them, that you want to talk to top management and see the results. My sister had an £ 10,000 overdraft with BOS and got a letter stating she could no longer have the overdraft as she did not have enough income to warrant it. Her investments around £ 50,000 are being handled by BOS investment dept. She is in her eighties and not very good at demanding proper dealings. So I wrote on her behalf anjd said unless she was given her overdraft back she would take her investments away from the bank. It was their fault her income was so low. Guess what the over draft was reinstated!!! It pays to talk from stregnth and not let he bank run over you!!! Best of luck.

[fl0ssie]

Hi

 

Thanks for the responses. Gives me some food for thought.

 

McJohnson,

 

Must invest the money to generate income as I am disabled and unable to work.

 

The problem about moving the money around is the only way I am able to do it with this bank account is either to draw cash (dont fancy carrying around thousands!) or by a bankers cheque at a charge of £23 a throw.

[gyzmo]

if you are looking elsewhere for services, be aware of companies that specialise in high risk areas (sorry to sound totally non-pc, but being disabled and unemployed, and poor past credit makes you a prime candidate). All they will do is give you crap services and charge an extortionate fee for it (on the basis that no-one else will use the proverbial barge pole).

 

Make sure you use a reputable company and check your credit records. Also ask Natwest for specific details is possible. Good luck.

[CAGisforME]

i would advise seeking advice from a proper Independant Financial Advisor.

 

You say you need an income from this money, therefore you need someone who has expertise in the field of long term investments.

 

I'd be suprised if any bank, given the amount of investment you are talking about, refused you an account. In my opinion, as a retired bank worker myself, you would be best served making an appointment with two or three banks and explaining your needs. Their helpfulness/advice should be easy enough to weigh up and will quickly tell you whether you want to bank with them.

 

Meanwhile find a Financial Advisor who can recommend low-risk investments, giving you a monthly income but ensuring your lump sum is safe.

 

Good Luck.

 

[fl0ssie]

Gyzmo

 

Totally understand the spirit behind the message. However, am pretty savvy and people who try to con or walk over me do so at their peril!.

 

Am looking at a list of IFA's tonight with a view to making appointments as had intended to get independent advice prior to investments as have no expertise in this area and am quite risk adverse.

 

Wish had found this site sooner!

[midge61]

hi

 

I have recently been advised to lookat the following re investments. apparently they offer much better returns than any bank.

 

(EDIT)

 

It may be worth a look.

[gyzmo]

people who try to con or walk over me do so at their peril!.

 

Glad to hear that!

[Batfink]

You can do online banking with a NatWest Step account - and it's really good too. Very up to date info (unlike Co-op) and easy to use.

[texel]

Having been a stockbroker with an investment banking firm who was a member of the Newyork stockexchange for fifteen years when I lived in the U.S. I know how a lot of Investment advisers work. They are not a charity and some charge a fee and some get paid for their reccommendations from the firms they reccommend. On other words it can be difficult finding the right person. Banks are notorious for poor reccommendations.A good unit trust might be an answer. However at this time the way the markets are going I would hold cash at the best interest rate and when things clear up go for some good investments in the stock market.Midge 61 suggested checking up on the home page which turned out to be the Forresters. Many years ago I heard about them and they were a good company. I don't know if what I said is any help it is a difficult decision to make.

[sequenci]

Find an independent financial adviser - IFA - www.unbiased.co.uk

[MBMB11]

Hi

 

Thanks for the responses. Gives me some food for thought.

 

McJohnson,

 

Must invest the money to generate income as I am disabled and unable to work.

 

The problem about moving the money around is the only way I am able to do it with this bank account is either to draw cash (dont fancy carrying around thousands!) or by a bankers cheque at a charge of £23 a throw.

 

i too have a step account with natwest and if you register for online banking you can send payments out of your account to wherever for free!

[RevengeAtLast]

This might seem like a little 'left field' but I feel someone needs to make this point.

 

Independant Financial Advisors

Are they really any better than 'tied in' advisors?

 

I feel that many people have become brainwashed into the idea that IFA's are good, tied in advisors are evil. I have a contrary view.

 

IFA's do not work for any particular company and can therefore in theory recommend a product from ANY company. On the face of it this sounds fine but in reality I do not think this happens.

 

The IFA cannot possibly know in detail ALL the products on the market provided by all the various financial institutions. This tends to make an IFA either a 'jack of all trades, but master of none'...

If they do have in depth knowledge, then it will probably be because they have have favourite' products from 'favourite' companies... Can we eally be assured that commissions paid will not influence this favouritism?

 

An analogy springs to mind...

If you are ill, you go to a GP, a general practioner... they will then refer you to a specialist if required. An IFA seems similar to a GP with no real in depth knowledge necessarily in any one area.

 

When looking for financial products, I feel the first decision should be which financial institutions you trust. Which companies do you want to deal with. Once you have made this decision, I feel it would then be best to deal with a specialist who knows that companies products inside out! NOT an IFA who may or may not know a lot about your chosen companies product range...

 

I really do feel dealing with IFA's is rather like dealing with a GP when you reall want to be dealing with a consultant. In this analogy, the consultant would be the in house, tied-in advisor from your chosen company/institution.

 

A tied in avisor may well be salaried as well and have no commission based bias or incentives to influence their advice...

 

I feel IFA's have their place... but their role is way overrated in my view.

(Rather like organic products, but don't get me started on that one lol)

[texel]

Flossie; This is what I used to advise my clients to do when they had a large amount of money to invest. Decide how much income you need for one year and put that aside. With the balanceyou can invest it and not touch it for a year which should give it a chance to grow and cover any charges you had in making the investment. the funds you have put aside for the next year put them into a good savings plan that you can draw on when you need them. I would not advise the stock market at present let things settle, before getting involved. I myself have moved a sizeable amount of funds into National Savings until we see what is going to happen. Now that is my idea maybe not the same as others. I have been around for a while.

[heidi83]

You can do online banking with a NatWest Step account - and it's really good too. Very up to date info (unlike Co-op) and easy to use.

 

Yes and the Natwest basic (step) account has an online transfer system which is free so I think the topic poster here needs to have a chat with an advisor at his bank as to what features his bank actually has and how to use them. You can also initiate transfers of money to any account via Natwest telephone banking too. Natwest are one of the best highstreet banks around.

They don't issue cheques with the step account because there is little or no need for them given the transfer options they have listed - it would be a waste of paper!