New managed bank account

[Adam Davies]

Hi
Received details of a new mangaed bank account facility.
It looks similar to Think Banking,lets hope that the customer service is better !!
http://www.onebanking.co.uk/

Regards

[luluj]

hmmmmm...just wished it didn't have that hidden £12.50 per month charge!People in IVA's cannot afford this and it certainly is not budgeted for in our I & E's!

[MelanieGiles]

Which bank are behind that Andy - I see the Newcastle BS are providing the credit card?

[Adam Davies]

Hi
Natwest
There is also an online facility,so no long waits on the phone.The cost is similar to Think Banking
Regards

[MelanieGiles]

This seems a great idea, for someone who has tried to get an account and failed. Any news on whether they will allow business accounts Andy?

[Adam Davies]

Hi
It doesn't seem so Mel
Business accounts really are hard to come by,if not impossible,once you are in an IVA or Babkrupt
Certainly an opportunity out there for a bank to offer a managed business account where payments can only be made via a debit/pre paid card.
Regards

[sjbyron]

Hi Andy

Just had a look on that site, as im fed up with Thinkbanking and am thinking of going with the abbey, anyway ive just had a look on their site and they say they cant do Direct Debits, so not very useful for many I dont think.

I didnt understand this direct credit thing from the card account though, didnt know you could do that!

Also it has an 08456 number, which is used alot by Freeman Jones, Thinkbanking and Gregory pennington so is this just another member of the think money group? Especially becuase Natwest/RBS are backing them as they do with Thinkbanking.

[Soulgrowth]

All looks nice and bright Andy [:)]

Debbie

[Storm]

The company behind the scheme is Spectrum Financial Group.

Worth having a look at the full t&c's on this scheme.....some heavy charges.

http://www.onebanking.co.uk/PDFs/TermsConditions.pdf

[sjbyron]

Just seen on Ask Jeeves that they are also doing another managed banking facility - "Extra Direct" http://www.extradirect.com

[Storm]

The fees on that one are even worse.

http://www.extradirect.com/PDFs/TermsConditions.pdf

[Adam Davies]

Hi
Storm,as usual,makes a valid point.
However as someone who had a managed bank account via Think Banking for a number of years,during and after my IVA I can honestly say that they are worth considering and in my opinion money well spent.
Free banking is great but you can soon rack up hundreds in charges,in a fairly short time,if you go overdrawn.The plus side of a managed account is that you know exactly how much it will cost you each month,come rain or shine.Very useful when you are on a tight budget
Regards

[sjbyron]

Ive just opened one, for my expenses account, as I have gone from Thinkbanking to abbey I havent got a debit card therefore would need some sort of card.
Im arranging to transfer the money i need for day to day stuff such as food and petrol.

[Skippy]

The fees are a bit much!

I closed my Thinkbanking account because of the terrible customer service - I didn't think I was getting value for money because of the amount of time I spent on the phone waiting to talk to someone. Hopefully it will improve, especially if they have a rival in One Banking.

[Adam Davies]

Hi
Yes I agree Think Banking's service is appalling[15 minutes wait on the phone].They have got worse as time has gone on.
Managed accounts are worth the money if the service is great,and an online facility is a big plus
Regards