Bank account

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Jessjj

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Post by Jessjj » Sat Nov 14, 2020 2:48 pm
So ive been in my iva 2 years now, i had a basic nationwide account.

However I opened a monzo account because i liked the get paid a day early feature, so i did the switch which closed the the nationwide.

I want to reopen an account for day to day spending and keep monzo as bills, but ive been looking and they all say you cant open a basic if you already have a uk account with somebody else!

Does anybody have any suggestions 😩

Foggy

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Post by Foggy » Sat Nov 14, 2020 3:42 pm
I had an account with Halifax before my IVA and I opened an account with Nat West as a new account, just leaving the Halifax account dormant ( I transferred all DDs etc manually, as there were some I didn't want transferred, like creditors). So, at that point I had two accounts. Then I got wind that Nat West was allied to one of my creditors and, so, to be on the safe side I opened a Cashminder account with the Co-Op --- actually, I opened two: one I used for DD's and regular expenses and the other for spending (groceries, petrol and stuff like that). Again I left the other account dormant. So .... I had 4 accounts !! After my IVA finished the Co-Op rolled my two basic cashminders into one 'grown up' account and I use that for the bills, DDs etc. The NatWest account I use for spending money (groceries, petrol, fun etc.) and the Halifax account is still sitting there with 14p in it. So. I am down to three accounts. I have never come across anyone saying that you can only have the one account.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Stevedgn68

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Post by Stevedgn68 » Tue Feb 23, 2021 9:44 pm
Re. Beware Barclays Basic Account - a Warning

We have a joint Cashminder with Coop who have been very reliable even though their online statements are almost indecipherable. We use this for Direct Debits/Standing orders and 1-off household payments. However, they only have a few branches left

I had to open a Barclays Basic (and Oh is it Basic!) Account. when HSBC closed mine. They was

A warning for others on here.:

Barclays Basic does not offer Online or Telephone Banking on their Basic Account even during COVID. As our Branch has very limited opening hours and facilities this is a real problem - even more if you are self-isolating. The lack of Online or Telephone Banking extends to being unable to use any of the machines in Bank Branches too!

I have raised this is every year and again Jan 2021, but all I get is "That's our policy and we can't/won't change it" There is no logic to it as there is no greater risk for them when you think of it.

BTW - they told me in January that they will provide these services if you are a Bankrupt..... ...odd

For info unless someone here knows of an IVA-friendly Bank who will also give you Online or Telephone Banking services.

S.

tim595

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Joined: Mon Jun 29, 2020 2:40 pm

Post by tim595 » Wed Feb 24, 2021 3:21 pm
I don’t know the answer to your question about multiple accounts however I have been using Monzo as my main account since my Iva started. I don’t feel that I need another account as you can pay direct debits form the pits feature. I find the pots extremely useful for managing N my money. When I get paid I put all my dd in one pot which I don’t touch then I have pots for the car food etc etc. It’s so easy and has really helped me out money away for unexpected expenses, anyway just thought I would share this with you. Good luck with the bank accounts.

Foggy

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Post by Foggy » Wed Feb 24, 2021 3:26 pm
Wed Feb 24, 2021 3:21 pmtim595 wrote:
I don’t know the answer to your question about multiple accounts however I have been using Monzo as my main account since my Iva started. I don’t feel that I need another account as you can pay direct debits form the pits feature. I find the pots extremely useful for managing N my money. When I get paid I put all my dd in one pot which I don’t touch then I have pots for the car food etc etc. It’s so easy and has really helped me out money away for unexpected expenses, anyway just thought I would share this with you. Good luck with the bank accounts.
That is interesting, Tim. Basically a high tech way of doing what many of us did in the early days, using jars and envelopes at home !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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