Difference between revisions of "Parachute Account"

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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]
 
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]
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See '''[http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf The FSA Guide to Basic Bank Accounts]'''
  
  

Latest revision as of 01:57, 9 December 2007

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]

See The FSA Guide to Basic Bank Accounts


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.