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Moving to a new Bank advice
I've had a current account with the Co Op for many years, never had any problems with them, but since they have been "in trouble" and now taken over by a hedge fund I think it is the time to leave.
I only want a simple current account, I don't need overdrafts or to borrow etc.
Any ideas on who bank with - and who to avoid?
I only want a simple current account, I don't need overdrafts or to borrow etc.
Any ideas on who bank with - and who to avoid?
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ive got a current account with the Halifax, no problems at all with them.
No overdraft, just a simple Visa Debit, that way, if i havent got it,i cant spend it.
TSB are ok as well
http://www.moneysupermarket.com/current-accounts/
I've been with the Bank of Scotland for a long time, but they're no longer particularly good at anything and have quite ridiculous charges for small authorised overdrafts. I'm tempted to switch to First Direct, but at the same time it's occasionally useful (maybe once a year or so) to have a branch nearby for advice and First Direct is phone and internet only. I believe it's part of HSBC, but there are no HSBC branches within 100 miles of where I live, so that wouldn't be much help.
First Direct's 24/7 phone service is so good that a bank branch is really unnecessary. I can't remember the last time I went to one. Also, if you do switch they give you £100+ for switching.
The Airdrie Savings Bank is very good.
I'm planning on opening an account with Metro Bank too.
At the moment. I have also current account with:-
Bank of Scotland
Halifax
Santander
Barclays
First Direct
There is no limitation as to how many current accounts you are allowed to hold...
Several.
When a bank has a "problem" with its systems, you can access your money elsewhere - you are not dependent on a single account as a source of money. NatWest lost all details of my accounts overnight and it took several days to sort out. In the meantime I was able to access cash via my Nationwide account. Otherwise I would have been stuffed.
Also if scammers get hold of your details - e.g. you get your debit card skimmed - and empty your account, you still have cash readily available elsewhere whilst the mess is being sorted.
Different banks have different benefits - I use Santander for the good interest return, but also have an account with N&P as I get free cash withdrawals when abroad.
You can get cash out of cashpoints for each account, so a £500 withdrawal limit per day is sidestepped.
Finally, banks offer all sorts of perks to join, so you can switch accounts every so often to hoover up these perks.
You need at least two current accounts with your primary bank.
One for standard transactions the other for pre-authorised payments.
That way once a month, after you are paid, you can transfer a single value across to the PAPM account and be happy to know that all your direct debits and standing orders are covered.
For other transactions, eg regular dividends and stock exchange investments or for a second job, it's handy to have them in a separate current account.
It's also handier to be able to choose which bank has the shortest queue for depositing cheques or cash.
https://www.moneyadviceservice.org.uk/en/articles/basic-bank-accounts
You still get a debit card with these accounts, so they're no less convenient for checkout/online purchases and cash withdrawals.
Me too...what does it mean?
First Avasgranny and now Sigurd.... NOOOOOOOOOO! <shakes fist at the sky>
Sigurd was always good with eBay advice, too...
It because the site is now overrun with trolls and users that have previously registered, all the good people are disappearing.