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Switching banks, best current account. ..

DemizdeeroolzDemizdeeroolz Posts: 3,821
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in Advice #1
I currently bank with Natwest and get charged £6 each time I go more than £10 overdrawn even though my arranged overdraft is £100. I am unwaged, live with partner who pays a bit of spending money into my account for petrol and I receive child benefit. I should be receiving maintenance for eldest child but ex is managing to evade Child Support Agency. I've had a quick look and Nationwide looks good, 50p per day charge for using arranged overdraft, I do try not to go into my overdraft but it's difficult as I'm with the kids day to day and partner is always at work when kids need money for clubs, dance lessons etc.

Does anyone know of accounts comparable to Nationwide that I should consider?

Comments

  • degsyhufcdegsyhufc Posts: 59,251
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    #2
    I don't know what it's like for a new signup but with my current account with Barclays I have a £400 overdraft (no charge for going into it) and £500 personal reserve which gives me a week to get back into the overdraft limit without being charged.
  • GogfumbleGogfumble Posts: 22,155
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    #3
    Have a look at the guide on the Money expert saving website it is pretty good for comparing current accounts.
  • DemizdeeroolzDemizdeeroolz Posts: 3,821
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    #4
    Gogfumble wrote: »
    Have a look at the guide on the Money expert saving website it is pretty good for comparing current accounts.

    I did go there first but thought I'd also run it past the good folk on DS :D
  • DemizdeeroolzDemizdeeroolz Posts: 3,821
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    #5
    degsyhufc wrote: »
    I don't know what it's like for a new signup but with my current account with Barclays I have a £400 overdraft (no charge for going into it) and £500 personal reserve which gives me a week to get back into the overdraft limit without being charged.

    A lot of accounts require £1000 deposit per month so I'm limited as to which account I can open.
  • degsyhufcdegsyhufc Posts: 59,251
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    #6
    Well mine wasn't but who knows what changes have been made to the accounts and for new members since I joined.

    Have you checked that Barclays Current Account require a deposit?
  • DemizdeeroolzDemizdeeroolz Posts: 3,821
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    #7
    degsyhufc wrote: »
    Well mine wasn't but who knows what changes have been made to the accounts and for new members since I joined.

    Have you checked that Barclays Current Account require a deposit?

    It's difficult to tell from the Barclays website, there is a bank account or a premier current account and in the t&c several types of accounts are mentioned that are no longer available. Barclays didn't come up on the comparison table on Money saving expert so I assumed they don't offer a cheap overdraft.
  • degsyhufcdegsyhufc Posts: 59,251
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    #8
    When I looked at the site it said for new customers on the Current Account had £200 at 0% interest
  • DemizdeeroolzDemizdeeroolz Posts: 3,821
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    #9
    degsyhufc wrote: »
    When I looked at the site it said for new customers on the Current Account had £200 at 0% interest

    I saw that but it's hard to tell if they need minimum monthly deposit, I'll have to look into it further.
  • evil cevil c Posts: 7,833
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    #10
    If you know anyone who is a Which? subscriber, there is an investigative article in this month's (Feb) issue on Bank Charges on Page 22 of the mag, exploring the confusing overdraft charges and helping you find the best account for how you bank.

    Which? checked main current accounts for the 12 biggest banks and established that the different rates and charges made it nearly impossible to work out which bank was the best. They asked 18 volunteers to work out the costs and they got just 10 of the 72 calculations right. The volunteers included a principal inspector of taxes who only got 1 of 4 calculations correct, and a retired headteacher who got them all wrong.

    The OFT (Office of Fair Trading) reviewed unauthorised overdraft charges in Jan 2013 (following their original review in 2008) and decided that charges were still too complex.
  • DemizdeeroolzDemizdeeroolz Posts: 3,821
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    #11
    evil c wrote: »
    If you know anyone who is a Which? subscriber, there is an investigative article in this month's (Feb) issue on Bank Charges on Page 22 of the mag, exploring the confusing overdraft charges and helping you find the best account for how you bank.

    Which? checked main current accounts for the 12 biggest banks and established that the different rates and charges made it nearly impossible to work out which bank was the best. They asked 18 volunteers to work out the costs and they got just 10 of the 72 calculations right. The volunteers included a principal inspector of taxes who only got 1 of 4 calculations correct, and a retired headteacher who got them all wrong.

    The OFT (Office of Fair Trading) reviewed unauthorised overdraft charges in Jan 2013 (following their original review in 2008) and decided that charges were still too complex.

    Thanks for this.
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