Please suggest a bank account with regard to my personal circumstances

Aubrey_Thicket · 20 April 2017 at 10:16AM

Hi all

I have been a TSB (Now Lloyds) customer for 31 years and I have now decided the time is right to switch Bank accounts. Therefore, I looked through the Bank Account switching section on MSE but there doesn't appear to be an account that suits me properly. Either that or I just don't understand.

Please allow me to explain some of my circumstances.

I have 2 jobs.

I am guaranteed around £850 into my account monthly (FROM JOB 1). This is always paid on the last day of the month. I am also guaranteed around £1500 per month into my account (FROM JOB 2). Now, this £1500 (FROM JOB 2) is never paid on a set date because of the companies cash flow. All that is certain is that I always get the £1,500 but it can be on the 1st, 10th or any other day of the month. The reason I mentioned that is because of the way certain banks (Tesco etc) treat the word 'month'. Therefore, to sum up to here I receive around £2300 per month from jobs 1 and 2.

Bills etc: These go out of my wife's account so I have no bills (Mortgage/utilities etc) to pay. The only direct debits I have going out are my mobile bill (£40 - £80) and a life insurance policy (£8.50). Again, the reason why I mentioned this is because some accounts require a set amount of payments/standing orders and direct debits per month etc.

I never go overdrawn

I always have around £2000 - £6000 in credit in my account.

Please can somebody point me to an account that would work for me given the information I have provided here?

Thanks in advance all.

xylophone · 20 April 2017 at 10:28AM

Why switch from TSB at all? Presumably you have the Plus account which pays you 3% on up to £1500?

Why not open a joint account with your wife from which all the regular household DDs can be taken? The Santander 123 would suit ( giving cash back and interest) and would give you both access to the 5% Regular saver.

Had you considered the Nationwide Flexdirect account which would give you access to the 5% Flexclusive regular saver?

grumbler · 20 April 2017 at 10:32AM

Aubrey_Thicket wrote: »

I am guaranteed around £850 into my account monthly (FROM JOB 1). This is always paid on the last day of the month. I am also guaranteed around £1500 per month into my account (FROM JOB 2). Now, this £1500 (FROM JOB 2) is never paid on a set date because of the companies cash flow. All that is certain is that I always get the £1,500 but it can be on the 1st, 10th or any other day of the month. The reason I mentioned that is because of the way certain banks (Tesco etc) treat the word 'month'. Therefore, to sum up to here I receive around £2300 per month from jobs 1 and 2.

For most banks 'month' = calendar month. If the pay-in requirement is bigger than £850, you have to take care of an extra manual transfer, typically from another bank.

Bills etc: These go out of my wife's account so I have no bills (Mortgage/utilities etc) to pay. The only direct debits I have going out are my mobile bill (£40 - £80) and a life insurance policy (£8.50). Again, the reason why I mentioned this is because some accounts require a set amount of payments/standing orders and direct debits per month etc.

Usually, the min pay-in and the DDs are needed only for getting some benefits. If you want to get them either transfer some DDs to your account or create new one(s), e.g. to some savings account(s) allowing topping up by a DD.

grumbler · 20 April 2017 at 10:36AM

xylophone wrote: »

Why not open a joint account with your wife from which all the regular household DDs can be taken? The Santander 123 would suit ( giving cash back and interest)

I don't think it works well for balances well below £20K

mgdavid · 20 April 2017 at 11:15AM

Aubrey_Thicket wrote: »

...... Therefore, I looked through the Bank Account switching section on MSE but there doesn't appear to be an account that suits me properly. ............

Please can somebody point me to an account that would work for me given the information I have provided here?.....

Which accounts do you think won't suit you, and why?

There doesn't seem to be much wrong with your current circumstances or account - apart from maybe holding too much in the account and not maximising earning interest on the balance.
So rather than switching just open another interest-paying current account.

teddysmum · 20 April 2017 at 3:46PM

Read up on how many of us move money round, meaning paying in requirements are met, while ,admittedly, small sums earn interest, but are instantly available , while also offering access to regular savers.

mt99 · 20 April 2017 at 5:00PM

Not sure what you mean by 'been a TSB (now Lloyds) customer'...

Does this mean you were with TSB and are now with Llloyds? If you are, then Lloyds require a £1500 mopnthly pay in to get the 4% interest. You would be better off moving back to TSB where the payin is only £500 a month.

If you are with TSB I would stay there it seem to be the best for your circumstances

jonesMUFCforever · 20 April 2017 at 6:57PM

mt99 wrote: »

Not sure what you mean by 'been a TSB (now Lloyds) customer'...

Does this mean you were with TSB and are now with Llloyds? If you are, then Lloyds require a £1500 mopnthly pay in to get the 4% interest. You would be better off moving back to TSB where the payin is only £500 a month.

If you are with TSB I would stay there it seem to be the best for your circumstances

Club interest is not 4% anymore its 2% I think but he fee has been reduced to £3 if you don't pay in £1500.

Please suggest a bank account with regard to my personal circumstances

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