Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Aubrey Thicket
    • By Aubrey Thicket 20th Apr 17, 10:16 AM
    • 146Posts
    • 43Thanks
    Aubrey Thicket
    Please suggest a bank account with regard to my personal circumstances
    • #1
    • 20th Apr 17, 10:16 AM
    Please suggest a bank account with regard to my personal circumstances 20th Apr 17 at 10:16 AM
    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.
Page 1
    • xylophone
    • By xylophone 20th Apr 17, 10:28 AM
    • 22,881 Posts
    • 13,235 Thanks
    xylophone
    • #2
    • 20th Apr 17, 10:28 AM
    • #2
    • 20th Apr 17, 10:28 AM
    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
    • By grumbler 20th Apr 17, 10:32 AM
    • 51,388 Posts
    • 21,755 Thanks
    grumbler
    • #3
    • 20th Apr 17, 10:32 AM
    • #3
    • 20th Apr 17, 10:32 AM
    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.
    Originally posted by Aubrey Thicket
    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.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • grumbler
    • By grumbler 20th Apr 17, 10:36 AM
    • 51,388 Posts
    • 21,755 Thanks
    grumbler
    • #4
    • 20th Apr 17, 10:36 AM
    • #4
    • 20th Apr 17, 10:36 AM
    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)
    Originally posted by xylophone
    I don't think it works well for balances well below £20K
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • mgdavid
    • By mgdavid 20th Apr 17, 11:15 AM
    • 5,202 Posts
    • 4,363 Thanks
    mgdavid
    • #5
    • 20th Apr 17, 11:15 AM
    • #5
    • 20th Apr 17, 11:15 AM
    ...... 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?.....
    Originally posted by Aubrey Thicket
    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.
    A salary slave no more.....
    • teddysmum
    • By teddysmum 20th Apr 17, 3:46 PM
    • 8,221 Posts
    • 4,891 Thanks
    teddysmum
    • #6
    • 20th Apr 17, 3:46 PM
    • #6
    • 20th Apr 17, 3:46 PM
    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
    • By mt99 20th Apr 17, 5:00 PM
    • 345 Posts
    • 154 Thanks
    mt99
    • #7
    • 20th Apr 17, 5:00 PM
    • #7
    • 20th Apr 17, 5:00 PM
    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
    • By jonesMUFCforever 20th Apr 17, 6:57 PM
    • 23,984 Posts
    • 11,293 Thanks
    jonesMUFCforever
    • #8
    • 20th Apr 17, 6:57 PM
    • #8
    • 20th Apr 17, 6:57 PM
    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
    Originally posted by mt99
    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.
    What goes around - comes around
    give lots and you will always receive lots
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

80Posts Today

1,916Users online

Martin's Twitter
  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

  • Follow Martin