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  • FIRST POST
    • Mrs Arcanum
    • By Mrs Arcanum 13th Jan 18, 8:36 AM
    • 15,984Posts
    • 32,424Thanks
    Mrs Arcanum
    Best Bank Account for under 1,000 pcm income
    • #1
    • 13th Jan 18, 8:36 AM
    Best Bank Account for under 1,000 pcm income 13th Jan 18 at 8:36 AM
    As the thread title says. Need recommendations.

    Pay several DD but also faster payments to offspring at Uni.

    Also recently discharged CCJ and charge has been removed form the property.
    We put all our politicians in prison as soon as theyre elected. Dont you? Why? It saves time. ― Terry Pratchett, The Last Continent.
Page 1
    • 18cc
    • By 18cc 13th Jan 18, 8:49 AM
    • 144 Posts
    • 95 Thanks
    18cc
    • #2
    • 13th Jan 18, 8:49 AM
    • #2
    • 13th Jan 18, 8:49 AM
    For you, what does 'Best' mean? What are you looking for (they all allow you to pay DD).

    Do you want to access the bank b desktop, mobile, telephone?
    • binaryuniverse
    • By binaryuniverse 13th Jan 18, 8:53 AM
    • 526 Posts
    • 302 Thanks
    binaryuniverse
    • #3
    • 13th Jan 18, 8:53 AM
    • #3
    • 13th Jan 18, 8:53 AM
    If you consistently have under 1000pcm in your account then a reward account may be a better than an interest paying account.

    TSB gives you 3% interest up to 1500. They also give you 5pm for having 2 direct debits, and another 5pm for using your debit card 20 times per month. These offers only run until the end of the year, mind, but the 3% is indefinite (but can change. It was 5% a couple of years ago).
    They sometimes have switch bonus offers. But not at present.

    Co-ops reward account pays 4pm, with 800pm paid in and 4 direct debits paid out. They also pay out for using your debit card, but it's
    a max of 1.10 per month, and not as good as the TSB offer. They also have switch bonus offers available, at times. But, again, not at the moment.

    Halifax pays 3 per month on it's reward account.You just need 2 direct debits and a pay in of 750. But they don't offer anything else with that.

    There's also Barclays, who pay 7, but you have to pay an account fee of 3. So the actual net cashback is 4. I don't know much about this account though.
    • Mrs Arcanum
    • By Mrs Arcanum 13th Jan 18, 9:48 AM
    • 15,984 Posts
    • 32,424 Thanks
    Mrs Arcanum
    • #4
    • 13th Jan 18, 9:48 AM
    • #4
    • 13th Jan 18, 9:48 AM
    If you consistently have under 1000pcm in your account then a reward account may be a better than an interest paying account.

    TSB gives you 3% interest up to 1500. They also give you 5pm for having 2 direct debits, and another 5pm for using your debit card 20 times per month. These offers only run until the end of the year, mind, but the 3% is indefinite (but can change. It was 5% a couple of years ago).
    They sometimes have switch bonus offers. But not at present.

    Co-ops reward account pays 4pm, with 800pm paid in and 4 direct debits paid out. They also pay out for using your debit card, but it's
    a max of 1.10 per month, and not as good as the TSB offer. They also have switch bonus offers available, at times. But, again, not at the moment.

    Halifax pays 3 per month on it's reward account.You just need 2 direct debits and a pay in of 750. But they don't offer anything else with that.

    There's also Barclays, who pay 7, but you have to pay an account fee of 3. So the actual net cashback is 4. I don't know much about this account though.
    Originally posted by binaryuniverse
    The only thing Halifax offer on top is cashback for card purchases from selected companies. The usefulness of which has diminished over time, hence why I am looking for alternatives.
    We put all our politicians in prison as soon as theyre elected. Dont you? Why? It saves time. ― Terry Pratchett, The Last Continent.
    • Anthorn
    • By Anthorn 13th Jan 18, 3:14 PM
    • 3,339 Posts
    • 874 Thanks
    Anthorn
    • #5
    • 13th Jan 18, 3:14 PM
    • #5
    • 13th Jan 18, 3:14 PM
    As the thread title says. Need recommendations.

    Pay several DD but also faster payments to offspring at Uni.

    Also recently discharged CCJ and charge has been removed form the property.
    Originally posted by Mrs Arcanum
    What do you mean by "Also recently discharged CCJ and charge has been removed form the property"? If the CCJ has dropped off the register and therefore dropped off your credit history you don't have anything to worry about. I'd say go for TSB Classic Plus account as a previous post in this thread suggests.

    If the CCJ is still on the register and on your credit history there's your problem because it affects your credit worthiness. In such a case go for a bank which says it will offer a basic bank account if your application for a regular account fails such as Lloyds Bank.
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