Confusion about banks

Althamus

This isn't technically the correct forum, but its fairly close...

I am an english ex-student (just graduated from my degree a month ago) and am looking to open another bank account, since my current one was set up by my parents years ago and is on a pretty dire interest rate.

However, I've never looked into anything like this, and have spent the past 3 days now trying to work out what on earth I should be looking for, and am currently buried in jargon and failing miserably to see the light through it all.
Although I do understand that since I have never tried things like this before, I might be reading too closely/looking at the wrong area and trying to understand all the terms and conditions or something, which might be overkill.

As I mentioned, I've just finished my degree, so currently have no job (and no regular income) and so can't meet £X per month monthly payments which quite a few of the banks seem to require...?

Despite being a student though, I do have a positive balence by (atm) a modest amount, and am living with parents until I can find a job to minimise expenses there.

I've read through http://www.moneysavingexpert.com/savings/savings-accounts-best-interest
Which lists most of the best savings accounts, but trying to sort out the accounts which place loads of restrictions on me is a difficult business which leaves me with a headache after an hour or so.

I've also looked here: http://www.moneysavingexpert.com/banking/graduate-bank-accounts
which seems to list graduate accounts which allow me to have an interest-free overdraft, but they also appear to require me to put more money in the account every month, and also apparently put a chunk of money in to start with, which makes little sense if they are to be used as an account to open, take the overdraft out for however long, and then pay it back after a few years.

So yes =] I'm dead confused trying to wade through all the information out there when about 60-80% of it seems to be greek to me.
If anyone can help me out at all, it'd be much appreciated ^_^

Thanks in advance.

talana

You've definitely put this in the wrong forum, so those who may be able to make some sensible suggestions might not see the thread.
Hopefully we can get it moved for you.

But re your query.....

As I mentioned, I've just finished my degree, so currently have no job (and no regular income) and so can't meet £X per month monthly payments which quite a few of the banks seem to require...?

Doing the research now is great, but without being able to deposit £x per month at the moment you're going to exclude yourself from most of the best interest-paying current accounts out there. If I was in your shoes I'd wait till I was earning a salary, then look to switch.

Despite being a student though, I do have a positive balence by (atm) a modest amount

With just a modest positive balance, any interest you might gain by switching now will be negligible. It'd be easier at the moment just to have a savings account linked to your present current account. Instant transfer between the two and you'll will at least earn some interest on your positive balance.

And yes, don't get too bogged down reading all the T&Cs at this stage as most accounts will have very similar T&Cs.

Moggles_2

This is not really a credit card question, as I think you realise, and you may get replies more quickly, if you post again on the Budgeting & Current Accounts board

http://forums.moneysavingexpert.com/forumdisplay.html?f=20

Very best
M

Althamus

Sorry, I know it wasn't a credit card question, but I wasn't sure which section it was meant to go in, and at least credit cards are close to banks...

I'll repost it in the advised forum.