need to open another bank account.. any recommendations?

pink.1970

Hi all,

OH and I need to open another bank account for benefits to go into. Already have a joint Natwest Current Account but have been advised by Payplan and our current bank manager to open another to stop benefits being eaten up by charges.

Have applied to Nationwide last Tues but have heard nothing yet.

What I hope someone on here can tell me is which is the quickest to open and best service etc etc.

Please bear in mind we live in a small rural market town with the following...

HSBC, Natwest, Barclays, Nationwide (but only an agent) and Lloyds TSB.

Thanks

Stoopid

Hi,
I have all my benefits paid into a post office account.
You get a card just like all the banks etc, can check your balance to see if that week/months money has gone in, and take out as much and as often as you like.
Presumably you will have a post office locally, so also very convenient. Also makes life very easy when you are away from home, no hunting for a local branch of your bank - most places have a post office nearby - well at least unless Gordon gets his way.
I don't think it earns interest - mine is never in long enough anyway for me to worry about that.
I don't have a cheque book - but I very rarely write a cheque these days anyway.
Also, I can transfer money straight from PO a/c into my regular bank a/c when dd and so are due to go out. Just PO card in, money electronincally withdrawn, normal bank card in, money electronically deposited. Also get automatic receipts of all transactions so you can keep records straight.
I get a quarterly statement, which is fine for me, but don't know if you can ask for them more regularly.
You can probably pay your c.card as well - but I have never done this, so you would have to check.

Hope that helps

pink.1970

Thanks will have to check out the PO in town.
Didnt even think of them, but my heads spinning this is all new to me.

JPizzle

To Stoopid:
Is the Post Office account you mention the Instant Saver? Because I've just looked recently as I thought it would be convenient to save there, but the account only allows you 6 free withdrawals per year before you get charged £1 for them.

Or is there another PO account available?

Also, to pink.1970:

Although you only have the big banks locally, you could open an online account for benefits from somewhere like Tesco (£20 Cashback on Cashback Kings), which has an ATM card for the Instant Access option. It has no minimum funding or anything, nor does the Egg Savings account.

Obviously, the online application could be quite quick to do as your identity can be checked electronically.

pink.1970

JPizzle - I went to PO yesterday and asked about the account that Stoopid mentioned, to have benefits paid in you need to ask at the benefit office about doing this apparantly the benefits office give you a form to take to the PO. As I understand it is only for benefits and nothing else so you have a cash card to use to collect your money to place in any other bank account for bills etc etc. HTH

Going to have a look at the Tesco one now.