Recommend a bank account

innovate

dchurch, assuming you really want an account that caters for your circumstances (rather than having fun with taking banks to court), have you looked at an offset account, such as the OneAccount? This would give you total flexibility, and if you temporarily go over your budget, you pay the agreed interest rate (currently below 6%), only for the number of days you are 'in the red'. If you overachieve on your budget, you pay less interest on your outstanding mortgage, again calculated on your daily balance.

With the OneAccount, you get everything you get with a current account (online facilities, direct debits, standing order) plus a VISA card with a weekly limit of £3,500. If you find someone who refers you, you can also get a £125 sign-up bonus with the OneAccount - this could help offsetting some of your overdraft requirements. Feel free to PM me if this is of further interest to you.

innovate

dchurch24 wrote:

As innovate points out, there are '000s of bank workers who spend their days chasing money and sorting out customers who are not capable managing their own money.

This isn't what I pointed out, please don't misquote me. What I said was "The banks have to pay salaries, pension and NI contributions to staff they employ to manage accounts, and they have to provide offices for their staff. ".

YorkshireBoy

dchurch24 wrote:

...if I went into the bank to change the date, or ask the morgage company to change the date that the money is taken - it takes 4 weeks for the change to occur.

Whilst I agree that 4 weeks is a long time (it has never taken that long in my own experience), please bear in mind that at least 10 days of this is due to the 'direct debit guarantee' - itself designed to protect *you*, the customer...

The Guarantee
If the amounts to be paid by Direct Debit or the payment dates change, the organisation collecting the payment will notify you normally 10 working days in advance of your account being debited or as otherwise agreed.

http://www.bacs.co.uk/BPSL/directdebit/generalpublic/yourrights/

I'm sorry, but I can't let this comment go unchallenged...

dchurch24 wrote:

I am not spending money I don't have.

If you're not spending (or 'committing to spend', eg DD's) money you don't have, then how on earth do you incur your first 'charge' (with what seems to be each and every bank you use)?

dchurch24

Hi, I have looked at the One Account and was quite interested, but the interest rate on the mortgage part is considerably higher than the mortgage I have now (US mortgage).

Thank you for that reply in any case.

As to the questions asked in the last post, I will answer but in the correct thread.