Which current account?

ashbart

Hello,

A friend of mine who currently banks with Abbey National wants to switch bank accounts as hers has been nothing but hassle. Particulars as follows:

Money in per month - between £1000 and £1400
Overdraft - £100 maximum (very rarely uses it)
Must have Visa Debit or Maestro (she has Electron at the moment and hates it)
She does not have any DD's or SO's but can set up one if necessary.
Any extra money from paycheck at end of month is put into savings account, therefore nothing kept in current account.
She would also consider switching her savings from Abbey which is currently in a rubbish savings account. She pays in approximately £1000 per year to the savings account.

A&L's £100 cashback deal is of no use as Abbey and A&L are part of Santander and no existing customers. First Direct is no good as you must deposit at least £1,500.

Anyone have any other ideas?!? I think her main concern is having a Maestro or Visa Debit so she can use the card more often. Are there particular banks who issue these more readily as opposed to Solo or Electron?!?

Thanks in advance!

Lansdowne

You haven't said whether your friend is into online banking or would prefer to use a branch, in which case having a nearby branch would be a factor. Co-op Bank or Nationwide spring to mind.

But if it's important to have the savings account in the same place as the bank account, then those may not be the best bet.

ashbart

Hi Lansdowne,

I believe she would prefer to benefit from both branch and on-line. I will take a look at Nationwide now, thanks! The Savings doesn't neccesarily have to be with the same institution.

apt

If she can discipline herself to not using an overdraft at all or at most for a couple of days a month then the account the Halifax are introducing next month paying a flat £5 per month interest regardless of balance would be quite attractive. Nationwide offers next to no interest, but is very good for foreign currency spending.

ashbart

Hi apt - so this account from the Halifax is not available now but will be in Feb? Does it have a minimum monthly deposit? Their High Interest Current Account looks quite good at the moment but, your £5 per month regardless would work out a better deal so might hold out for it.
Thanks.

Mike1989

Hi, your friend could consider HSBC. Tons of branches around and supposedly a decent online system. Also they have VISA debit now according to another thread. But if your friend can get this current account;

http://www.hsbc.co.uk/1/2/personal/current-accounts/current-account-advance;jsessionid=0000P-_2KYO6R5T-ntkxXCEbHxv:12ntf1tru

She would have access to a 8% regular saver. That is fixed for 12 months, and you only need to put in between £25 and £250 a month. So that might suit your friend who saves around £1000 a year. And the account also has identity protection. Seems a decent offer and an easy amount to put in each month in the current account £500 at least. Also having a HSBC current account it opens up offers for their customer such as their fixed rate bond that offers 3.50% for 1 year. And a number of other bonus offers available to customers.

456789

HSBC are very good I would recommend them

Richard_Cocks

If your friend doesn't expect to have to use an overdraft (but wants a small agreed one "just in case") then I'd recommend lloyds.

maxsquared

Halifax high interest, not a bank give you money for switching, but very good customer service and branches all over the place, if you pay 1000 or more a money, you can get high interest 2.5%

withnell

What about A&L Premier Direct? Pays 6.5% interest, and no restrictions on holders of Abbey current accounts

[Deleted User]

ashbart wrote: »

First Direct is no good as you must deposit at least £1,500.

First Direct is still an option. You won't get the £100 incentive, but you would get a highly recommended bank. If you opened a savings account too (£1+), you'd avoid the monthly fee. You get a free £250 overdraft and free regular text messages (balance, etc) if you want them.