Trying to find a decent current account

ouser

HI guys.
I’m interested in getting a decent current account at the moment and am really struggling. I know there is a thread on instant access accounts but that does not exactly cover what I want. I want an account with which I have a card and can buy goods and do internet shopping and many “instant access” accounts don’t have this feature such as those of Anglo-Irish.
I want a free account. The recent idea that banks can charge you for having an account is insane to me. I also don’t want and gimmicks such as “tiered interest rates,” introductory rates or the obligation to pay in a certain amount or you lose your interest. What I want is a proper, grown-up current account without gimmicks and cons, even if the interest is low. I’m having a hard time finding such an account using Moneysupermarket because all current accounts appear to be characterised by cons and gimmicks now. Lloyds TSBs is a good example where you only get the 4% on balances £5000 - £7000 AND you have to pay in £1000 a month meaning that you HAVE to go over the limit and earn a poxy 0.1% on everything else. A child could see through that con surely. Cahoot seemed a good option but they failed me due to a credit check which is odd because I never take credit out. I’m now looking at AK bank and I think my money would be insured with them but I’m not sure. In any case I’m sick of all the gimmicks and just want a real, grown-up current account. If I can’t do something with AK I don’t know what I’ll do.
Any help would be appreciated.
Thanks in advance.
p.s is there any politic and\or legal action that could be applied to stop every damn account offered being some kind of underhand racket!? I would never take out one of those accounts (I would never, ever pay for a bank account) but if they are all like that it does limit one’s options.

Lokolo

Current accounts aren't there for interest.... thats what savings accounts are for....

Kavanne

Natwest Current Plus
Halifax/BOS Reward (you get £5 IF you pay in £1000 per month but there's no charge if you don't)
Lloyds TSB Classic
HSBC Current Account
Cooperative Current account and current account plus

The list goes on!!

Reaper

I suggest you start by reading Martin's Best Bank Accounts article.

G_M

There's a whole forum devoted to current accounts:

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

paid4it

dont know if it helps or not but nationwide has been ok to me and they have a good internet site the flexaccount pays no interest

G_M

Nationwide? Zero interest these days on Flex a/c and no Faster Payments. Savings rates are rubbish too. Internet banking and telephone support both good.

paid4it

G_M wrote: »

Nationwide? Zero interest these days on Flex a/c and no Faster Payments. Savings rates are rubbish too. Internet banking and telephone support both good.

ouser only asked for a current acc, that did not charge, sounds to me like you are anti nationwide? as i said they have been good to me even dropped a charge for being overdrawn after my boss forgot when pay day was. they do have their faults but when you read this board for a few weeks which one does'nt

opinions4u

ouser wrote: »

I’m interested in getting a decent current account at the moment and am really struggling.

It is one heck of a competitive market out there.

I want a free account. The recent idea that banks can charge you for having an account is insane to me.

Why? I have a phone line and get charged a monthly fee for that. I have a TV and pay monthly for a licence and satellite dish. I have the internet and pay a fee for that. My employer pays for my mobile phone, but it isn't free.

Why do you think that somebody providing a service that requires a branch network, an ATM network, call centres, plastic cards, payment services etc etc should do it for free?

One of the miracles of modern life is that banks can provide current account services free of charge to customers who stay in credit.

I also don’t want and gimmicks such as “tiered interest rates,” introductory rates or the obligation to pay in a certain amount or you lose your interest.

Don't take one then.

What I want is a proper, grown-up current account without gimmicks and cons, even if the interest is low. I’m having a hard time finding such an account using Moneysupermarket because all current accounts appear to be characterised by cons and gimmicks now.

Why is somebody giving you interest a gimmick or a con? It may be an incentive, it may have a limited shelf-life, but it is surely better than nothing.

Lloyds TSBs is a good example where you only get the 4% on balances £5000 - £7000 AND you have to pay in £1000 a month meaning that you HAVE to go over the limit and earn a poxy 0.1% on everything else.

£5,000 + £1,000 does not take you over £7,000 does it? Your poxy 0.1% is the same as many savings accounts at the moment anyway, so don't knock it too hard!

A child could see through that con surely.

I still don't see it as a con. Sorry. I see the benefits as limited, but it is not a con.

Cahoot seemed a good option but they failed me due to a credit check which is odd because I never take credit out.

I recommend that you read articles about building up your credit rating on the main site. You would benefit greatly from investing 10 minutes.

I’m now looking at AK bank and I think my money would be insured with them but I’m not sure.

They are covered by the Dutch protection scheme.

In any case I’m sick of all the gimmicks and just want a real, grown-up current account. If I can’t do something with AK I don’t know what I’ll do.

If you can find one on AK's web site go for it. I can't see one though. You don't sound particularly grown up to me. Is your post actually an attempted spam?

p.s is there any politic and\or legal action that could be applied to stop every damn account offered being some kind of underhand racket!?

You see it as a racket. I see it as a healthy and competitive market. As I stated above, there is every reason for banks to charge for current account services. The fact that we have a competitive market is why they don't.

I would never take out one of those accounts (I would never, ever pay for a bank account) but if they are all like that it does limit one’s options.

There are dozens of bank accounts that meet your needs. But if you want a bit more in the way of interest you will need to meet the terms and conditions of the account. In most cases you still get some interest if you don't.

dazeruk

ouser wrote: »

Lloyds TSBs is a good example where you only get the 4% on balances £5000 - £7000 AND you have to pay in £1000 a month meaning that you HAVE to go over the limit and earn a poxy 0.1% on everything else. A child could see through that con surely.

You seem very negative OP.

You get 4% if your account balance remains between £5,000 and £7,000 and you deposit £1,000 a month. Why not open a savings account along side and transfer £1,000 out the same day your £1,000 goes in. In fact I've opened two of these Advantage current accounts. I have about £5,000 in one and have my wages paid into that. £7,000 in the other. I have a standing order which transfers £1,000 out of my wages account into the other and a similar standing order which puts it back. I have all my bills paid on the first of the month, the same day that my wages go in, so no money actually earns 0.1% Took some organising on my part but you've got to do some work yourself to make your money work best for you.

G_M

Opinions4you - Nice one: admire your patience!

Paid4it - Anti Nationwide? No, just pointing out their pros & cons. I still bank with them but am disappointed.