Need help choosing a bank...

RocketPig

Hi,
I have been pondering over the info on this site (which is very good) and have been comparing different accounts but I am still none the wiser!! I'll try and be as simple as I can.

What I have

• I currently have a HSBC graduate current account with near as makes no difference £10,000.
• I also have a sister account "online bonus saver" with several thousand pounds, which casn be accessed by logging onto my HSBC graduate account online. Its important these funds aren't crossed hence the two accounts.

What I want

• A current account for my spending money, but I'll probably only keep £400 at most in this at any one time. I do not want / need an overdraft.
• An easy access savings account where I'll deposit £9600 and add my monthly salary to it.
• A 2nd easy access savings account to replace the online bonus saver.
• Must have internet banking.
• I do not want to pay for my bank account.

I hope I have made that clear, any advice or comments are welcome. At the moment I have all this cash and its not working for me

RocketPig

Any comments on this?

I thought Llyods Vantage looked great, until the 4% AER cap is at £7,000.

Baldur

RocketPig wrote: »

Any comments on this?

I thought Llyods Vantage looked great, until the 4% AER cap is at £7,000.

You are currently allowed 3xVantage accounts - so up to £21k @ 4%.

RocketPig

Thats a good point actually, but I am also looking at Llyods Incentive Saver which overs a consistent 3%.

The vantage account only gives you 4% if you pay £1000 in year month.

Baldur

RocketPig wrote: »

Thats a good point actually, but I am also looking at Llyods Incentive Saver which overs a consistent 3%.

The vantage account only gives you 4% if you pay £1000 in year month.

You can circulate the same £1k around the accounts - takes seconds via internet banking.

RocketPig

You'll have to forgive my ignorance (I'm new to this banking stuff, hence why I have a wad of cash and no interest), but if I had 3 Vantage accounts, would that mean I had 3 debit cards and 3 seperate bank details? Or would I just have the one debit card and access the other two accounts via online banking?

Baldur

3 of everything and all 3 can be accessed via online banking, hence the ability to circulate the required 1k from A>B>C and back to A within seconds.

RocketPig

Call me old fashioned, but it seems like a lot of hassle for the sakes of £60 month (£20 per account). Yes it adds up but still...

Baldur

Can you find another 'easy access' account that pays 4% for the sake of a few mouse clicks?

You could always set up Standing Orders, if concerned about repetitive strain injury....;)

RocketPig

Mmm I agree its probably one of the best "savings account" out there, but I just want a current account with a fat AER and no limit...it's not going to happen I know!!

Thanks for your time, I'll roll down to Lloyds on Saturday and try to open 2 accounts (to start off with).

psychic_teabag

If you're only keeping £400 in the current account, the interest rate isn't all that important. (Esp. if you don't think £60/month is worth a little bit of hassle !)