Trying to find the best current account

ss4

Firstly, I not yet elegible for a student account.

I'm trying to find a current account with a good interest rate. The problem is that most accounts want £500 or £1000 to be paid in every month, which I definately can't meet (for an 18 year old). The bank has to have branches on the high street (so nationwide, halifax etc.)

I've looked at nationwide flex and that pays no interest :mad:. The a&l one pays 5% but only for a year which is annoying. I don't need an overdraft but has to have a debit card.

What account has the highest interest rate but not a bonus because I don't want the hassle of switching all the time?

Baldur

The maximum interest that you are likely to find on the high street, without bonuses or minimum monthly deposit requirements, is likely to be minute (around 0%-0.1%).

A current account with a linked savings account that offers a reasonable rate is probably a better target to set for yourself.

See the usual comparison sites:

http://www.moneyfacts.co.uk/money/currentaccounts/1/banking_current.aspx

http://www.moneysupermarket.com/currentaccounts/

apt

If you are going to qualify for a student account next year you could use the A&L 5% account in the meantime.

p00hsticks

I agree with Baldur - for a current account, customer service, reliabiltiy and facilities provided are much better criteria to use rather than interest paid, which is likely to be minimal. Even with a good rate of interest, it'd be surprising if you end up earning more than a few pounds a year.

ss4

p00hsticks wrote: »

I agree with Baldur - for a current account, customer service, reliabiltiy and facilities provided are much better criteria to use rather than interest paid, which is likely to be minimal. Even with a good rate of interest, it'd be surprising if you end up earning more than a few pounds a year.

In terms of customer service and reliablity what bank would you recommend?

TheEffect

I'm on a gap year and also 18. I'm using Lloyds TSB Classic Account. It pays interest when you have more then £1000 in your account. Also, it has a 3% linked incentive saver. Great customer service and a few other features such as free txt messages with your balance, save the change, cheque book and debit card.

p00hsticks

ss4 wrote: »

In terms of customer service and reliablity what bank would you recommend?

First Direct are supposed to be really good, but don't fulfill your requirement of having high street branches.

I've heard bad things about Abbey and A&L.

Personally I'm with Nationwide and Nat West and find both OK, but I do most of my banking online and have simple banking needs (no overdrafts, loans, foreign transactions etc, very rarely need to speak to anyone about anything or want text messages etc)

book12

Try the LTSB under 19's account. It pays interest 2.50% AER, better than other teenager bank account. http://www.lloydstsb.com/current_accounts/under_19s_account.asp