Bank Account Advice Required

Kilty_2

Hello,

I would like some advice. I currently have a savings account with Clydesdale Bank that I am being made to change to either a Student Account or Current Account once I am 16 (in a couple of months' time).

Not sure I want to do this as the interest rates on either are pretty poor and I do all of my day-to-day transactions via my Bank of Scotland account anyway.

There's not a lot of money in the account, £400 or so but I'd like to put it somewhere with a half decent rate of interest as I will be adding to it now and again once I start earning money (I am currently starting up as a freelance web designer in my spare time). Instant access is required.

Was considering opening a Nationwide FlexAccount & E-Saver when I'm 16, use the FlexAccount for cash withdrawals when abroad (maintaining the minimum balance when I'm not) and put the money I want to save into the E-Saver account. Not sure if this is a good idea or not as I doubt that they would give me a debit card and I don't know if the basic ATM card they provide would work overseas (if anyone knows, please tell me ).

Any suggestions will be appreciated and considered.

Thank you

EDIT - forgot to add, online banking with the account would be nice, but I'd prefer to have some kind of support in-branch as well

Gordon_the_Moron

The cashcard -SHOULD- work abroad, I say should because when I was too young for a debit card mine did, but it wasn't a Nationwide card so I can't be sure. I don't know whether it will be fee free if they do either, your best bet would be to go in your nearest branch and ask. Until you are 18 they won't give you a credit/debit card as if you don't pay they can't do anything about it.

If the cashcard does work abroad, and is free, then I think Nationwide is your best bet.

Gordon_the_Moron

Nationwide offer secure online banking (covered against fraud) with an easy to use interface. They also offer banking in branch.

montrose5

We have used Nationwide for the past year having got sick and tired of B.O.S who are becoming more and more of a ripoff.Website is easy to use, you won't be charged for using your debit card abroad. Any branch I have been to was always helpful

Kilty_2

montrose5 wrote:

you won't be charged for using your debit card abroad.

Heh, thanks, but they won't give me a debit card

If anyone has a basic FlexAccount with ATM card and has successfully used it abroad, I want to hear from you

Nationwide is looking more and more promising though :T

techno_geek

I've used the Nationwide FlexAccount Cash Card abroad and it's been fine!

Kilty_2

techno_geek wrote:

I've used the Nationwide FlexAccount Cash Card abroad and it's been fine!

:T:T:T:T:T:T:T:T:T:T:T:T:T

Parky

techno_geek wrote:

I've used the Nationwide FlexAccount Cash Card abroad and it's been fine!

Thanks techno, that helps me too (see my Nationwide woes...!)

xxx

Kilty_2

What's the minimum balance you need to have in a FlexAccount to keep it open?

I'd rather have the most of the money in the E-Saver account...

Gordon_the_Moron

There isn't a minimum balance on the flexaccount, they only pay 4.25% interest if you pay in at least £1000 per month, below that the rate drops sharply, if you keep the money in the E-saver though it doesn't matter that the interest rate is low. If you want to you can always cheat and withdraw your cash and pay it back in to meet the threshold, easy if you've got a branch near by, not so easy when dealing with the likes of smaller building societies like Coventry.