Want to move current account but am unemployed!

kevtrader

I want to move from my Abbey current account which pays 0.1% or 2.53% interest to a higher interest paying one but I'm currently unemployed. The last time I tried moving I went for the A&L offer of 5% plus an overdraft last year and they turned me down.

My status hasn't changed since then so is it a good idea for me to change banks as I don't work at the moment? Will I be turned down again if I do try?

jonesMUFCforever

A lot of banks will expect at least £500 per month (excluding benefits) before they are prepared to offer you their best accounts.
If your income is solely benefits some will only offer you a basic cash account.

kevtrader

It seems like I'm stuck with the 0.1% account for now until I get better and get a job as I currently get £8k a year from benefits but thanks anyway!

I wonder if any basic accounts pay more than the pitiful 0.1%? I'm going to check and find out.

System

I think Nationwide pays the same rates on both it standard and basic accounts.

I think it would be about 1.5% on £500 per month.

I think you'd only get a cash point card initally tho...

Another option is to get an ISA or e-saver with Abbey and only keep the money you need in the current account and transfer money over as you need.

My mate does this with his Bank of Scotland Cardcash account. Not as good having a better paying account but better than nothing.