New Northern Bank current account

D.A.

Oh joy, oh rapture. The Northern finally launches a current account with no fees or charges.

Bet you it pays no interest though.

Nice to see the local media fawning all over the Northern without even bothering to check if we're still getting a crap deal from them.

Simpson

It would need to be a bloody good deal to bring me back.

but thanks for posting anyway.

NAR

Hope the other 3 banks follow suit quickly. The current charges are daylight robbery.
Be fair D.A., I'm sure it won't pay interest. There are a business after all and have got to be able to make money somehow.

D.A.

Strange how all the English banks and building societies can afford to pay interest on their current accounts and still make money, eh? ;-)

vegas-ni

I have been with the Halifax since I was 16. Never had one charge and get a decent interest rate. Though their best feature is their online banking. It excellent. You can delete your old direct debits without charge etc They even provide a code to get cheaper anti virus from trend.

Also if you use the online service you can create your own websaver accounts. They are high interest savings accounts that you can transfer money in and out of at will with no delay or fees.

NAR

D.A. wrote:

Strange how all the English banks and building societies can afford to pay interest on their current accounts and still make money, eh? ;-)

Yep, but they haven't been handing out £26.5M to the "boys!"

Springfield_2

I was going to write them a letter just before Christmas:

Dear Northern Bank,
It has come to my attention that your account is currently £26.5 million overdrawn. I am sure this is an oversight on your part. Could you please rectify this immediately? You have been charged £20 for this letter. etc etc

Yours sincerely,

....
I imagine they will be keeping interest payments as low as possible and hick up the charges soon.

BigAl94

This is not a free account. It only does away with fees for setting up and cancelling direct debits and standing orders. All other fees apply, interest rate on unauthorised overdrafts is around 27%. The linked savings account is not available through the branches, only online. Does not apply to existing accounts, Existing customers need to open a new account

JVCNI

BigAl94 wrote:

This is not a free account. It only does away with fees for setting up and cancelling direct debits and standing orders. All other fees apply, interest rate on unauthorised overdrafts is around 27%. The linked savings account is not available through the branches, only online. Does not apply to existing accounts, Existing customers need to open a new account

True, this is not a totally 'free' account as 'ancillary charges' do apply (eg stopping a cheque - these charges are also levied by former Building Societies). Anyway, exisiting customers can switch to the new account without changing their number, cards of cheque book etc. The linked savings account is accessible over the phone as well as online. There is no charge to set up, maintain, or renew an overdraft nor any nasty transaction charges if you go overdrawn, provided you remain within your limit. If you go over you limit ...... well then you deserve to be charged....... (ps. I work for the Northern.)

IvanOpinion

Why do people spend hours complaining about their bank accounts worrying about charges, sleepless nights etc. etc. when in about 1 hour they can change to a bank of their choice that gives them the deal they want. It is generally peoples own laziness that is costing them this money. I assume that everyone is intelligent enough to read the T&C before they create the account in the first place, therefore why did you open it? I personally think this so called 'class action' is a total and utter waste of money (and guess who will be paying for it in the long run), there is choice out there already - it reminds me of the old Tommy Cooper sketch where he goes into a doctor and says 'doctor it hurts when I do this' and the doctor says 'then don't do that' - somtimes common sense is the best approach.

If you have a problem with your bank then simply move - talk with your feet.

Ivan

D.A.

Ivan, if you're having a go at me, I'm with the Halifax. ;-)