Which bank has lowest charges?

taxidriver

I don't really care about the interest rates of any bank, I just want one that doesn't charge me £38 a time for going overdrawn and stuff.

Is there a low charger?

anniecave

Not last time I looked....

regularsaver1

unless you avoid the charges? i don't think so

PBA

Unfortunately no bank is going to stick it's neck out and lower it's charges, as they don't want to attract the sort of customer who would choose their bank based on default charge amounts. You're only hope to reducing the amount you pay in bank charges is to keep a better eye on your account and not go over the limit.

MPH80

There was a useful article on the Fool on this subject - there's a comparison on 10 banks here:

http://www.fool.co.uk/news/comment/2006/c061026c.htm

M.

Mc4ndy

Have you got an authorised OD limit? If not why not get a small one, and use it for what it is really intended, which is a buffer. You'll only get charged a small amount of interest for going into it with most banks, rather than the excess overdraft fee.

Of course, if you have one, and you have maxed it already, and are being charged for going over that then this post doesn't apply.

anniecave

MPH80 wrote:

There was a useful article on the Fool on this subject - there's a comparison on 10 banks here:

http://www.fool.co.uk/news/comment/2006/c061026c.htm

M.

And what this table shows is that the charges are vastly different, depending on whether you just go overdawn for one day, or more than one day, and how many paid and unpaid items it affects.

So if for example there was some mistake like my electricity company taking £850 from my account rather than £85 and I didn't find out about it for a few days, and meanwhile my bank also refused to pay out my student loan and a couple of cheques because there was no money in my account, I can take a look at the table and work out that my bank would charge me £180 in fees. And I'm sure I could claim a refund on said £850 via the DD guarantee, but I would have to argue about the £180 fees and I'm not sure who would be responsible, as I'm sure the electricity company would say they're not responsible for my banks fees.

Just writing this post is making me think I should get an overdraft on my current account as I don't have one at the moment and I'm sure this sort of thing does happen occasionally. Scary stuff!

And if I was with Nationwide instead the charge would only be £84.50.

M_Thomson

taxidriver wrote:

I don't really care about the interest rates of any bank, I just want one that doesn't charge me £38 a time for going overdrawn and stuff.

Is there a low charger?

As the poster above says get yourself an authorised overdraft and stay within the limit. Then you will have a bank with very cheap charges i.e. free!