Quick easy question

FncNwb

Hi all

Im changing bank because my local branch closed.

Im looking for a current account.

I don't quite earn £14.7k so can't apply for the top ones.

Overdraft would be nice but I am always in credit anyway.

Are there any that offer a switching reward for an income of below £14.7k?

Im leaning towards Barclays. They don't have any deals on, but i cant find any banks that have a deal that i am eligible for.

Advise of any kind is good, thanks.

cheerfulcat

Hi there,

Have a look at the " Best Bank Accounts " article, here.

psychic_teabag

Ignore what Martin says in the banking articles about needing a certain salary before you qualify for an interest-bearing current account. The T&C merely require that you pay in a certain amount each month - it doesn't have to come from salary. Many of us use Lloyds vantage current accounts and don't put our salary anywhere near them. Just push money around with standing orders to meet the funding requirements.

Eco_Miser

Not only don't you need a certain salary to qualify, you don't even need a spare £1000 (although a Lloyds Vantage is prety pointless if you don't have at least £1k sitting in it).
If say you have a Lloyds Vantage and a Halifax Reward current accounts, you can move £500 from Lloyds to Halifax and back twice each month to qualify (you don't need to leave anything in the Halifax to get your £5); or if your net salary were £900pm, have it paid into the Halifax, fps it to Lloyds, then move £100 from Lloyds to Halifax and back to make up the required £1000 income.

FncNwb

Thanks guys, excellent advice. I will be going down this route for sure.

Whats so good about Lloyds Vantage? There are other Interest paying current accounts.

noh

FncNwb wrote: »

Whats so good about Lloyds Vantage? There are other Interest paying current accounts.

That pay 4% on £7000 ?

psychic_teabag

e.g. Santander pays 5% but only on the first £2,500 balance. That's a good rate for a what would be a relatively high current-account balance, but the attraction of Lloyds is that we can have up to three accounts with up to £7k, giving 4% on £21k - many of us are treating it more like an instant-access savings account rather than a current account.