Which current account

nufc_fan

I would like some advise on the best current account options for myself. 25 year old graduated 4 years ago paying in 2-2.5K per month. Rarely overdrawn but would like some sort of safety net without worrying about huge costs. No real savings but would like to start saving a regular amount each month.

The account must have a faster payment service and I do all my banking online so a good online system idealy without card reader would be prefered.

I current have a standard lloyds tsb current account.

I have been considering a packaged account but undecided if it is worth it? Any opinions or suggestions please.

united66

Im sure most others would recommend First Direct. They are an online only bank with fantastic customer service. You can open a saver with your First Direct Current account aswell so you can have most of your eggs in one basket. You will get cash for switching too.

http://www1.firstdirect.com/1/2/banking/1st-account/overview

Go there and take a look. But keep away from Santander's tempting offers, seems as though they aren't great for banking at all in ALL aspects.
If I was in your position I would go with First Direct.
Good luck.

paulmcerlean

What is wrong with your Lloyds account as it does ALL that you say you want with one of the finest online banking experiences around.

Svenena

I agree with paulmcerlean, what's wrong with your current account? What are you looking for that you don't already have?

Packaged accounts rarely offer good value compared with buying the included products (insurance, etc) separately.

You're on a good income, I'm surprised you have no savings. You can upgrade your account to a Vantage account which will pay 4% on balances between £5-7k, which you should be able to achieve within a few months. Although I'd be inclined to fill an ISA first.

nufc_fan

Thanks for the replys, I was just considering if it was worth the monthly fees for a packaged account really. i do alot of driving and travelling so need breakdown cover and travel insurance.

No realy savings yet as I have a mortgage, the plan is to start asap with an isa and slowly bulid it up.

I do like the lloyds online experience so would quite like to stay. i will check out the first direct accounts anyway.

Svenena

First Direct are a great bank, but their online banking experience currently leaves a lot to be desired. Hopefully it will improve though.

If you're considering upgrading to a paid-for account (which you could get with Lloyds), a good start would be to use a price comparison site to see how much you'd have to pay for the products individually, and compare that with the price charged by the bank. You should also check out what's actually included in the cover and what excesses apply to insurances.

Also, there's no need to stick with one current account - you can have however many you like and use them for different things if that suits your purposes.

southantrim3

You could check out the Halifax if you want. They have a decent online service. They also have the bonus of, should you require it, proper english call centres rather than indian ones. The Nationwide may be the same and if it is, not much point in moving.
I'd also echo previous advice of avoiding Santander at all costs.
Hope this helps.

equitydealer

southantrim3 wrote: »

You could check out the Halifax if you want. They have a decent online service. They also have the bonus of, should you require it, proper english call centres rather than indian ones. The Nationwide may be the same and if it is, not much point in moving.
I'd also echo previous advice of avoiding Santander at all costs.
Hope this helps.

If you want a reliable faster payments service, stay CLEAR of the Halifax. Their platform is incredibly flakey, I have had no end with problems. Sometimes it allows me to send 2.5k, sometimes only £500 and at other times nothing at all!! You can search the forums and you'll see that I'm not alone with this issue.

I recommend First Direct (£10k instant faster payments every time), plus you say that you like a safety net - First Direct give you £250 interest free. In addition the £100 for switching and 8% regular saver makes this a really good offering.

Cmdr_Bond

You are paying in 2-2.5k a month - but how much are you keeping in there?

Up to 1.5k? Phone Lloyds and upgrade your account to Plus (for free) to get 1.5% interest. More than 1.5k - Upgrade to Vantage (for free) to get upto 4% interest.

The only reason to pay for a bank account is if it has features you will actually use, and in paying the bank for them you save money in the long run. For me this never likely to happen.

nufc_fan

Thanks for the input. I have decided to stay with LLoyds and open a platinum reward account. It gives me everything I want at a reasonable price and includes a £250 intrest free overdraft.

missile

I never go overdrawn and find LTSB current account with Vantage fits my needs.