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Who are you banking with and why?
Mikhail
Posts: 262 Forumite
in Credit cards
Dear Forumers,
We’ve talked a lot about credit cards, but not much about debit cards and current accounts attached to them, so my question is “Who are you banking with and why?”
My current account (where my salary goes and DD are taken) is ‘Lloyds TSB with Vantage’, because they pay 4% interest (-Tax) on a balance between £5000-£7000, it better than most ISAs (as you can have more than 1 account); it is better that 5% from Santander, as they pay 5% on a balance up to £2500. Every month I have about £18-£20 for Lloyds and I haven’t seen any better offer.
My second account is with CitiBank International in Euros, as it has literally no fees and the account is held in London, this is the only one foreign currency account that I found on the market which doesn’t charge any fees and comes with a VISA debit card. The bank uses the interbank exchange rate when you deposit money by bank transfer (almost the same as XE.com); soon they promise to support the Fast Payment option. This is not an interest carrying account, however, you can get the Euro saver and earn some interest by transferring funds that you don’t use, e.g., on return from a holiday.
My third account is with Nationwide but it will be closed soon as there is no advantage in having it, i.e., no interest, travel related fees.
We’ve talked a lot about credit cards, but not much about debit cards and current accounts attached to them, so my question is “Who are you banking with and why?”
My current account (where my salary goes and DD are taken) is ‘Lloyds TSB with Vantage’, because they pay 4% interest (-Tax) on a balance between £5000-£7000, it better than most ISAs (as you can have more than 1 account); it is better that 5% from Santander, as they pay 5% on a balance up to £2500. Every month I have about £18-£20 for Lloyds and I haven’t seen any better offer.
My second account is with CitiBank International in Euros, as it has literally no fees and the account is held in London, this is the only one foreign currency account that I found on the market which doesn’t charge any fees and comes with a VISA debit card. The bank uses the interbank exchange rate when you deposit money by bank transfer (almost the same as XE.com); soon they promise to support the Fast Payment option. This is not an interest carrying account, however, you can get the Euro saver and earn some interest by transferring funds that you don’t use, e.g., on return from a holiday.
My third account is with Nationwide but it will be closed soon as there is no advantage in having it, i.e., no interest, travel related fees.
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Comments
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Dear Forumers,
We’ve talked a lot about credit cards, but not much about debit cards and current accounts attached to them, so my question is “Who are you banking with and why?”
Try here Budgeting & Bank Accounts lots of threads about bank accounts there (over 22 thousand
) A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
If it is a flex account you have at Nationwide, then I suggest keepping it. I deposit the £750 around my main account and this one to get the FREE EUROPEAN TRAVEL INSURANCE and its decent in terms of cover and minimum excesses (£50) unlike the cheap ones where you pay excesses of £100-£200.0
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If it is a flex account you have at Nationwide, then I suggest keepping it. I deposit the £750 around my main account and this one to get the FREE EUROPEAN TRAVEL INSURANCE and its decent in terms of cover and minimum excesses (£50) unlike the cheap ones where you pay excesses of £100-£200.
It does actually depend on what type of flex account you have with Nationwide as they have two.
The basic flex account with a cash card plus. This is basically a debit card but you can't use it to withdraw cash abroad only use it in shops and restaurants. There is no overdraft or cheque book with this account (not that I want either of those things) and you don't get the card reader or free European travel insurance.
The full flex account with debit card (that can be used abroad in cash machines), cheque book, overdraft, free travel insurance etc. I wouldn't want the cheque book or overdraft but would like the other benefits but they won't upgrade me at the moment. Which is fair enough as I only finished paying my IVA in December.
So make sure you know what they are offering.0 -
first direct.
Once you go black you'll never go back 0 -
N & P mainly.0
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Coutts&Co....0
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