Best Current Accounts Discussion Area

Talon_Karrde

I have a query about changing banks?? Does it matter if you change accounts? I mean, in that they have you as a valued customer etc.....i mean, i have a good O/D facility and a high limit on my Mastercard (which i don't use now, due to better rates and stoozing, but it's nice to know it's there) with NatWest
My worry is if i switch, then i will lose any benefit i might have had with an institution that has known me for years, and i also know the manager of the branch where the account is held through my dad who used to work for a former subsidary, so can get personal service when required..

So, my question is, is it worth it? Do you only gain now that computers and databases are used mainly for "decision making" nowadays?

Also, finally, which is best? LTSB sounds the best finacially, but from this and the other thread customer service sounds iffy, A&L sounds Ok....but Smile seems to win on service grounds but is over 1% less on interest rates

I have O/D facility on NatWest but never use it, and am in credit to an average of £1200 - £2000 every month.....

cheers for advice!

Talon_Karrde

just bumping to get some interest!!

grumbler

grumbler wrote:

'Recommend a friend - and get £50 yourself. Tell a friend/ family member just how good banking with Lloyds TSB is and you could both be £50 better off.....'

The only question is how they know that the credit is regular after receiving just one payment. I am still waiting when 31 days pass for our 2x£50...

Now I know the answer to my question. Just a few days after the first payment both of us received letters confirming £50 credit.

SamC_4

I'd also like to know how much effect on your credit rating changing current accounts would have. One of the questions on applications is always "how long have you been with your bank?".

I've been with Smile for ages and service has been pretty good but they don't have any form of statement download to MSMoney or Quicken, which is annoying. I asked them recently if they were planning to implement it but they sounded pessimistic. The LloydsTSB account has both forms of download so I may switch there.

grumbler

SamC wrote:

how much effect on your credit rating changing current accounts would have. One of the questions on applications is always "how long have you been with your bank?".

Usually you do not have to change current account. You can just apply for a new one and keep the old account as long as you want. I have just £1 on my Smile current account for a few years.

Talon_Karrde

Does anyone please have an opinion on the following....
Hav decided to change bank accounts, but due to not wanting NatWest to forget me will not close theirs...
Should I...
a) open Lloyds TSB for 50 quid (service issues)
b) open A+L for 20 quid
c) open smile (no cashback, but good service?)
d) none of the above - move to nationwide where my mortgage is (for the moment)?

please...comments??

BrightonLad

pinkfluffybabe wrote:

Am glad to see the LTSB Classic Plus is still a good buy! I moved there last July after a disasterous year with the Halifax. They have been very good so far.

Christine

i am a big fan of the Lloyds Classic Plus too, moved there last may from Cahoot. (i was finding it difficult to use internet banking all the time for what i required, so wanted a branch based account)

Don't know if they still offering it, but they matched my £1200 overdraft i had with cahoot, at 0% for a whole year. Think the £50 incentive has replaced that offer now, which is excellent too.

Also i received a mailing this week which said... (correct me if i'm wrong someone, as i've thrown it away now) you now longer have to agree to pay in £2000 to get the high rate of interest, just 1000.

pinkfluffybabe

I have never had any problems with LTSB customer service, i've always found them very helpful and fast at getting things done. I think with banks sometimes its down to luck if you have problems. I certainly felt that LTSB dealt very well with my transfer of all my direct debits etc to my account and kept me well informed every step of the way.

koru

I think Martin unfairly overlooked IF Bank in his article.

If you have a savings account with at least £1 in it, they pay you the savings interest rate on your current account. That means you earn 4.75% interest on your current account, regardless of the balance. OK, so no cash bung to make you join, but if you have a fair amount in your account you earn a lot more interest.

MSE_Martin

Koru

IF is not a current account its a savings account. Many banks have sweeps which work in a very similar way. Also its 4.75% with no sign up bonus - which leaves it behind the other two except for large amounts of money. If you do have large amounts of money then you shouldnt be leaving it in a current account - even at 4.75% when there are savings accounts with no-notice paying 5.35% - so to be honest i can't see any reason that IF should'bve been included

martin