Should i move from HSBC?

m.r.davies

Hi

I'm thinking of moving from HSBC after reading martins article
I want to try and reclaim some charges too but want an account that suits my needs.

we earn a combined 50k a year and have a few accounts
two personal accounts (one each)
one bills account
one living account.

and we some times dip into the over draft too so need something that isn't going to charge loads.
i would also like to be able to take money out abroad without being charged (may need a separate account for this)

Can anyone recommend an account/bank based on this info?



I also want a savings account that has something like Intelligent Finance's jars where you have one savings account but have "jars" so you can have savings jars for different things (like car tax etc)
Are there any savings accounts out there that do this and pay good interest?

cheers
Mark

Kilty_2

Nationwide FlexAccount. Think you could open one to replace each of the accounts you currently have with HSBC if you want to.

No overseas fees, not sure how good the overdraft rate is but I think it's quite low.

E-Savings account that you can only open if you have a FlexAccount; open as many accounts as you want, name them what you want and they pay 5.05% interest.

Also quite likely you'd be approved for the credit card when opening a flexaccount, obviously you are not forced to take it but it has 9 months 0% on purchases and you won't be credit scored again to apply for it.

m.r.davies

thanks, i've taken a look at this account and it looks good!

anyone else care to comment on this? any others out there better?

kay41_2

Despite them changing and charging if you have only one account with them, I still love First Direct and have been with them 16 odd years. As long (as I understand it) as you have more than one account with them banking is free, although you do pay interest on overdrafts. If you bank online you can see all your little 'pots' of money on screen and move money around as you wish.

Jarlawuk

If you've not banked with Alliance & Leicester before then I'd recommend them, 6% interest on a current account and 12% on the regular saver That and £50 from quidco to for you and your partner.

m.r.davies

12% on the regular saver
wow that is good!

I would like to have a card that i can use abroad with out being charged, is there anyway to getting one of these via a nationwide account without paying my salary into it?

A&L sounds very promising, just need that free overseas withdrawal card!

Phoenix79_2

If i'm not mistaken you can't have the 6% current account linked to the 12% reg saver. I'm sure someone will confirm though....

m.r.davies

yeah i think your right,
you can however open both accounts but they need £500 each month from external source

has anyone got both of these accounts or can comment on what to do?

Rafter

m.r.

A&L is a very juicy carrot account but is only for the short term. The rate will fall in due course and you will have to move again. although the rate is attractive, given the account restrictions you are only talking a matter of pence per month in interest versus Nationwide or Smile. The advantage with these is that they consistently offer good rates over time, they are both mutual so have no shareholders to pay and in Nationwides case they will save you a lot of money when you are overseas.

Using a star wars analogy, A&L and Halifax are the dark side of the force: very seductive introductory deals but poor customer service record, very high charges if you do mess up and not so nice after 12 months when they start slashing rates.

Nationwide and Smile are the good guys although you won't make quite as much in the short term because they don't screw existing customers as much to generate juicy deals for new customers!

R.

m.r.davies

lol

I always did hate the dark side
I think that Nationwide might be the one! they seem to have good internet banking system and also they seemed lovely on the phone

Thanks for your advice.

Phoenix79_2

Rafter wrote:

m.r.

A&L is a very juicy carrot account but is only for the short term. The rate will fall in due course and you will have to move again. although the rate is attractive, given the account restrictions you are only talking a matter of pence per month in interest versus Nationwide or Smile. The advantage with these is that they consistently offer good rates over time, they are both mutual so have no shareholders to pay and in Nationwides case they will save you a lot of money when you are overseas.

Nationwide and Smile are the good guys although you won't make quite as much in the short term because they don't screw existing customers as much to generate juicy deals for new customers!

R.

I thought Smile were part of Co-op therefore a Bank, not a mutual organisation? Or have i got that completely wrong?! Or do Co-op work differently?