Help to choose a bank account based on salary

bronzie

Hello, I have found out I'll be getting a salary increase to just over 30k and wanted to take a look to see if there would be a better bank account for me than the Halifax Reward current account I have now. I was looking for tiered accounts I guess I remember having seen some in the past but am cant seem to find any now. Any help appreciated.

jonesMUFCforever

Can I turn your question round - what exactly do you want from a bank account?

Gromitt

I keep hearing about LLoyds TSB Vantage:

Tiered interest rates start at 1.50% AER/ 1.49% GROSS variable on balances from £1 to £1,000 and go up to 3.00% AER/ 2.96% GROSS variable on balances of £3,000 to £5,000.

But I'd still keep your Halifax Reward account for the free fivers and decent 2.8% savings account. On 5K, thats basically giving you 4.3% AER (£140 + £75 = £215 gross per year)

Or you could go over to the dark side and join Satander for 5% for a year (max 2.5K).

Theres a BS that also does similar to Lloyds Vantage, but the interest rates are < 2% on all balances. I forget the name.

MoneySaverLog

Gromitt wrote: »

But I'd still keep your Halifax Reward account for the free fivers and decent 2.8% savings account. On 5K, thats basically giving you 4.3% AER (£140 + £75 = £215 gross per year)

Or just keep the reward account and transfer £1,000 from Lloyds Vantage to Halifax and back again and get the free fiver

Gromitt wrote: »

Or you could go over to the dark side and join Satander

Nooo, it's not worth it. The darkside will have your soul then.

JuicyJesus

MoneySaverLog wrote: »

Nooo, it's not worth it. The darkside will have your soul then.

Not entirely true. Satan was last seen leaving a branch of Santander muttering to himself "I might be the prince of darkness, but f*ck that for a laugh".

Gromitt

Oops, I didn't even mean to type that. Must have been a typo, but it worked out rather well actually

samwsmith1

Nobody mentioning First Direct?
If you want good customer service and online banking look at them.

bronzie

@gromitt @juicyjesus been burnt by Santander already, not going back there again

@jonesMUFCforever I just want to make the most of my money, dont want to have to pay dont need any additional extras, just decent interest, decent internet banking and customer service

opinions4u

What's wrong with what you've got now, from a service and value perspective?

Take your fivers, stick your spare cash in to a decent paying savings account (AA 3.20% or for convenience, Halifax Online Saver 2.80%) and take it from there.

bronzie

I dont know that there is anything wrong but thats what spurred this exercise I didnt want to presume, just want to make sure theres not some better account that open to me.

bronzie

problem there is they dont pay interest, I would be down £5 straight away. If I moved it would have to be better than what I have now