Best Bank Account article discussion

moggsy

avgav wrote: »

I have heard that there is a bank account available which keeps all of the 'change'from Switch transactions (i.e. the money left over to the nearest £1) and puts it all in a seperate place to add up like money in a change jar. Does anybody know if this is true and if so which bank offers it?

LloydsTSB 'Save The change'

http://forums.moneysavingexpert.com/showthread.html?t=371873

Not sure if they're still running it though...

eden37

Yes they are still doing save the change. Also if you get an existing customer to introduce you and pay more than £500 per month into the new account LTSB will give each of you £30. I know this because I work for them opening new accounts!!;)

afprior

Your Mention of £100 for opening account, I went into my Halifax bank yesterday to enquire as to weather or not I have had my free £100 (supposedly due after 3 months, & my account has been open 6) I was then asked if I had another current acc with them and I have, I was,then told that the offer is not valid if you allready have a current account open. The cashier then continued to inform me that they (my local bank) had only just found this out themselves, although I have seen it mentioned on some posts. The cashier then told me that I should write to Halifax head office to complain (If I wished to),any thoughts on this appreciated.

birascreek

What is the best bank account where I don't have to pay in a specified amount each month. The high interest earners on current accounts all seem to need a salary going in every month. I don't have this but I have savings but can't set up a direct debit with my savings account.

K9ine

birascreek wrote: »

What is the best bank account where I don't have to pay in a specified amount each month.

It seems that Cahoot is at 3.75% however if you're organised you could use Nationwide which only pays 0.25% (if paying in less than £500 a month) BUT it's e-Savings account pays 5.8%. This savings rate is not the best buy but you can transfer easily and quickly back and forth to your current account. So these two account together can be considered good if you're organised and happy to swap your cash from one to the other.

K9ine

arethusa82

I have been with A&L for three years. I received an email from them last week detailing changes to their charging structure. Basically if I now use my overdraft I will be charged 50p per day capped at 10 days per month. So instead of the 39p interest I paid in august for 5 days use, I will now be charged £2.50 There are various other changes to the charging structure, which basically means it's going to cost more for those who go over their overdraft limit etc.

Time for Martin to re-visit A&L charging structure I think.

arethusa82

I have been with A&L for three years. I received an email from them last week detailing changes to their charging structure. Basically if I now use my overdraft I will be charged 50p per day capped at 10 days per month. So instead of the 39p interest I paid in august for 5 days use, I will now be charged £2.50 There are various other changes to the charging structure, which basically means it's going to cost more for those who go over their overdraft limit etc.

Time for Martin to re-visit A&L charging structure I think.

This is an extract of the email. detailing the new charges

IMPORTANT CHANGES TO YOUR ACCOUNT - SIMPLIFIED OVERDRAFT FEE STRUCTURE
Below are some important changes to the fees we charge if your Premier Direct Current Account is overdrawn. We will no longer charge you interest if you go overdrawn, instead the following fees will apply:

Existing Fee NameNew Fee NameDescription of feeChanging fromChanging toAuthorised Overdraft FeeOverdraft Usage FeeThis fee will be applied when you use an overdraft within your agreed limit.5.9% EAR**
(0.48% per month)0% EAR

50p per day*

(but capped at 10 days per monthly charging period - the most you could pay in that period is £5) Unauthorised Overdraft FeeExceeding Overdraft Limit FeeThis fee will be applied if you exceed your overdraft limit or you go overdrawn and you do not have an overdraft facility.A £25 fee for the first day that you exceed your overdraft limit and a further £25 fee if you continue to exceed your overdraft limit for more than 4 days in a monthly charging period£5 for each day that you exceed your overdraft limitFailed Transaction Fee and Paid Item Fee Payment Review FeePayable if a transaction is presented for payment and there is not enough money in your account. A decision will be made as to whether to pay the item or return it unpaid.Failed transaction fee of £34 per item

Paid item fee of £25 per item £25 per item

(You will not incur the Payment Review Fee for items below £10)
The buffer zone will be withdrawn. However you will no longer incur the Payment Review Fee for items below £10.

*Overdraft Usage Fee - this does not apply in the first 12 months from the date you opened your account.

These changes will come into effect in 30 days time.

mumtaz

I have been with A&L since they were Girobank - about 30 years! I am extremely annoyed at the new proposals which will effectively increase the 75p - £1 I pay each month for using my overdraft facility (0.6% interest a month) to £5 every month - costing me for than £50 a year more than now. And this £5 will apply even if I am only overdrawn by 10p - somewhat disproportionate!! I would appreciate it if Martin could revisit the best overdraft information as I am seriously thinking of trying to find a better bank account - even after three decades!
It is particularly galling as it's obvious that the bank is penalising loyal customers who barely use their overdraft in order to comply with the need to reduce charges for unauthorised overdrafts etc. Seems unfair to penalise fairly responsible customers who work well within their overdraft.
Will be interested to know if enough people kick off about the new "simplifed" (LOL) overdraft charging whether A&L consdiers changing it.
Fingers crossed!

saxmund

The Alliance & Leicester "simplified" fee does seem a bit unfortunate for those customers who just dip a bit into the red at the end of a month but are generally in credit. Banks now have different current account "products" - is it possible to switch to a different one?

My view is that the Best Bank Account article really needs to take account of

• fee structure & rates after any initial incentives have run out. After all you're not going to want to change your account every year.
• Some measure of customer service, both managing the switch and in general
• Existence of things like linked savings accounts which can make up for low interest rates in the current account
• How the account works - is it branch-based or centralised, what opening hours do the banks have, what's ebanking and phone banking like?

Although I have to say that for someone like me who was unhappy with the service at his existing bank and had decided to move, the article did point me in the right direction. But I did do a bit of due diligence on websites to make sure the new account was going to offer me the facilities I needed.

Although I had some problems with persuading HBOS that I had supplied the right ID, the rest of the switch went smoothly, only one DD was messed up and that was the originator's fault as they cancelled it with Abbey but didn't set a new one up, and I got my moving incentive.

For those who complain that they didn't get their moving incentive because they already had an account with Halifax, or whoever, surely it's usually clear in the T&Cs that it's for new customers only? It certainly was with my BoS account. And the way of the world is that companies give you a bonus for attracting you as a new customer - what planet are people living on?