Best current account available?

jamjar,

It seems such a big deal to change current accounts, we want to get it right. We have quite a bit of money in the bank until the end of the year, so the account needs to have a savings option. It needs good internet banking, telephone banking, and be able to manage to transfer all our direct debits/standing orders. We don't need much overdraft facility. I was thinking Nationwide, but are there any smaller banks/building societies offering all this?

DRS1

Have you looked at the Coventry First account (Coventry Building Society)? It has a better interest rate than the Flex Account. You have to pay in £1000 per month from a source other than Coventry BS and you don't get a cheque book and the rate changes after the first year but it seems to tick most of your boxes.

KTF

What you are after covers pretty much any bank account going. Are there any other benefits you are after.

Everyones 'best' is different. For example Nationwide gives you no fees money abroad, A&L high interest, etc.

For me, Nationwide is the 'best' as I like the no fees travel money. For my girlfriend A&L is the 'best' as it has an interest free overdraft for a year. Everyone is different...

EmehEm2005

I use and can recommend smile the internet bank http://www.smile.co.uk/
part of the Co-op.

You get 3.04% AER interest on a current account, a 12 month £500 fee free overdraft, and (quote off the website) "...award-winning customer service then you're going to love our current account. You'll enjoy beneficial rates on other accounts and 24/7 control of your money, we'll even switch your account for you. It's no surprise it's won stacks of awards…"

Plus smile loan for just 6.9% APR typical for loans of £7,500 to £25,000, and credit card, no notice savings ISA's, Stockport call centre etc etc.

Also see Guardian and Observer Consumer Finance Awards 2005 http://money.guardian.co.uk/consumerfinanceawards/story/0,,1594320,00.html

I always pay the occasional cheque I receive into my local branch, I could easily post it for free.

Mike

[Deleted User]

KTF wrote: »

What you are after covers pretty much any bank account going. Are there any other benefits you are after.

Everyones 'best' is different. For example Nationwide gives you no fees money abroad, A&L high interest, etc.

For me, Nationwide is the 'best' as I like the no fees travel money. For my girlfriend A&L is the 'best' as it has an interest free overdraft for a year. Everyone is different...

I agree, nationwide, you also save about 10% on foreign transactions over other banks and foreign exchange bureau. Coventry first seems good but suffers from "brand new customers only disease" the great rate drops down to 5% after the first year and then itll be beaten by nationwides esaver@5.3%.

So if your after consistency there will be no other then nationwide. But me personally I have nothing better to do so I tart and bag switch bonus' and play about and thus nationwide is just one part of the arsenal.

PBA

Agree with KTF, any bank account will be able to handle phone & internet banking, and standing orders & direct debits. Also agree with general sentiment that Nationwide would prob be best if you're after a good long term deal. Off hand I think their in credit rate on a current account is around 4.5%, which I don't think anyone else can beat except the one year new customer deals.

medic1978

PBA wrote: »

Agree with KTF, any bank account will be able to handle phone & internet banking, and standing orders & direct debits. Also agree with general sentiment that Nationwide would prob be best if you're after a good long term deal. Off hand I think their in credit rate on a current account is around 4.5%, which I don't think anyone else can beat except the one year new customer deals.

Also agree about nationwide. Am fairly happy about my account

BUT what about the Halifax high interest current account? Offers 6.17% in credit interest (min pay in required). I didnt think this was an introductory rate??

mattymoo

Have used Nationwide Flexaccount for the last 20 yrs. Always received first rate customer service, going above and beyond my high expectations in some cases. Would recommend them to anyone.

garagemc

In terms of interest rates its A & L as long as your above 21, but if your looking for service and constantly have querys, smile maybe your answer.

Dave_®f©

medic1978 wrote: »

Also agree about nationwide. Am fairly happy about my account

BUT what about the Halifax high interest current account? Offers 6.17% in credit interest (min pay in required). I didnt think this was an introductory rate??

I can confirm the Halifax high interest current a/c is paying 6.17% for credit balances but only for the first £2500. After that the rate is miserable.

I'm an existing halifax current account holder with a 1.2% in credit rate and called them last week to upgrade. This was no problem and they sent out a form to sign and return.

medic1978

Dave_®f© wrote: »

I can confirm the Halifax high interest current a/c is paying 6.17% for credit balances but only for the first £2500. After that the rate is miserable.

Thats far more than i keep in any of my current accounts. Maybe i should switch to Halifax....-

But like i said, have been happy with Nationwide