Best current account available?

Dave_®f©

I've been more than happy with Halifax. Good internet banking allowing to link all your accounts on one page and ping money around instantly. Good, competitive all round packages - apart from mortgages at the minute...they seem rubbish at the moment and I need a remortgage soon :rolleyes: .

A couple of weeks ago I opened a Nationwide Flexaccount but just for foreign transactions and I must admit they've been good - particularly in branch when confirming ID.

MarkyMarkD

Yant1 wrote: »

I agree, nationwide, you also save about 10% on foreign transactions over other banks and foreign exchange bureau.

Yant1,

You are way exaggerating the savings on foreign transactions!

Most banks charge a foreign currency loading of around 2.5-2.75% and possibly (and only on cash withdrawals, not purchases) a cash advance charge of say 1.5%. That might make 4-4.5%, but it certainly doesn't make 10%.

Foreign exchange bureaux are only 10% more expensive than Nationwide if you choose the wrong one. M&S (for example) are selling Euros for 1.4180 at the moment compared to a wholesale rate of 1.46875 - that's 3.5% less than the wholesale rate. Nationwide will use a rate close to 1.46875 (as set by Visa/Mastercard).

How much do most people spend abroad in a year? I might spend £200 or £300, as I've paid for my accommodation, half board and car hire before I go. So banking with Nationwide would save me £10 or so. Not a reason, in itself, to choose Nationwide.

Obviously, if you're a big foreign currency spender, you can save more - but then again, you can save most of that money by simply having a Nationwide credit card and banking elsewhere.

[Deleted User]

Cant be a good holiday if you only spend that, its just a night out surely only messing

It can be as much as 10% though as somebanks also put a charge on foreign withdrawals of about 2 quid. Not forgetting most credit cards if you withdraw on them they charge interest straight away. But yes your right most times itll be a lot less if you know what your doing. I did say about and not exactly as I never attached any tolerances to it . IMO any charge is a charge to far so 6% seems like a million percent to me I just would never ever go there.

MarkyMarkD

If I'm spending abroad, if I can I'll use my Nationwide credit card; if I can't I'll use cash which I've normally brought with me from the UK, so I've only paid say 3% or so more than a Nationwide Flexaccount cash withdrawal.

I think that the free foreign currency spending is a nice perk of the Nationwide account, but it's not the be all and end all and shouldn't make people reject alternative accounts if they have concrete reasons for preferring them. That's all.

BTW, yant1, I wouldn't call a mortgage fixed at 4.5% for another 4 years bad - I'd call it a bargain.

BWZN93

Ill declare I work for Nationwide up front!

Im pleased so many people are recommending really good accounts. With Nationwide however, If you ever did need an overdraft, the authorised overdraft interest rate is only 7.5%, and some other banks dont allow counter transactions with their really high interest paying accounts. Being able to use a branch is really handy when you need it so its also worth thinking about the practicalities of the account too.


If you have any questions about it feel free to ask!

Jo x

jinkssick

But certainly the A&L account are a lot better for the strong in-credit interest and 0% overdraft for a year. With the nationwide account you could open it seperately and fill her up when your off on your hols. as AL have min £500 a month going in.

[Deleted User]

MarkyMarkD wrote: »

BTW, yant1, I wouldn't call a mortgage fixed at 4.5% for another 4 years bad - I'd call it a bargain.

There were a load of good deals when I bought and in fact now all my savings are better then it even after tax, got the mortgage offer before 2 rises but im a bit worried about what the situation will be like in 4 years time, it will be the good old english 10%+ rates. Im the sort of person that hates paying out for anything, I only got a house cos my savings were mainly doing naff all and now they have decided to make the country bankrupt just because too many people have over stretched themselfs. Need to save really hard to end up with a small offset mortgage I think too protect my isa.

But certainly the A&L account are a lot better for the strong in-credit interest and 0% overdraft for a year. With the nationwide account you could open it seperately and fill her up when your off on your hols. as AL have min £500 a month going in.

Yep you are right, but then it goes back down to rates similar to the nationwide current account. A+L products are a confusing array of issue numbers, high initial rates dropping to average and even mediocre in some cases. Dont forget you can switch instantly to the nationwide esaver which bags 5.3% and will be up at 5.55 once they have added the new rates on. The nationwide esaver has been the best consistent performer over the last 5 years (although im using ice save but i expect that will only be good until 2009-2010 and its not as instant as a esaver)

MarkyMarkD

Yes, but you can switch your long-term A&L savings into A&L DirectSaver which will almost definitely pay over 6% after the rate increase has flowed through.

A lot of it's swings and roundabouts.

The most important thing for people is to realise that almost anyone switching from anything other than A&L or Nationwide to one of those two will see a step change in their current account interest income. Which of the two they choose is rather less important as both have their benefits and disbenefits.

I'm assuming jw1096 was talking about A&L when they mention accounts where you can't use the branch counter? The ONLY thing you cannot do at an A&L branch counter with an A&L Premier Direct account is withdraw less than £250 in cash - and that's because you can do that using an ATM, of which each branch has at least one (and probably more) or at any Post Office. It's scarcely a reason to discount the account. I've banked with A&L for well over 10 years and never used a branch counter to withdraw under £250 in cash even before I upgraded to Premier Direct and ceased to be allowed to do it, apart from when the branch's ATM was out of service (and NB that the restriction doesn't apply in those circumstances).