Any suggestions/advice?

Harris95

Hi, basically i've just left school (i'm 18) and have been accepted for a job as a trainee merchandiser at tesco. As a result i want to set up a bank account, and to be honest i don't have a clue as to what sort of one to go for . What sort of bank account would be my best bet?

Thanks

Archi_Bald

May be start by reading this: http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Gromitt

Walk into your local bank, say i've just left school (i'm 18) and I'd like a bank account for my wages to be paid into.

Harris95

Archi_Bald wrote: »

May be start by reading this:

Ah thank you, looks really helpful

Gromitt wrote: »

Walk into your local bank, say i've just left school (i'm 18) and I'd like a bank account for my wages to be paid into.

Well I'd rather try and look for the best possible one rather than just my local one. Especially considering i'm going have to be paying bills/rent etc. soon, rather than a basic account for just my wages to go into.

Gromitt

Your going to be leaving home at 18 ?

Most people I know don't leave until they are in there early 20's, so a few years of history with a basic account and then when they have found their feet, 'upgrade' to a better account and possibly be paid for doing it.

For example if you just open a Halifax account you get nothing, but if you say you wish to change your account to the Halifax you get £100. Likewise change to First Direct and you get £125.

That's why I suggest just grabbing a local account for now, and then choosing the best account in a year or so.

Harris95

Gromitt wrote: »

Your going to be leaving home at 18 ?

Most people I know don't leave until they are in there early 20's, so a few years of history with a basic account and then when they have found their feet, 'upgrade' to a better account and possibly be paid for doing it.

For example if you just open a Halifax account you get nothing, but if you say you wish to change your account to the Halifax you get £100. Likewise change to First Direct and you get £125.

That's why I suggest just grabbing a local account for now, and then choosing the best account in a year or so.

Yeah, the job is at two and a half hour commute every day which is simply too long, so i've set myself on moving. By the way would you have any suggestions as to what would be the best way to finance moving would be? As i would need to buy a few things for where i move into, along with a deposit

But ah okay, that sounds good i'll most likely do that then there's quite a few banks down the high street, so i'll see which seems the best for me

rb10

Harris95, you are talking a lot of sense.

Whilst some will say 'just walk into your local bank', there is - as you correctly point out - a lot more to it than that.

I'm assuming here that you won't have two direct debits to set up straight away - this is a requirement for the decent accounts from Santander and Halifax.

Also ignore the £125 First Direct switching bribe mentioned above - this is only for people who already have a current account that they want to switch, so you aren't eligible for this.

Ignore current accounts from Natwest/Barclays/HSBC - these are pretty poor value.

So - the ones that may be good for you:

- Nationwide Flex Direct account (5% interest for a year)
- Lloyds TSB or Bank of Scotland Vantage account (3% interest).

Nationwide, Lloyds and BoS all have decent online and mobile banking.

You need to be pay in £1k/month to get these interest rates. If your salary isn't this large, then just open a savings account and make a monthly payment from current -> savings -> current so that the total amount paid in during the month is at least £1k.

I'd suggest that you read carefully the web pages for these accounts and decide which is best for you.

Harris95

rb10 wrote: »

Harris95, you are talking a lot of sense.

Whilst some will say 'just walk into your local bank', there is - as you correctly point out - a lot more to it than that.

I'm assuming here that you won't have two direct debits to set up straight away - this is a requirement for the decent accounts from Santander and Halifax.

Also ignore the £125 First Direct switching bribe mentioned above - this is only for people who already have a current account that they want to switch, so you aren't eligible for this.

Ignore current accounts from Natwest/Barclays/HSBC - these are pretty poor value.

So - the ones that may be good for you:

- Nationwide Flex Direct account (5% interest for a year)
- Lloyds TSB or Bank of Scotland Vantage account (3% interest).

Nationwide, Lloyds and BoS all have decent online and mobile banking.

You need to be pay in £1k/month to get these interest rates. If your salary isn't this large, then just open a savings account and make a monthly payment from current -> savings -> current so that the total amount paid in during the month is at least £1k.

I'd suggest that you read carefully the web pages for these accounts and decide which is best for you.

Haha thankyou but ah okay then, the nationwide one does look good, also my mum has an account with them and i think i may have had a pre-teen account there as well so that could perhaps help.

But fortunately, i should be good for the salary in terms of those interest rates, but ei'll definitely check out the ones you suggested. Thanks for the advice, it's much appreciated and needed!

AlwaysLearnin

Lloyds/BOS Vantage 3% is only for balance between £3-5k though.

Halifax Reward gives £5 per month instead of interest, as long as you deposit £750 p/m and have a couple of direct debits

rb10

AlwaysLearnin wrote: »

Lloyds/BOS Vantage 3% is only for balance between £3-5k though.

A good point - if you're not able to sustain a £3k balance, the Nationwide account may be better.

AlwaysLearnin wrote: »

Halifax Reward gives £5 per month instead of interest, as long as you deposit £750 p/m and have a couple of direct debits

I am assuming that the OP doesn't (yet) have two direct debits (although there are ways around this if they are particularly keen to have the Halifax account).