Can anyone help me pick a basic cash account?

System

It is fine if you don't need to use the counter.

Mrs_Ryan wrote: »

Halifax EasyCash is awful.
Avoid it like the plague.
I have it and I absolutely hate it.

smjxm09

I have opened a TSB Classic Plus bank account. It pays 5% interest on balances of up to £2000 with no direct debit requirement. Just needs £500 per month paid in to get the interest. If you don't think you would put in £500 per month you could always set up 2 standing orders so a sum of money passes between this and your other bank account and then back again on the same day so you qualify.

It's money for nothing and better then getting nothing.

grumbler

You must be joking. What 5% interest when the OP has "a large OD with Barclays"?! Given the circumstances Halifax Rewards would be much better if the OP didn't want 'basic'.

dimestorediamond

I definitely want basic. I want to keep my SO and DD all with Barclays. This account is just for "pocket money" allowance. I will not be putting a significant amount of money in there. Likely to be not be more than £350 a month.

No OD, no cheques, no fuss.

The Coop Cashminder may be my choice, or the Lloyds Cash Account.

colsten

If you just want to keep some money in account in case you need some cash, you might as well keep this cash in an account that pays you interest or rewards, such as the TSB Plus or Halifax Reward account.

Don't be fooled by the fact that basic accounts don't offer overdrafts - - you can still incur unauthorised overdraft charges if you spend more than is in the account.

dimestorediamond

There will be never enough money to accrue interest. I will likely be putting between £60-£80 a week. It will mostly be spent during that week. It's just an extension of the envelope system for me.

I will be keeping a close eye on what is available in the account with mobile banking. I do a lot of online purchasing rather than in store and I will not be caught short with charges.

System

NatWest Select Account with Overdraft Control?

luvchocolate

Co op cashminder.. I have two accounts easy online banking and you are not allowed to go overdrawn as a previous poster said...in fact they will close your account if their terms and conditions are not met......simples

System

Except them will allow the account to go overdrawn in certain circumstances, demand repayment/apply fees and then close the account.

luvchocolate wrote: »

Co op cashminder.. I have two accounts easy online banking and you are not allowed to go overdrawn as a previous poster said...in fact they will close your account if their terms and conditions are not met......simples

PudseyDB

CRT86 wrote: »

Yes, they do, but I've been told it's good to keep separate accounts in different banks? I am only recently getting to grips with my money and financing, so a lot is new to me, so I could be wrong.

colsten wrote: »

It is a good idea to have instant access funds in two different financial institutions, just in case one of them has some problems. Like RBS Group had a while ago, and like some bank's ATMs seems to have from time to time.

I have basic accounts at 3 different banks...so that if ever one cashpoint system fails, I can hopefully use one of the back up cards.

HSBC and Halifax are both visa debit cards.....HSBC is my main account but Halifax has a nominal amount of £50 - 100 in it for emergencies (mainly when the HSBC account is running low as I dont qualify for an overdraft)

Santander can only be used at the cashpoint, but the account gets £80 a month going into it - which is handy for xmas shopping, or when the car needs repairs.

I do also have a savings account with interest, but these 3 cards are the ones I use for day to day living.