Trying to choose new current account

G_M

I have several c. accounts maxed out as 'savings', and have used Natewest for years for everyday banking. After a couple of slips into overdafts (misjudged transferring balance between c/a and saver) I've decided to move. So either want
* an interest-paying account I can keep a higher balance in (to avoid overdrafts mishaps) or
* an free overdraft buffer

Narrowed down to

* Clydsdale (2% to £3K), £150 switch bonus, but £6 o/d fee & savings rates are rubbish
* N/wide has good o/d buffer and interest but only for 1st year - I don't want to be switching every year
* M&S has £100 buffer + better saving rate to store excess, but no c/a interest
* Tesco looks good (3% £3K) + decent saver, but needs a mobile for security


Don't know much about the various online services which is where I do most banking, and is important

Switch incentives are a plus but not critical - more interested in a long-term reliable service and a bit of interest (either from c/a or saver) and avoiding o/d fees....

Any suggestions/feedback welcome.

GTR_King

Do you have TSB Classic Plus??? 5% up to £2,000

nationwide is good but only for 12 months

colsten

G_M wrote: »

* Tesco looks good (3% £3K) + decent saver, but needs a mobile for security

Mobile is only needed very occasionally - for initial setup, and if you have mucked about with your PC and deleted your Tesco cookies (which can be avoided). You can also have 2 of them, so it's effectively £6K at 3%.

jimjames

colsten wrote: »

Mobile is only needed very occasionally - for initial setup, and if you have mucked about with your PC and deleted your Tesco cookies (which can be avoided). You can also have 2 of them, so it's effectively £6K at 3%.

I have Tesco thanks to a suggestion from here. It's been the best current account for my needs as it allows me to setup payees and transfer money. No card readers or similar hassle. Mobile app is fantastic and for me at least, it ticks all the boxes.

Clydesdale annoyed me as I could only transfer £300 at a time with max £1000 before needing to use card reader. Nationwide pays 1% after a year, not massive but still more than most savings accounts.

Herbalus

First direct offer a £250 interest free overdraft if you haven't already got or discounted it. And also the 6% regular saver, so better than the M&S option on your shortlist.

Tesco will be more advantageous because of the interest, as £250 is not a huge buffer so I imagine you'd want to add an extra few £hundred.

Tesco requires mobile authentication when you log on from a device you haven't used before, so be aware of that if you might want access on devices you don't own or use infrequently.

G_M

Yes I have 2 TSB Plus accounts maxed out. (and Santander).

I used to have a tesco saver but found whenever I cleaned my laptop the cookies went and Tesco didn't recognise me - hence the mobile/post re-set hassle. But yes, 2 x tesco looks attractive.

I'm used to the Natwest card reader and don't mind it - so if Clydsdale's similar that's fine.

Yes looked at First Direct and can't remember now why I didn't fancy it!!

colsten

G_M wrote: »

I used to have a tesco saver but found whenever I cleaned my laptop the cookies went and Tesco didn't recognise me

This is very, very easy to avoid. You need to use the free ccleaner to clean your cookies, and exclude one particular Tesco cookie from the cleaning. It's called login.myproducts.tescobank.com

SuperHan

Depending on what you have maxed out already, my recommendation would be Lloyds or TSB.

I do my daily banking with Halifax just for the ease of I always have, I like my personalised debit card and the £5 a month. Plus I never really run a balance in my current account of more than £300, so the interest I'd get is negligible.

I do really like the Lloyds Group/TSB online banking and security (no additional security key - all I need is my phone/mobile banking app to do everything).

System

Halifax is often the winner, if you want to use it as an actual current account and balance will vary due to flat £5.

Otherwise, would a toss up between BOS Vantage, Clydesdale / Yorkshire or Tesco.

Will you need some kind of branch access as it's to be an actual current account? If so, I'd discount Tesco.

G_M

I guess I use a branch once every 2 or 3 months to pay in a cheque - otherwise all online/ATMs.

I understand you can pay in cheques at Tesco stores, and Clydsdale/Yorkshire use the post office.

Thanks for ccleaner tip - I already use that but haven't ever excluded a cookie so should be able to work it out!

Kim_13

You can only deposit cheques at selected stores. Here's the list: http://www.tescobank.com/help/deposits-and-withdrawals.html?tpfpgid=WaysToBank&navid=LinkSelectedStores

Otherwise you have to do it by post. They don't have the Post Office service as yet that I'm aware of.

I currently use Tesco as my spending account and just pay cheques and any cash into my Nationwide account, then transfer funds as needed.

You could pay the cheque into one of the accounts you use for savings (if a branch is local) and transfer the funds over once cashed. Loss of interest would be minimal.