Are 'free' current accounts a thing of the past?

Indout96

Is that withdrawal from a branch or cash machine ? If cash machine that sounds great, if its a branch its pointless as I am at work so no way of getting to branch.

ceredigion

Indout96 wrote: »

Is that withdrawal from a branch or cash machine ? If cash machine that sounds great, if its a branch its pointless as I am at work so no way of getting to branch.

I can withdraw up to £750 a day from a machine, from an account that pays 3%

jimjames

Indout96 wrote: »

Is that withdrawal from a branch or cash machine ? If cash machine that sounds great, if its a branch its pointless as I am at work so no way of getting to branch.

I can draw £500 a day from 5% account. It's very rare that I need to do that and if I need more then I just use multiple cards to draw out the amount I need. Needing to draw out £1000 on a routine basis seems unusual though?

mgdavid

colsten wrote: »

Who do you reckon has been paying all those years for your bank account? The bank account fairy?

We have always been paying, we just never knew how much. But unconsciously, most of us probably felt we were paying a fair price.

It wasn't me, it could have been you, I really don't care. As I said, I am happy to exchange their use of my positive balance for the banking facilities I use. That balance varies between100 and 1000, anything over gets put into interest-bearing accounts. Not so many years ago, before online access, it was a pain managing accounts but fortunately I was young and poor then so it didn't affect me!

colsten

Of course, silly me. How could I even begin to think the banks weren't making an exception for mgdavid. It's only all the rest of us who have been paying with miserable/non-existent interest rates on our balances.

mgdavid

who or what ever gave you the idea to expect interest on a current account balance? Are you too young to know how it used to be?

slink85

the first bank to introduce a fee for a standard current account will see customers flocking away, and all the others wont bother. it would be commercial suicide.

The-Truth

joeblags wrote: »

no, they use my money that's in the bank , why should I pay them to use my money?

So why did you open an account in the first place then?

Jsscmm

slink85 wrote: »

the first bank to introduce a fee for a standard current account will see customers flocking away, and all the others wont bother. it would be commercial suicide.

First direct have have one. Seems to not hurt them too much.


Admittedly it can be 'avoided' within the rules very easily. Arguably the best £1 I've invested

EarthBoy

Jsscmm wrote: »

Admittedly it can be 'avoided' within the rules very easily. Arguably the best £1 I've invested

If any First Direct customers actually pay the account fee, they must be incapable of managing their own finances.