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

jimjames

mgdavid wrote: »

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?

I might not expect it as I do remember accounts paying nothing but if it's offered why wouldn't you make the most of it? I've had decent interest paying current accounts for over 15 years now.

mgdavid

jimjames wrote: »

I might not expect it as I do remember accounts paying nothing but if it's offered why wouldn't you make the most of it? I've had decent interest paying current accounts for over 15 years now.

So have I of course, several of them, which I keep loaded up to max out on interest as far as possible - but not for my main income and expenditure account which has a lot of traffic and still doesn't attract any charges.

jimjames

mgdavid wrote: »

So have I of course, several of them, which I keep loaded up to max out on interest as far as possible - but not for my main income and expenditure account which has a lot of traffic and still doesn't attract any charges.

But equally could pay you to hold it if you used an account that pays decent interest. The only reason not to do so is if you've already used all the available interest paying accounts. My main account has lots of payments sent and received yet still pays me 3%.

mgdavid

An example:
went into branch today to make a large payment, way over FP limit. "That will go via CHAPS sir, there's a £25 charge."
- in that case can we do half today and half tomorrow using FP?
"do you know what plan your account is on?"
- I've had it since before there were different sorts of account.
"do you have your card on you, let me look at your accounts"
"ah, you've one of those accounts, you don't have to pay for CHAPS"
- Thank you.

That is why I use them for my day-to-day stuff.

Archi_Bald

Which account waives the CHAPS fee?

mgdavid

I gained the impression there's more than one but mine is ..
http://www.thisismoney.co.uk/money/saving/article-1557009/Platinum-is-for-precious-customers.html

this is what it's called currently, it's had a variety of names over 40 years, following the ebb and flow of the marketers.

Herbalus

mgdavid wrote: »

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?

How young is too young? The article above from 2001 that you've just posted say that Smile, Cahoot, and IF pay interest on current accounts, as did Halifax at 4%.

That's at least 14 years. So anybody that is too young would have to be approaching 40 at least.

djpailo

Does anyone know why faster payments has a limit?

noh

Herbalus wrote: »

How young is too young? The article above from 2001 that you've just posted say that Smile, Cahoot, and IF pay interest on current accounts, as did Halifax at 4%.

That's at least 14 years. So anybody that is too young would have to be approaching 40 at least.

I think you mean 30 (16+14)

I remember moving to a Nationwide current account in 1988 because they were one of the first to offer interest on current accounts.

http://www.nationwide.co.uk/about/corporate-information/our-history

jimjames

Herbalus wrote: »

How young is too young? The article above from 2001 that you've just posted say that Smile, Cahoot, and IF pay interest on current accounts, as did Halifax at 4%.

That's at least 14 years. So anybody that is too young would have to be approaching 40 at least.

I checked earlier as I had a Cahoot current account since 2000. The rate then was 6.2%.
I don't think you can really say 15 years is a temporary blip!