I want to set up a 'poor' current account !

don9999

This 'might' be an unusual question, but I need to know which is the 'worst' value-for-money current account!


I already have two current accounts that I am happy with Santander 123 (for cashback and interest) and FlexPlus (providing cover for the family's 5 iPhones, plus car breakdown and travel insurance).


However, I want to get another, so that I can subsequently take advantage of the numerous switching offers currently available.
I don't want to switch any of my existing two current accounts, so I will first need to set up a new 'temporary'current account.


I don't want this 'new' current account to be one of the 'good' ones, as I want to switch to one of those good ones afterwards.


So.....I guess I just want a simple current account that allows me to set up DDs, preferably with no minimum monthly pay-in (although I could always set up a transfer), and am not bothered about any interest or cashback etc..


On setting it up I will set up two DDs (for some small payments eg. kid's monthly swimming lessons etc..)
This will put me in a place ready to switch to a more profitable current account (where a switch of 2 DDs is usually required).


After some short period (I don't know if there is any minimum, but assume not) then I will switch to a more profitable current account - taking advantage of the switching bonus eg. £150 cashback for switching to TSB. (or whatever the best available one is at the time).


So has anyone else done this?
Which is the best 'poorest' current account to set up....?

HappyMJ

I just open a standard Halifax Current Account each time I need a donor account. They don't have overdrafts, get approved instantly, card gets sent quickly, I get the account number straight away and can set up direct debits on the same day I open the account.

You can switch this account away and still be eligible to get a switching bonus again in the future to switch to the Halifax. I've held Halifax accounts for years and only this year went to the effort of opening a new account with Halifax and switching to it. I assumed existing customers couldn't get switching bonuses. I then within a month switched that account out.

ratechaser

If you have a relationship with santander, opening more everyday current accounts is a doddle, they show up instantly on Internet banking. Opened 3 in one day last week, although they did want to query the 3rd simply because it looked a bit unusual

pinkdalek

I'd just open the account with the bank I have a relationship with and use that to switch each time.
Just a standard current account should work.

Santa001

I recently opened one (donor account) with Barclays. I don't have any relationship with them and got the sort code and account number instantly at the end of the application process. The card arrived in couple of days followed by the PIN and the rest a day later. Nice and easy ...and fast.

Jakg

ratechaser wrote: »

If you have a relationship with santander, opening more everyday current accounts is a doddle, they show up instantly on Internet banking. Opened 3 in one day last week, although they did want to query the 3rd simply because it looked a bit unusual

pinkdalek wrote: »

I'd just open the account with the bank I have a relationship with and use that to switch each time.
Just a standard current account should work.

This is my technique - the thing that takes time is usually waiting for the online details to arrive. If you go with a bank you've already got an account with, it normally appears instantly.

The best option is a basic bank account, but you can't normally apply for those online. In fact I think Santander refuse to let you have one if your 123 customer (at least thats what I was told!).

My preferred option at the moment is Halifax - purely because if you get rejected for the ordinary one they will offer a basic one online instantly.

murmeltier

Using an existing relationship to open an additional account for donor purposes may also help keeping credit searches down (as long as you don't ask for an overdraft I suppose).

At least that's what I've found with Santander & Nationwide (for myself and OH).

TSB also didn't search our credit files (no previous relationship).

BOS, Halifax and Lloyds, however, always did a credit search, regardless of existing relationships.

pmduk

OP aren't you better concentrating on easy accounts to open rather than the quality of the account? It's not as if you're planning to rely on them for long.

kdalwayskint

Thank you OP, I was about to ask a similar question.

Thank you to all who have replied, most helpful

Dan83

Any normal current account will do

dul50n

The RBS Select account offers nothing to English customers.

No switch bonus, no interest, no rewards.

They don't offer cashback through cashback sites for opening and switching to them either.

Oh, brace yourself, you do get a £10 interest free overdraft threshold.

I think that's probably as poor as it gets.