Lloyds or NatWest?

roadrunnertwozero15

Hi, I had a Debt Relief Order in 2010 which won't drop off my credit report until this Summer, and I have previously had some late payments on credit cards whilst between jobs, so my credit score is Poor.

I have been with Lloyds bank for 10 years and the customer service has been great, but they only ever offer me a Basic Account - which with Lloyds, doesn't even come with a contactless debit card. They still say I don't meet the eligibility criteria for a full current account with them as my score isn't high enough.

I also had a NatWest Basic Account, but they've upgraded me to a full current account now - with contactless card etc. I have the Reward Account with them now and find them to be excellent and very helpful with everything I ask of them.

Nationwide did open me a basic account but even though it's a basic account it comes with a contactless debit card.

I'm wanting to close two out of these three accounts down and just use one bank account, rather than have multiple accounts.

Would you recommend I remain with Lloyds - not have a contactless card, and just stick with them until my score improves and I get a full current account - as I've been with them for 10 years, or should I ditch them and go with NatWest as they are the only one who's opened me a full current account - or should I try work my way up with Nationwide's accounts because I hear they have a good reputation?

Any suggestions? I'm wanting a mortgage in 6 years time and I want to build up a good relationship with one of those 3 banks - and I just want to know which you think is the best bank for me to form a long relationship with?

- John

jonesMUFCforever

I don't just get me what is so special about contactless?

6 years is a long time who knows what banking will look like then and how many branches will still be open?

A good broker should be able to get you a competitive mortgage whoever you bank with as long as your credit reports are ok and the figures show you can make the repayments.

So up to you who you want to bank with.

roadrunnertwozero15

May I ask who you bank with and would you recommend them?

Dird

Keep all of them but just use NatWest in your case

Dobbibill

Why not use one for bills and one for spending. Be aware though, contactless transactions don't show as pending and if you run close to a zero balance any time it's easy to forget what you've used your card for and find yourself in an OD.

john1002

Nationwide are a good one to stick with as they will look on account behaviour to upgrade account, probably after 6 months as long as you regularly pay in and out.

Id ditch lloyds.

John

Joshbigears

Personally I would keep all three accounts for various reasons;
- Lloyds due to the age of the account which is a positive factor on your credit score.
- NatWest as it's a full account and you have access to rewards which if you us can save you some money.
- Nationwide as the rank pretty well and currently are known for their better mortgages and savings.

To keep all three active i would divide your spending;
- NatWest for all reward direct debits.
- Lloyds for all other direct debits and reoccurring costs.
- Nationwide for debit card transactions.
You just need to be able to budget for your money being divided and keep an eye on contactless transactions.

20aday

I switched from NatWest to Lloyds Bank just over two years ago and, on the whole, I've been very happy with them.

However I'd definitely keep your NatWest account if they've upgraded you to one of their Rewards accounts and it'll be worth your time in earning money back on your bills/retail cash back?