Current Account.. Which?

linuxpenguins

Hi

I would like to open a new current account. I am currently with Nationwide and wish to remain with them, so I will not be switching accounts. (Shame as I would quite like to receive a sum of money for switching; only, I cant as my mortgage term is up soon and I wish to remain with Nationwide)

Which would be the best account to setup a direct debit to each month? This would be the account that I would use on a day to day basis? No more than £150 a month in there.

Thanks

YorkshireBoy

This doesn't answer your question, but presents you with an opportunity to both stay with Nationwide and get a £100 switching incentive from them...

Open an account elsewhere (any account), put two direct debits on it, and then switch it into your Nationwide account by asking a family member/friend to refer you under their refer a friend scheme.

But to answer your question directly...

An account paying 3% AER with no minimum pay in such as Tesco. But you wouldn't fund it by DD, you'd set up a standing order from Nationwide.

grumbler

linuxpenguins wrote: »

Hi

I would like to open a new current account. I am currently with Nationwide and wish to remain with them, so I will not be switching accounts. (Shame as I would quite like to receive a sum of money for switching; only, I cant as my mortgage term is up soon and I wish to remain with Nationwide)

Well, you can open a new account, then switch it for a bonus.

Which would be the best account to setup a direct debit to each month?

Do you mean a standing order?

This would be the account that I would use on a day to day basis? No more than £150 a month in there.

Any free current account will do the job and most banks offer such accounts. Surely you don't expect any bonuses/perks for £150. Why just not open a second account with the same Nationwide?

linuxpenguins

Can I open a second account with Nationwide?

YorkshireBoy

linuxpenguins wrote: »

Can I open a second account with Nationwide?

Your T&Cs say you can have up to four...don't they?

linuxpenguins

It seems to be one and one more if in a joint name?

YorkshireBoy

linuxpenguins wrote: »

It seems to be one and one more if in a joint name?

For a 5% AER paying FlexDirect, yes. But that's not the only account they do.

linuxpenguins

Ah. Okay. I may see if I can open another Nationwide Flex Account.. may become a little confusing having two blue cards mind ! Haha

agrinnall

linuxpenguins wrote: »

Ah. Okay. I may see if I can open another Nationwide Flex Account.. may become a little confusing having two blue cards mind ! Haha

I don't think they will allow you to open a second FlexAccount. And you don't need to: simply do what everyone else is telling you and open a sacrificial account anywhere else.

System

agrinnall wrote: »

I don't think they will allow you to open a second FlexAccount. And you don't need to: simply do what everyone else is telling you and open a sacrificial account anywhere else.

Of course, someone can open more than one FlexAccount.

agrinnall

Heng_Leng wrote: »

Of course, someone can open more than one FlexAccount.

There's plenty of accounts that will only allow you to open 1 or a limited number (e.g. Tesco, max 2 accounts) but if you say that doesn't apply to the FlexAccount I'll believe you.