Opening a new bank account - NOT a switch though!

Merrybrook

Hi

I want to open a bank account for use with my Ebay account but do not want to switch my existing current account.

All the advice I read on her appears to be regarding switching though.

Could anyone point me to the best account I can get with no fees and with some interest, that I can open without having to switch?

Thanks

Graham

JuicyJesus

TSB Classic Plus pays 3% interest if you pay in £500 per month and go paperless.

robatwork

It's all on this site. And to save you the bother of clicking the links...

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

YorkshireBoy

GrahamJeffs wrote: »

Could anyone point me to the best account I can get with no fees and with some interest, that I can open without having to switch?

I'd suggest a re-think...

1. You don't have to switch your main account. Get another for the sole purpose of switching.

2. A switch could make you up to £200. By way of comparison, a fully funded (£2,500) Nationwide FlexDirect account would earn you interest of £122.25 over the year.

mt99

if its just for ebay then could there be a risk of the bank thinking it is a business account and at some point in the future freezing it ?

Merrybrook

Hi
Thanks for the replies.

I dont want to switch my main account but cant guarantee any minimum payment in per month. Its just for Ebay stuff and it wont be massive amounts.

I wont have any direct debits set up either.

I have looked at the link for the various accounts but they all talk about switching. This will not be a switch but a new account. Can anyone suggest the best one in these circumstances? (i.e. No switch, no DD's, no minimum payment in per month but maybe pays some interest?)

Thanks
Graham

YorkshireBoy

GrahamJeffs wrote: »

...cant guarantee any minimum payment in per month. Its just for Ebay stuff and it wont be massive amounts.

Do you, at any point in the month, have £500 in your main account? If so, send it to TSB and then send it straight back again. Job done! If you don't send it one month, then you won't get any interest that month. Not a problem if the account doesn't contain "massive amounts". Then again, if the account won't contain "massive amounts" what's the reason for it needing to pay interest?

I have looked at the link for the various accounts but they all talk about switching.

No they don't! All will pay interest without switching in.

This will not be a switch but a new account. Can anyone suggest the best one in these circumstances? (i.e. No switch, no DD's, no minimum payment in per month but maybe pays some interest?)

I'll stick my neck out and say that since Tesco stopped taking new applications (possibly short term?) there isn't one meeting all your criteria. So you simply have 3 options:

1) Another account with your main account provider.
2) An account with any UK current account provider.
3) Wait for Tesco to remove the block on new applications.

teddysmum

TSB pays 3% interest on £1500 (no time limit,at the moment) and gives up to £5/month cashback on contactless spends, but the latter would probably be of no use for your purpose.


TSB only needs £500 paid in per month, but Nationwide, which needs £1000 will pay 5% interest on up to £2500 (limited to 12 months).


Neither account needs direct debits going out, but the application process does ask the purpose of the account.