Upgrading from a Current Account

Christ7

Hi,

I hope everyone is well. I'm about to finish my PhD but start a job lecturing next week on a permanent contract (>£30k).

I have a basic current/foundation account with NatWest. Is it worth sticking with this account or upgrading/moving? I also have a savings account where over the past few years any bursary £ from the PhD was transferred to the savings account anyway, which currently sits at >15k.

If anyone has any advice about which account to get or just stick with the basic current account that would be great.

Thank you

Chris

xylophone

You might wait until you have started work and received a month's salary and then apply for a Nationwide Flexdirect account and Flexclusive regular saver.

You might want to switch the Natwest account for an incentive.

You might wish to look at a Santander 123 account, especially if you have utility/CT etc DDs.

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

DaleHarries

Switch when you start work, most current accounts need you to pay in over £1000 each month. Many will offer you something for switching too, like £100. I'd always pick customer service over a pure reward though, £100 is a £100, but if customer service goes wrong it'll cost you more in time wasted.

As for the savings, Santander 123 might be an option, although since opening ours the interest rate has gone down dramatically! Might be worth putting some of it in an ISA too, especially if you don't plan on withdrawing it quickly.

takman

You should look at the savings and current account guide on here; your missing out on quite a lot of interest by keeping £15k in a standard savings account as opposed to multiple current accounts and regular savers.

DaleHarries wrote: »

Switch when you start work, most current accounts need you to pay in over £1000 each month. Many will offer you something for switching too, like £100. I'd always pick customer service over a pure reward though, £100 is a £100, but if customer service goes wrong it'll cost you more in time wasted.

As for the savings, Santander 123 might be an option, although since opening ours the interest rate has gone down dramatically! Might be worth putting some of it in an ISA too, especially if you don't plan on withdrawing it quickly.

-Pay in requirements can be easilymet by transferring in and out money from a savings account.
-There is no need to pick either customer service or a switching bonus. You can open multiple current accounts to get the best interest rates and switch them around to get the rewards, choosing whichever one you want as you main account and sticking with it.
-I wouldn't reccomend that the OP opens a Santander 123 account and definetly not an ISA when they can get much better interest on £15k with other accounts and regular savers.
-I also wouldn't recommend a Cash ISA ever, maybe unless it's Help to Buy. When you have enough money saved to fill up all the regular savers and high interest Current Accounts i would look at investments.

System

See if you can upgrade to a full account and then look into your options.