Top Bank Accounts Discussion Area

Daliah

Not sure I would pick a current account based on any organisation's survey of "customer service" - not least because there isn't even a universally accepted definition of "customer service" to start with, and the perceptions are totally subjective.

I would also not hesitate changing to a different bank, or at least using a secondary account elsewhere, if I was unhappy for some reason, even if the xyz survey says the bank I am unhappy with is the bees knees.

theshed

I have to say I have largely stopped myself from switching as have always had good service from First Direct and would hate to switch and find myself having issues.
However their continual 'improvements' to the logging in process is becoming tedious. Yes security is important but there comes a point when user satisfaction has to play a part.

kate_b

A quick warning if anyone switching to the top-pick Virgin Money M Plus account (and linked M Saver) wants to use open banking / TPP (e.g. for linking with YouNeedABudget). TLDR: you can't even though website and Ts&Cs documents say you can.

Despite the Virgin Money website saying open banking is available on the account, and despite the Virgin M Plus account Terms document (one of 27 to be downloaded from their website whilst opening the account online) stating "welcome to open banking" and explaining how it works.... actually it doesn't. Or to be very specific, you aren't actually opening an 08 sort code account with Virgin Money, you're opening an 82 sort code account with Clydesdale (who operate as Virgin Money). And Clydesdale doesn't offer Open Banking. 

So rather than an open-banking Virgin Money account, you get a closed-banking Clydesdale account with Virgin branding.

SKA123

I hope I have posted this into the correct forum, please let me know if I should move it.

We have had a VirginOne Mortgage for over 20 years. This is basically an overdraft facility the same size as your mortgage & which you can use like a current account. It has worked very well for us over the years & seen us through many big purchases,  unfortunately it is shortly coming to an end & RBS are not extending accounts. For the first time we have to move to 'normal' banking & really don't know the best overall solution to set up to give us flexibility, maximise potential returns, minimise tax etc.

Some additional context in case it makes a difference - we treat all our incomes & outgoings as joint ie it's all 'ours' and we only have separate accounts for tax purposes. My husband has his state pension as his only 'regular income'. I am a full time employee & a 45% tax payer. We transfer money into my husband's name as spousal gifts don't incur tax and we can take advantage of his lower tax code eg I have an ISA and my husband has a share portfolio plus an ISA to make best use of dividend tax.

My questions are:
1. Do I need to be aware of anything in particular wrt the VirginOne account closing - I'm assuming other long term account holders are having to close theirs too.
2. Is there anything similar to the VirginOne account out there? If not, then what are our best options given the context above plus the fact that we might need to make big purchases in the future. Or does this mean we have to take out loans instead now?
3. Should we open multiple accounts or just one, I seem to recall years ago MSE recommending a series of accounts to maximise offers. 
4. Are there any tax advantages to us setting up separate current accounts? eg we're happy to have the salary I earn paid directly into an account in my husband's name if it makes a difference. 

Much appreciate your advice.

Consumerist

It looks as though you are looking for an offset mortgage. My advice would be to get professional advice (IFA) so that your future plans can be accommodated in the decisions you take.

Edit

If you want to diy then, perhaps, read and post on the <Mortgages & Endowments> board.

P.S. Welcome to the forum.

SKA123

Consumerist said:

It looks as though you are looking for an offset mortgage. My advice would be to get professional advice (IFA) so that your future plans can be accommodated in the decisions you take.

Edit

If you want to diy then, perhaps, read and post on the <Mortgages & Endowments> board.

P.S. Welcome to the forum.

Thanks for the reply. I will have a look at offset mortgages and do a bit of research on them. My experience with IFA's (on pensions) has been poor in the past, and expensive, hence my wanting to try and work things out as best I can myself. I will also look at the link you sent. Much appreciated. 

theshed

I would recommend an offset mortgage to most. We had a First Direct offset for many years, having all wages and some most savings linked really helped us.
We left FD offset as we wanted to change to repayment from interest only.

Tergat

I've a couple of questions that hopefully someone can help me with.

I've a current account with nationwide and looking to switch around to get some quick Cashback...

The account I have I opened over 20 years ago and I no longer live in the UK - moved to Ireland. I use my account to make some purchases in sterling / use when I visit home.

Do I have to provide proof of address / ID to the bank I am switching to? Or is the CASS process designed to take this pain away?

I don't have any Direct Debits setup but as advised could setup some small amounts to charity for those banks that require a DD?

If I want to return back to nationwide I presume I can make this the last switch, nothing that I might not get Cashback on this aspect given I already have an account?

Daliah

Tergat said:

I've a couple of questions that hopefully someone can help me with.

I've a current account with nationwide and looking to switch around to get some quick Cashback...

The account I have I opened over 20 years ago and I no longer live in the UK - moved to Ireland. I use my account to make some purchases in sterling / use when I visit home.

Do I have to provide proof of address / ID to the bank I am switching to? Or is the CASS process designed to take this pain away?

I don't have any Direct Debits setup but as advised could setup some small amounts to charity for those banks that require a DD?

If I want to return back to nationwide I presume I can make this the last switch, nothing that I might not get Cashback on this aspect given I already have an account?

I am afraid, you need to be a UK resident to open a UK bank account. No exception for Irish residents. Banks will generally try to identify you via electronic means - credit reference files and Electoral Register but if they don't find you there, you will have to provide proof of ID (easy to do with passport) as well as proof of UK address (not so easy for you). 

CASS makes no difference because you can only use CASS once your application for the new current account has been accepted (or if you already have an account with the target bank).

Tergat

Daliah said:

Tergat said:

I've a couple of questions that hopefully someone can help me with.

I've a current account with nationwide and looking to switch around to get some quick Cashback...

The account I have I opened over 20 years ago and I no longer live in the UK - moved to Ireland. I use my account to make some purchases in sterling / use when I visit home.

Do I have to provide proof of address / ID to the bank I am switching to? Or is the CASS process designed to take this pain away?

I don't have any Direct Debits setup but as advised could setup some small amounts to charity for those banks that require a DD?

If I want to return back to nationwide I presume I can make this the last switch, nothing that I might not get Cashback on this aspect given I already have an account?

I am afraid, you need to be a UK resident to open a UK bank account. No exception for Irish residents. Banks will generally try to identify you via electronic means - credit reference files and Electoral Register but if they don't find you there, you will have to provide proof of ID (easy to do with passport) as well as proof of UK address (not so easy for you). 

CASS makes no difference because you can only use CASS once your application for the new current account has been accepted (or if you already have an account with the target bank).

Thanks. I probably have my bank statements as proof of address which I presume would suffice and assumed there was no need to go into a bank physically but by what you are saying there might be further restrictions that would prevent me switching.