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  • TomJ
    TomJ Posts: 224
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    lukemarson wrote: »
    Does anyone know of a bank where their current account allows you to draw against a cheque the moment it is put on your account (as oppose to waiting for it to clear)?

    I bank with Barclays who allow this but I want to change now they've introduced a device to log into online banking. I use my bank in a number of locations and I really don't want to have to carry it around everywhere.

    Also, importantly, I get paid by cheque on or around the 15th of each money and some payments need to be paid around that date.


    I heard something on Moneybox about a change to the cheque clearance system at the weekend. Effectively it meant that cheques paid in will start earning interest after 2 days, be available for withdrawal after 4 and be confirmed as yours (ie the bank can't reclaim the money if the cheque is refused) after 6 days. (NB days == working days != Weekends & Bank Holidays) Details are available at the APACS website.
    I am not a financial advisor or other expert. All posts are purely my thoughts at the time for discussion, not advice. Bear in mind, even most of this disclaimer is ripped off another forum user. Please check out the facts first before doing anything.
  • Hi All

    Im Sorry If Im In The Wrong Post But This Is My 1st Time & In Need Of Help Please

    Im Currently In The Process Of Starting My own Business & Would Like To Here Peoples Views On the Best Business Bank Account

    Ive Looked Through The Forum Articles & Have Noticed A Few Threads On Banking But Cant see Anything About Business Banking

    Many thanks
    Donna
  • Frugaldom
    Frugaldom Posts: 6,932
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    lukemarson wrote: »
    Does anyone know of a bank where their current account allows you to draw against a cheque the moment it is put on your account (as oppose to waiting for it to clear)?

    I bank with Barclays who allow this but I want to change now they've introduced a device to log into online banking. I use my bank in a number of locations and I really don't want to have to carry it around everywhere.

    Also, importantly, I get paid by cheque on or around the 15th of each money and some payments need to be paid around that date.

    I bank with (Halifax) Bank of Scotland and when paying in a cheque, they ask me if it's a wages cheque. If it is, then you can access the funds straight away. I just assumed it was the same for all banks, so have learned something new tonight and will probably just stick where I am if others hold your wages for the mandatory clearing period. If I was you, I'd request my wages be paid via BACS rather than cheque.
    I reserve the right not to spend.
    The less I spend, the more I can afford.


    Frugal living challenge - living on £4000 in 2024

    Spends to date: £632.45
  • fagun
    fagun Posts: 411 Forumite
    I don't think the article adequately takes account of either customer services or the on-line / off-line functionality.

    For example, A&L's internet service is a joke. An inter-account transfer doesn't take place until overnight, and they take payments out before deposits. So you have to ensure money there is sufficient money deposited in your account the day before for any paments outs. Also their balances at various levels of drill down are different.

    So I think this is a poor account if you are actively managing your finances, despite the headline interest rate.
  • What are people's thoughts on bank accounts that have the best internet banking. I've got the following accounts:

    HSBC
    A&L
    Nationwide
    Smile
    Cahoot

    I think HSBC has the best of the lot with Nationwide and A&L coming second. The other two are OK although I find Smile somewhat basic.

    From what I've read on other posts, First Direct have good site. Does theirs have any similarity with HSBC's?
  • Voyager2002
    Voyager2002 Posts: 15,226
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    PilotJames wrote: »
    What are people's thoughts on bank accounts that have the best internet banking. I've got the following accounts:

    HSBC
    A&L
    Nationwide
    Smile
    Cahoot

    I think HSBC has the best of the lot with Nationwide and A&L coming second. The other two are OK although I find Smile somewhat basic.

    From what I've read on other posts, First Direct have good site. Does theirs have any similarity with HSBC's?

    I find the above somewhat strange: Smile offers a far higher level of service and functionality than does A and L (in my experience), so I cannot imagine how anyone could rank them equally. Nationwide is not bad. I have also used First Direct briefly and I thought it was also pretty good.
  • Not strange, just my opinion ;)

    Perhaps I was a little harsh. However, I think they could improve its functionality: the ability to return to statements without having to go back to home and then re-select the account; and also the ability to download your statements- I find this one particularly frustrating. Although admittedly not everyone wants that function.

    Nearly forgot: a running balance on recent transactions would also be nice.
  • Frugaldom
    Frugaldom Posts: 6,932
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    I'm awaiting 'clearance' for an ICICI account (for use as a secondary savings account for ISA surplus) that I just applied for after reading about it on MSE. Is it really as good as it sounds? Higher interest rate, only £1 to open, interest guaranteed over the BOE base rate 'til 2011 etc? Is there a downside that I have missed in the Ts & Cs?
    I reserve the right not to spend.
    The less I spend, the more I can afford.


    Frugal living challenge - living on £4000 in 2024

    Spends to date: £632.45
  • fagun
    fagun Posts: 411 Forumite
    PilotJames wrote: »
    What are people's thoughts on bank accounts that have the best internet banking. I've got the following accounts:

    HSBC
    A&L
    Nationwide
    Smile
    Cahoot

    I think HSBC has the best of the lot with Nationwide and A&L coming second. The other two are OK although I find Smile somewhat basic.

    From what I've read on other posts, First Direct have good site. Does theirs have any similarity with HSBC's?
    I like first direct's functionality and customer service, though am not that happy with some of their recent changes (no interest on current account).

    Haven't tried HSBC or smile but better than the others in terms of functionality, so I think first direct still pips it for a current account, though would be interested in other peoples' opinions.
  • babydonz wrote: »
    Hi All

    Im Sorry If Im In The Wrong Post But This Is My 1st Time & In Need Of Help Please

    Im Currently In The Process Of Starting My own Business & Would Like To Here Peoples Views On the Best Business Bank Account

    Ive Looked Through The Forum Articles & Have Noticed A Few Threads On Banking But Cant see Anything About Business Banking

    Many thanks
    Donna

    I wouldnt bother, you will be chraged for the "privilage" of spending money, writing cheques, reiceving cheques and paying dd'd and stanidng orders. Our business is run through a high interest personal account. just means that cheques have to be paid in a single name as opposed to a business name. We've been doing it for last 15 months and it is working for us.
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