Top Bank Accounts Discussion Area

premierfella

I really tried to give Co-op a go as I appeciate their values, but the following issues have stopped me using the Current Account Plus thus far:
- card reader required to make all payments on the internet, not just for first time payments
- £20 annual overdraft fee if an overdraft of more than £200 is required
- low limit on Faster Payments (£75 for manual payments).

I am keeping the account active in the hope that one or more of the above issues resolve themselves in time.

My personal experience of the Co-op's UK call centres has been good.

Pansapiens

I apologise if this is in fact covered, but I have looked around the site and I don't think it is - I would be grateful for any advice about the best account for a 16-year-old (as of yesterday!) who is going to be receiving EMA from September. She is happy to ditch and switch at the end of a year.
I looked at the A&L (via this site) with their lovely 6% for the first year, but then I saw you have to be over 21 and deposit a minimum of 500/month, so it's not suitable for an EMA 6th-former
Many thanks for any suggestions!

Pansapiens

This is a bit daft, but I've been looking elsewhere and I think I can answer my own question (maybe!) - so this is just in case anyone else is interested in an account for receiving EMA. In case anyone knows better - please say if you do!

A&L have another account, called (confusingly) Premium 21 which gives 5% for the first year only; it's available for 16 to 20-year-olds and you don't need a minimum monthly deposit (though there has to be some money deposited regularly, there's no minimum amount). It looks like a good deal for teenagers for one year, before switching elsewhere.

Nessie23

Pansapiens wrote: »

This is a bit daft, but I've been looking elsewhere and I think I can answer my own question (maybe!) - so this is just in case anyone else is interested in an account for receiving EMA. In case anyone knows better - please say if you do!

A&L have another account, called (confusingly) Premium 21 which gives 5% for the first year only; it's available for 16 to 20-year-olds and you don't need a minimum monthly deposit (though there has to be some money deposited regularly, there's no minimum amount). It looks like a good deal for teenagers for one year, before switching elsewhere.

I've had a quick check at uswitch.com and the account you metion seems to be the one giving best interest:T.
Remember that in most cases as a student you are elegible to receive gross interest (i.e. with no tax deducted), but you would have to fill in an R85 form. I suggest you double check with A&L(or whatever bank you open the account with).

daint

Hello,

Does anyone know of a good deal on phone insurance with your account, I've looked into Barclays who charge 14ppm (going up to 15) which seems ok but not great. Any others worth looking in to? (Specifically iphone )

Thanks
Daint

lucicrisp

Hello, I'm new on here but have noticed that there doesn't seem to be any mention of arrangement fees? First Direct have given me a £400 overdraft for the last 12 years with no fee and just charged interest on the overdrawn amount. All of a sudden they have now advised that everyone is being charged £25 (or poss. more) for their overdraft, regardless of whether it's used - am thinking of moving to A&L, or Barclays, with whom we have our joint accounts, but wonder if they have similar charges? I'm really dissappointed, the woman on the phone was really unhelpful and din't make any effort at all to retain my business.......

LongTermLurker

lucicrisp wrote: »

Hello, I'm new on here but have noticed that there doesn't seem to be any mention of arrangement fees? First Direct have given me a £400 overdraft for the last 12 years with no fee and just charged interest on the overdrawn amount. All of a sudden they have now advised that everyone is being charged £25 (or poss. more) for their overdraft, regardless of whether it's used - am thinking of moving to A&L, or Barclays, with whom we have our joint accounts, but wonder if they have similar charges? I'm really dissappointed, the woman on the phone was really unhelpful and din't make any effort at all to retain my business.......

I think what you mean is that they charge a fee if you request changes to your overdraft on a regular basis. The first overdraft in a 6 month period is free. If you ask for your OD to be changed within 6 months you will pay £25.

You will also be charged £25 for each "informal overdraft" (ie, unrequested/going beyond your agreed overdraft limit) unless your account is credited before the end of the day.

You won't be charged if you would otherwise be charged solely because of fees or interest - so if you have a £1000 OD and you are £999 into it, anything you owe won't cause you to be charged for going beyond the £1000 limit.

If you go beyond your limit but they don't agree to pay it, you will be charged a "return fee" as follows
* up to £10 = no charge
* £10 - £25 = £10 fee
* > £25 = £25 fee

The moral is to set your overdraft goals once per 6 months and don't go over the agreed limit.

caomhin

I have a few rental properties and so I'm looking for an account (could be a business one) that will have about £5,500 a month paid into it and then most of it paid back out again all in the same month.

So I'm looking for a joint account that will run this and give good interest long term as can't keep asking the tenanst to change their direct debits. As currently wiht Nat west earning a wopping 0.1% :-(

What would you recomend?

Caomhin

Megalomaniac

Lloyds Classic account with Vantage - 4% AER for balances between £5000 and £7000.

http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

Gene

I'm with Munk on this one:

Curious as to why the Lloyds Vantage Classic current account isn't listed in the top current accounts for people in credit?

They currently offer 4% on balances between £5-7k which obviously beats most savings accounts at the moment. The only catch is the minimum funding requirement of £1k/month, although as far as I know there are no underfunding fees.

I'm also confused by this. The Best Bank Account article, regarding the Lloyds TSB Vantage 4% AER account, says:

If you keep a consistently high balance in your current account, then the options above are very slightly beatable [by the Vantage account]. However, you'll almost certainly be better off by sweeping any extra cash into an instant access top savings account, as these pay decent interest on the whole balance, rather than just the first few thousand, like most current accounts.

But this does not follow. As the top 'clean' account on the Savings Account page is currently Coventry BS with 3.3% AE, then the best return could be gained with holding the maximum amount in the Vantage account and then sweeping the rest into a lower paying savings account.

That is of course providing you have enough coming in per month, can afford to keep £5K in and do not want a fixed account... But these provisos should not be enough to keep it from the top 'clean' account rating.

Is this just a case of the article not being updated? But as the Best Bank Accounts article is meant to be updated weekly and the Savings Account article is meant to be updated daily, this should not be the case.

Am I missing something (I'm about to switch current accounts, so my interest is more than just academic...)?