Top Bank Accounts Discussion Area

rnc

kester_holmes wrote: »

anyone else annoyed at the apparent new £5 per month charges for using an agreed overdraft? I presume this is in addition to the OD interest. Am I right in my understanding of it?

I earn a reasonable amount per month and use a few hundred quid of OD at the end of each month, prior to pay check clearing. As they dont pay any interest when in credit it doesn;t make sense leaving in credit all the time (and cant always!).

Presume I am better finally switching current account after 18 odd years to someone else that doesn't charge a monhtly OD charge, above the inteest? But cautious about First Directs if I got made redundant and stopped payuing a regular £1000 in per month, would they start charging the £10 per month fee?

ALso what agreed overdraft am I likely to be able to negotiate on a new bank account?

ta
Kester

Completely agree! I'm with Lloyds as well and I find this ridiculous. Even if you go into your overdraft by say £10.50 then you get charged £5?!

I have been looking around for current accounts with an O/D facility as well - I have been finding it really hard to establish who charges what as everyone is using different terminology and hiding the charges deep in their fine print! :mad:

Co-op does appear to have one. Have also looked at FirstDirect but have *real* problems trying to make understand their fine print....

This fine print is not on the website - I have got it sent to me. It states that an arrangement fee of £25 *may* be charged. I quote:
"
Arrangement Fees
First overdraft in 6 months: Free*
Subsequent overdrafts: £25

*No arrangement fee is payable if, in the last 6 months, we have not agreed to an overdraft request from you.
"

Speaking to them on the phone they said that on O/D renewal, if I have stayed within the limit, I would not be charged a fee to maintain the same overdraft limit. Which isn't what the statement above said and they have no other information they can send out and are not willing to clarify in writing. I plan to ring them back to clarify again but this time record them so *I* have some proof

Cheers

Nick

atsoc15

I have a halifax rewards account in my name, and a joing one. Can i also have a BOS reward account aswell?

blueberrypie

atsoc15 wrote: »

I have a halifax rewards account in my name, and a joing one. Can i also have a BOS reward account aswell?

No, they'll only allow one in your name and one joint across the whole of HBOS.

You can get another fiver if you take out their new Clarity credit-card though :-)

LongTermLurker

rnc wrote: »

Have also looked at FirstDirect but have *real* problems trying to make understand their fine print....

This fine print is not on the website - I have got it sent to me. It states that an arrangement fee of £25 *may* be charged. I quote:
"
Arrangement Fees
First overdraft in 6 months: Free*
Subsequent overdrafts: £25

*No arrangement fee is payable if, in the last 6 months, we have not agreed to an overdraft request from you.
"

Speaking to them on the phone they said that on O/D renewal, if I have stayed within the limit, I would not be charged a fee to maintain the same overdraft limit. Which isn't what the statement above said and they have no other information they can send out and are not willing to clarify in writing. I plan to ring them back to clarify again but this time record them so *I* have some proof

Cheers

Nick

Arranged- and unarraranged overdrafts are classed as "overdraft requests" so:

1. If you have an agreed OD now of £1000 you can ask them to increase it every 6 months and they won't charge a fee
2. You can ask twice in 6 months and won't get charged a fee so long as they refused your first request
3. If you have two approved requests for increase (or for an initial OD) in a 6 month period you'll be charged
4. Any ad-hoc unagreed OD counts, so
   1. if you don't have an agreed OD at all and go overdrawn twice in 6 months (and they paid them both) you'll be charged for the second and subsequent payments
   2. if you have an agreed OD and go beyond that twice in 6 months (and they paid both) you'll be charged for the second and subsequent payments
5. Agreed- and unagreed ODs would be combined, so an increase request and an occasion when you went beyond your limit within a 6 month period (if both were approved) would start to incur charges.

That's how I read it anyway - not at all clear and very ambiguous.

First Direct ought to be able to do better than that, the wording doesn't do the quality of their service any justice at all.

atsoc15

blueberrypie wrote: »

No, they'll only allow one in your name and one joint across the whole of HBOS.

You can get another fiver if you take out their new Clarity credit-card though :-)

already done that hah

ncb862010

I changed my current account from Natwest to Halifax rewards current account on the 26th May 2010. I received £100 instantly and my credits & direct debits have all been switched over to this account. I was wondering whats stopping me from switching my current account again, but to Santander who are offering £100 plus 5%?? Many thanks

gt94sss2

Any wrote: »

I was looking at the Santander Zero account - no fee and £100 cashback if you move your bills and salaries to them...

However you have to have mortgage and investment with them... Anyone knows what counts as investment if you want to get the £100?

Does anyone know if the First Home Saver (Special Issue 1) qualifies for the Zero current account?

The paperwork I got with the home saver account stated that 'This product is provided by Santander ISA Managers Ltd which is a wholly owned subsidiary of Santander Asset Management UK Holdings Ltd..'

Regards
Sunil

Shah79

caoimhin wrote: »

How long do you have to switch D/D's to qualify for the switching bonus?

Have tried but was told to do it manually as I only have one. Surely this would count though? I thought you only needed one?

If you are refering to Santander current account - you need two active DD to qualify for the £100 cash back

DarkFallout

I opened an A&L current account in July and already received my 100 pounds switching incentive.

Does anyone remember for how long should I stay with them (it is Premier account) as I would like to switch to First Direct.

P.S. Found that it should be 11 weeks and then the incentive is paid within 3 months. Please confirm.

FlyingArrow

Hi,
My first posting and a heavy one... Not to go into too much detail to bore the pants of anyone!
Having been made redundant and without a personal bank account and now receiving a cheque I need to pay into an account. Having gone through the choices I still am confused as to the best one to go with.
I just need an account that will take in monthly salary, pay DD's/SO's and also if they are still around provide me with a chq. book as well as being able to obtain cash from the wall. No frills required but maybe able to do some banking online as well.
Any help with suggestions, would be gratefully received.