MSE News: New best overseas debit card launches in January

Former_MSE_Natasha

Tuesday 2 November 2010

This is the discussion thread for the following MSE News Story:

Read the full story:
New best overseas debit card launches in January

choc_mouse

Looks good and definitely a better way of getting customers to use the accounts, unlike Nationwide who just stripped the benefit altogether. Don't think I'll be applying for it yet for the following reasons:
- doesn't appear to support faster payments (correct me if I'm wrong)
- lack of good savings accounts to keep money there for instant transfers

Another one to look out for is Santander's Zero Current Account account available to all savers from January 2011. The catch here is you need to save £10,000 or more with Santander.

Metro bank too.

Would be good if MSE made a nice list of current accounts with free global card use. Anyone keeping a list?

CountryGoose

It's a good deal, but is it worth it? I know many moneysavers like to squeeze the last penny out of a deal, but you need to be careful with this account to avoid charges.

The Standing Order scheme may work if this is not your main account, though you then need to load it, much like a prepay card. You also need make sure you don't draw down too much on the card to avoid the overdraft fee.

There is also the remote chance of skimming, or unauthorised debits. With a problem on a credit card the bank will fight to make you pay - and can't take the money from you. With a debit card, you need to fight the bank for the return of your cash and prove that you did no wrong with your PIN, etc.

For someone who needs a lot of cash, it's worth going for a good debit card, but I'll stick with the convenient option: For me, at a cost of <1% for Cash and Nil for spending, the convenient winner has to be the Halifax Clarity Card.

apt

However, the Norwich and Peterborough account includes Sentinel Gold which a useful benefit and its valuable to have a VISA card as well as a Mastercard. You can also get 5% interest on the linked regular saver account.

ferf1223

choc_mouse wrote: »

Would be good if MSE made a nice list of current accounts with free global card use. Anyone keeping a list?

Like this?

http://www.moneysavingexpert.com/travel/overseas-card-charges

Doesn't yet include this new account (though it is listed on the main page)

http://www.moneysavingexpert.com/travel/cheap-travel-money

bagand96

How long will it last before they realise people are just opening it for a couple of trips a year, then decide to discontinue it as its not worth their while?

chattychappy

From the news story:

If you think there is any danger of you not reaching this level, simply set up five small (1p even) standing orders to other accounts so that you always meet the threshold.

With advice like this, is it any wonder that these deals tend to get stopped or made much more complex as "money savers" pile in?

choc_mouse

ferf1223 wrote: »

Like this?

Yes!! But still missing those smaller banks/BS that may benefit some.

premierfella

chattychappy wrote: »

If you think there is any danger of you not reaching this level, simply set up five small (1p even) standing orders to other accounts so that you always meet the threshold.

With advice like this, is it any wonder that these deals tend to get stopped or made much more complex as "money savers" pile in?

I'm guilty of making this sort of suggestion on the separate N&P thread. I take the point and I myself will be making use of the Gold Classic benefits rather than using this method to obtain a fee-free Gold Light account, but I'm sure the building society must have considered this when designing the new current account products.

If I were them I would have gone down the route of requiring a number of direct debits, which "foreign use only" customers might have been less inclined to go to the trouble of sorting out.

adindas

Why not Both

- One for foreign Purchasing/Spending (e.g. Halifax Clarity)
Also the problem with Halifax Clarity Card is that they are quite picky to give their credit card
- One for Cash Withdrawal (N&P Debit Card)

ADINDAS

CountryGoose wrote: »

It's a good deal, but is it worth it? I know many moneysavers like to squeeze the last penny out of a deal, but you need to be careful with this account to avoid charges.

The Standing Order scheme may work if this is not your main account, though you then need to load it, much like a prepay card. You also need make sure you don't draw down too much on the card to avoid the overdraft fee.

There is also the remote chance of skimming, or unauthorised debits. With a problem on a credit card the bank will fight to make you pay - and can't take the money from you. With a debit card, you need to fight the bank for the return of your cash and prove that you did no wrong with your PIN, etc.

For someone who needs a lot of cash, it's worth going for a good debit card, but I'll stick with the convenient option: For me, at a cost of <1% for Cash and Nil for spending, the convenient winner has to be the Halifax Clarity Card.

adindas

Dear Apt and All

Where could we get the info about
- Sentinel Gold
- can also get 5% interest on the linked regular saver account
I have tried to visit N&P website but no luck sofar

If you could provide the link of this info, it will be great.

thank you

ADINDAS

apt wrote: »

However, the Norwich and Peterborough account includes Sentinel Gold which a useful benefit and its valuable to have a VISA card as well as a Mastercard. You can also get 5% interest on the linked regular saver account.