Which current account?

Nick_C

Nick_C wrote: »

Well if you only have one monthly direct debit, you are not going to get anything from a current account apart from free banking. Keep the minimum about necessary in there, and move your spare cash to an instant access savings account or a regular savings account.

ValiantSon wrote: »

Nonsense! There are other current account that offer different benefits and some of these may be useful for the OP.
OP, of the two accounts you have identified:

1) Nationwide FlexDirect will pay you 5% interest in the first year on a balance up to £2,500, but this reduces to 1% afterwards. If you have more than £2,500 and can leave that sum untouched then it is a good offer to take up now, but if not I'd hold it in reserve until you can take full advantage of it. The other benefit of this account is access to the Flexclusive regular saver which allows you to save up to £250 per month at 5%. No DDs needed.

2) Halifax Reward Account will pay you £3 p/m if you meet the minimum pay in of £750 p/m plus have two DDs going out. As you only seem to have one DD, however, you wouldn't benefit from this. Halifax will, at the moment, pay you £125 to switch to them.

There are other options, such as:

1) TSB Classic Plus paying 3% on balances up to £1,500 and cashback, until December, at £5 p/m if two DDs are paid out (would you have enough DDs?) and £5 p/m is 20 debit card transactions are made. No DDs needed for the interest.

2) First Direct will pay you £125 for switching to them. They don't pay any interest, but it would give you access to their regular saver, which pays 5% on up to £300 p/m. No DDs needed.

I think nonsense was a bit harsh!

You looked at four options. Only two of them were appropriate to someone with only one monthly DD, which is what OP was saying they had at that point.

The FD option would give them access to a RS account paying 5%, but they already have access to a RS paying 3% and they don't see that as a benefit. It was not clear that they could meet the £1000 a month funding requirement.

That just leaves Nationwide, which would pay them 1% interest after the first year. Would they see this as a benefit?

Problem with this thread was the dearth of information. More comes out in a slow drip feed process, but I got fed up with trying to guess what the OPs circumstances might be, so bowed out early!

gerrard88

Thanks everyone for the replies! really helpful! So here is my situation!

Earn 1500 a month (depending on overtime etc) which is paid monthly
Have 3 direct debits. 02 phone bill, car insurance and car tax
I have a nationwide instant saver with only 500 in it! Just set this up!
I am wanting to save around 400-450 a month

But want a better current account than i have! Like the Halifax one as i meet requirements!

Think that covers it!

I dont want to open multiple accounts etc as someone said previously! Seems hassle!

Just would like to switch my santander everyday account now over to something little better! Santander have given me nothing over the years! been with them for a lon time!

I need make it clear that i have 3 direct debits!

Thanks for all your help!

gerrard88

Nick_C wrote: »

I think nonsense was a bit harsh!

You looked at four options. Only two of them were appropriate to someone with only one monthly DD, which is what OP was saying they had at that point.

The FD option would give them access to a RS account paying 5%, but they already have access to a RS paying 3% and they don't see that as a benefit. It was not clear that they could meet the £1000 a month funding requirement.

That just leaves Nationwide, which would pay them 1% interest after the first year. Would they see this as a benefit?

Problem with this thread was the dearth of information. More comes out in a slow drip feed process, but I got fed up with trying to guess what the OPs circumstances might be, so bowed out early!

I did make it clear that i could meet the 1000 a month! Look at my posts

gerrard88

YorkshireBoy wrote: »

Halifax regular saver pays 2.5%, so half the rate the Nationwide one pays.

Cards on table time - how much savings have you now, excluding any HTB/LISA accounts?

Currently have around 500 in my nationwide instant saver! Not a lot i know but i have just started really! been out of the UK for a long time travelling!

YorkshireBoy

gerrard88 wrote: »

Thanks everyone for the replies! really helpful! So here is my situation!

Earn 1500 a month (depending on overtime etc) which is paid monthly
Have 3 direct debits. 02 phone bill, car insurance and car tax
I have a nationwide instant saver with only 500 in it! Just set this up!
I am wanting to save around 400-450 a month

But want a better current account than i have! Like the Halifax one as i meet requirements!

Think that covers it!

I dont want to open multiple accounts etc as someone said previously! Seems hassle!

Just would like to switch my santander everyday account now over to something little better! Santander have given me nothing over the years! been with them for a lon time!

I need make it clear that i have 3 direct debits!

Thanks for all your help!

Nationwide FlexDirect and their 5% regular saver.
Get a friend to refer you.
Re-assess in 12 months, during which time realise that £800 from switching incentives is worth a little hassle. After all, you'd need to work nearly 3 weeks for that in your day job.

gerrard88

Can you break that down for me what is best!

So what your saying is open a flex direct account?

gerrard88

YorkshireBoy wrote: »

Nationwide FlexDirect and their 5% regular saver.
Get a friend to refer you.
Re-assess in 12 months, during which time realise that £800 from switching incentives is worth a little hassle. After all, you'd need to work nearly 3 weeks for that in your day job.

I am not sure i know anyone with a Nationwide!

How would i make 800 in incentives then? Best way?

ceredigion

You could probably make a bigger impact by paying your car tax and insurance in lump sums.

gerrard88

Nick_C wrote: »

I think nonsense was a bit harsh!

You looked at four options. Only two of them were appropriate to someone with only one monthly DD, which is what OP was saying they had at that point.

The FD option would give them access to a RS account paying 5%, but they already have access to a RS paying 3% and they don't see that as a benefit. It was not clear that they could meet the £1000 a month funding requirement.

That just leaves Nationwide, which would pay them 1% interest after the first year. Would they see this as a benefit?

Problem with this thread was the dearth of information. More comes out in a slow drip feed process, but I got fed up with trying to guess what the OPs circumstances might be, so bowed out early!

fed up with trying to guess? Well if you have read my posts you would see i said i have 3 direct debits and earn more than 1k in wages!

gerrard88

ceredigion wrote: »

You could probably make a bigger impact by paying your car tax and insurance in lump sums.

But then i would only have 1 direct debit