Which current account?

ValiantSon

Nick_C wrote: »

I think nonsense was a bit harsh!

What you wrote was completely inaccurate, so nonsense is an appropriate word.

Nick_C wrote: »

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.

I gave the four options and qualified those by pointing out that two required more DDs. It is not inconceivable that they would be able to find another DD, and even if they couldn't have, there were still two valid options, so your assertion that they couldn't get anything other than free banking was wrong. What point are you trying to prove?

Nick_C wrote: »

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.

They perhaps hadn't realised that they could access the 3% regular saver.

If someone makes them aware of opportunities with First Direct that is not an error, it is helpful. I doubt very much that they would struggle to figure out how to pay money in, withdraw it and pay it back in to meet the £1,000 deposit requirement, assuming that they couldn't deposit £1,000 in a single go.

Nick_C wrote: »

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

Apart from the fact that they could easily review their position after 1 year, given that Santander Everyday pays them no interest, then I'd imagine that any sane person would see 1% as a benefit of a free bank account.

Nick_C wrote: »

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!

You made a categorical statement that they couldn't get anything more from a current account than free banking. You were wrong and now you're upset that I pointed out that you were wrong. You may not like the tone of my post, but there we go.

ValiantSon

What is it that you want most from a current account?

I'd suggest that you do look at opening a few different accounts and benefit from the switching bonuses. It really isn't a lot of hassle.

I still think the strategy I have already outlined serves you best. Holding off on the FlexDirect account until you have £2,500 you can put in and not touch, so as to maximise the 5% rate for the year that it lasts, is a better use of that option than opening it now. This doesn't mean, however, that you shouldn't switch to the FlexAccount so that you can access the 5% Flexclusive regular saver after three months.

If you don't know anyone with a Nationwide account then, unfortunately, you can't get the £100 bonus, but it might be worth asking around family and friends to find out. They will gain £100 from it too, so it is in their interests.

ceredigion

gerrard88 wrote: »

But then i would only have 1 direct debit

But saving you how much ?

gerrard88

ceredigion wrote: »

But saving you how much ?

Not sure but not a great deal

ceredigion

ValiantSon wrote: »

What is it that you want most from a current account?

I'd suggest that you do look at opening a few different accounts and benefit from the switching bonuses. It really isn't a lot of hassle.

I still think the strategy I have already outlined serves you best. Holding off on the FlexDirect account until you have £2,500 you can put in and not touch, so as to maximise the 5% rate for the year that it lasts, is a better use of that option than opening it now. This doesn't mean, however, that you shouldn't switch to the FlexAccount so that you can access the 5% Flexclusive regular saver after three months.

If you don't know anyone with a Nationwide account then, unfortunately, you can't get the £100 bonus, but it might be worth asking around family and friends to find out. They will gain £100 from it too, so it is in their interests.

NO need to wait

ValiantSon

ceredigion wrote: »

NO need to wait

There is a need to wait if they only open a FlexAccount. You have to pay in £750 p/m for three months to be eligible for the regular saver.

You are right, however, if they use CASS.

ceredigion

ValiantSon wrote: »

There is a need to wait if they only open a FlexAccount. You have to pay in £750 p/m for three months to be eligible for the regular saver.

You are right, however, if they use CASS.

All right then I will quote the whole pice,

This doesn't mean, however, that you shouldn't switch to the FlexAccount so that you can access the 5% Flexclusive regular saver after three months.

EachPenny

gerrard88 wrote: »

Not sure but not a great deal

You need to find out before making any other decisions. You may be surprised at how much (potentially over £100 for the car insurance alone).

There is no point having monthly DD's to qualify you for a better current account if they are costing you more than you make from the better account.

I'd also suggest that your focus on getting a current account that offers 'more' might be misplaced. The more most people get is either interest on savings, or cashback on direct debits.

Until you have more savings it isn't clear whether you'll be able to earn enough interest to make a current account significantly more attractive than regular savers, and your cashback earning potential on direct debits is minimal. Also, as ValiantSon points out, there is no point wasting your opportunity to get 5% on the FlexDirect account if you won't be having the full £2500 balance in the account for the whole year.

As I suggested earlier, I would be looking to make use of the Santander RS which you could easily qualify yourself for, and then start paying into other easily accessible regular savers like the Virgin ones paying 2.25%. Once you've built up some savings you can then switch the money to more lucrative options.

Unless you are willing to enjoy the 'hassle' of multiple current accounts then your options are limited.

gerrard88

EachPenny wrote: »

You need to find out before making any other decisions. You may be surprised at how much (potentially over £100 for the car insurance alone).

There is no point having monthly DD's to qualify you for a better current account if they are costing you more than you make from the better account.

I'd also suggest that your focus on getting a current account that offers 'more' might be misplaced. The more most people get is either interest on savings, or cashback on direct debits.

Until you have more savings it isn't clear whether you'll be able to earn enough interest to make a current account significantly more attractive than regular savers, and your cashback earning potential on direct debits is minimal. Also, as ValiantSon points out, there is no point wasting your opportunity to get 5% on the FlexDirect account if you won't be having the full £2500 balance in the account for the whole year.

As I suggested earlier, I would be looking to make use of the Santander RS which you could easily qualify yourself for, and then start paying into other easily accessible regular savers like the Virgin ones paying 2.25%. Once you've built up some savings you can then switch the money to more lucrative options.

Unless you are willing to enjoy the 'hassle' of multiple current accounts then your options are limited.

Its around 50 pounds

Santander offer me nothing and never have so i want out. Halifax offer the £3 a month. not much but at least its more than santander offer me

N1ckS

I've had the TSB account for just over a year now and overall have been pleased with the service. UK based centre staff are excellent, although the new app has been a nightmare recently.