Which bank account do I choose?

november.rain_40

Help! I have no idea which bank to go with! My current account is a Lloyd’s Classic Account that I have had for almost 25 years is being closed at the end of the month and I need to open a new one elsewhere. I don’t want to pay an account fee unless I have to. I don’t need travel insurance but AA or whatever breakdown would be useful as I have a car and am learning to drive. Most of my bills are direct debit and I would mostly pay for other things with my debit card. My income is not as high as I have heard some accounts require as a minimum income as I receive CA, CB for 3, CTC and DLA for 1 child every 4 weeks. Too much on offer has left me confused so any advice would be most helpful. Thank you x

Brewer20

You can get a switching bonus with a few but they are conditional and can earn you £75-£200 depending which you choose, that would be a choice especially as yours is due to close. I suppose you'll need to act quick to get it switched.


I really think you need to divulge at least how much spare cash you will have to open, operate a new account, as I say conditions apply and not all will be suitable.

november.rain_40

I will have a closing balance of around £1000 from my Lloyd!!!8217;s with which to open a new one. CB is £48, CA is £62, CTC is £220 and DLA is equivalent of £75pw so weekly income into my account would be £405. I don!!!8217;t see that type of balance often lol it!!!8217;s amazing what not being able to have that instant access to your own money can do to your bank balance!!!

november.rain_40

Sorry stupid phone playing up.......ignore where it says 8217 lol

DCFC79

november.rain_40 wrote: »

Sorry stupid phone playing up.......ignore where it says 8217 lol

Its an issue with the forum, been present for a couple of months now.

Brewer20

If you see M&S bank and Halifax Reward accounts then they don't require min pay in and you get £125 gift card or £75 switch bonus repectively.
If you want to take a chance on TSB (in the news lately) they don't offer a switch bonus but have the Classic plus account that gives 5% interest on balances up to £1500, £500 min pay in 2 DD'S required, other perks with that account. As with all these accounts you need to read the T&C's carefully before diving in to see if it suits your requirements.


There may be others out there, I just outlined maybe the three that could suit.

badger09

november.rain_40 wrote: »

Help! I have no idea which bank to go with! My current account is a Lloyd’s Classic Account that I have had for almost 25 years is being closed at the end of the month and I need to open a new one elsewhere. I don’t want to pay an account fee unless I have to. I don’t need travel insurance but AA or whatever breakdown would be useful as I have a car and am learning to drive. Most of my bills are direct debit and I would mostly pay for other things with my debit card. My income is not as high as I have heard some accounts require as a minimum income as I receive CA, CB for 3, CTC and DLA for 1 child every 4 weeks. Too much on offer has left me confused so any advice would be most helpful. Thank you x

Why is your Lloyds account of 25 years being closed at the end of the month? The reason might impact on your ability to open one elsewhere.

november.rain_40

I have been a victim of identity theft and very near had a huge fraud committed in my name but I spotted what was happening before the bank did and reported it to both them and the police. The bank are closing my account as it has been compromised.

badger09

november.rain_40 wrote: »

I have been a victim of identity theft and very near had a huge fraud committed in my name but I spotted what was happening before the bank did and reported it to both them and the police. The bank are closing my account as it has been compromised.

Will they not open a new account for you?