Bank recommendations

Cinnamonsal

I’m looking for a new bank account for my hubby, at present he’s with Lloyd’s and pays a monthly fee for his personal account.
We want a non-fee account, no frills. He saves £100 a month into this account which is really used to save up for hols. He is self employed so his business account is his main account.
All the accounts I’ve seen want a minimum pay in of a lot more than he can afford.
Any suggestions please?

Willing2Learn

Tesco current account does not require a monthly pay-in. However it requires DDs to get interest 3% on credit balances up to £3,000.

gt94sss2

Why does he pay a monthly fee? If he is happy with Lloyds, then they will have a fee free option.

Having said that, it sounds as if he needs a savings account more (or a current account with no f/x charges) if it's mainly for holiday spending.

Terry_Towelling

Willing2Learn wrote: »

Tesco current account does not require a monthly pay-in. However it requires DDs to get interest 3% on credit balances up to £3,000.

My Tesco current accounts requires 3 direct debits (paid out each month) and a £750 min pay-in to get the 3% interest - perhaps it's different if the account is an older 'legacy' account.


A lot of accounts have minimum pay-in requirements but you don't always have to meet them - it just means you won't get paid any interest/rewards if you don't. The T&Cs will explain this. Anyway, meeting the pay-in requirement is easy(ish) - just transfer cash in and out a few times.

YorkshireBoy

Willing2Learn wrote: »

Tesco current account does not require a monthly pay-in. However it requires DDs to get interest 3% on credit balances up to £3,000.

It also requires a "monthly pay-in" of £750 to "get interest".

Willing2Learn

Sorry..yeah...I guess I have a legacy account with no pay in required...

jonnygee2

He saves £100 a month into this account which is really used to save up for hols.

So what you need is actually an accessible savings account, not a current account?

Does he need a bank card for this account? If yes, will this bank card be used abroad (e.g. for the holidays?).

colsten

Is none of the "Best Accounts" (according to MSE) suitable? If not, why not? https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

xylophone

How about a TSB Classic Plus? He could switch the Lloyds account to it.

The £500 a month input is simply managed on an in/out basis.

agrinnall

Cinnamonsal wrote: »

He is self employed so his business account is his main account.

While it's his main account for his business income and expenditure it should definitely not be used for personal transactions, he could be in deep trouble should HMRC audit him and find that business and personal transactions are being mixed up.



He definitely needs a current account for his own income and expenditure, and I would suggest a savings account in which the holiday savings can be put. My recommendaton would be a Nationwide FlexAccount and the linked 5% Flex Regular Online Saver, which can have up to £250 per month paid into it.

DCFC79

Cinnamonsal wrote: »

I’m looking for a new bank account for my hubby, at present he’s with Lloyd’s and pays a monthly fee for his personal account.
We want a non-fee account, no frills. He saves £100 a month into this account which is really used to save up for hols. He is self employed so his business account is his main account.
All the accounts I’ve seen want a minimum pay in of a lot more than he can afford.
Any suggestions please?

Where did you look ?


RBS
Lloyds
TSB
Tesco
Monzo
Starling


They all (and more too) have accounts that don't charge a fee.