best bank account to have?

Hboy101

I have about £5000 in savings and am soon starting a job with an annual salary of £24000, what is the best new account to open to get the best benefits, interest etc?

eskbanker

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

PRAISETHESUN

See the link above.

There is no single "best" account as most of them have different features to appeal to different customers. For example, do you care more about getting the highest interest rate on savings, or a low fee overdraft? Do you want cashback on household bills? Do you want bundled extras (insurances, etc). Among the bundled extras there are very different offerings between banks - without knowing the details of your personal circumstances we can't really help. You will need to decide for yourself if these extras are worth any monthly fees, or if you could get them cheaper elsewhere/do you actually need them

Katiehound

Depends what you mean by 'best.'
Different products appeal to different people- it's subjective.
What is best for you may not suit everyone else!

Perhaps you need to write a list of what features you would like for a bank a/c and then trawl through what is available

You might also look at their online facilities- some are better than others, some are more user friendly for example.

Oh, and the general verdict is that you should have maybe 2 accounts with different providers so that if there is an IT problem with one you can still access your money from the other.

xylophone

Assuming that you have never had a Nationwide Flexdirect account and are eligible, consider opening one.If you have a friend or relation who already banks with Nationwide see

https://www.nationwide.co.uk/products/current-accounts/our-current-accounts/recommend-a-friend-tab

£2500 @ 5% for a year (see T&Cs).

Also open a TSB Classic Plus and deposit £1500 @ 3%. (See T&Cs).

Set up matching same day SO's from each to other for £1000.

Open a savings account for the remaining £1000 and add the monthly interest accruing on the current accounts.

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

phillw

xylophone wrote: »

£2500 @ 5% for a year (see T&Cs).

Also open a TSB Classic Plus and deposit £1500 @ 3%. (See T&Cs).

Set up matching same day SO's from each to other for £1000.

I do mine manually, I don't leave the interest in the TSB & so I'm going to be logging in anyway.

It might also be worth looking at Barclays blue rewards (£4 with 2 DD), halifax (£2 with 2 DD) and coop (£4 with 4 DD) if you have enough direct debits.

I'd look at joining first direct so you can also get a 5% regular saver.

If you already have an account then check each of the bank accounts you're going to open, to see if you would meet their switching bonus requirements & pick the one with the highest bonus.