Current Account Discussion Board

MSE_Martin

To ask a question or discuss current accounts.  Simply reply to this post

This relates to the following article http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1079227088,97059,  (this article was updated 13 March 2003)

dov

Intelligent Finance offers 3.55% interest on your current account if you have at least £1 in their DASA savings accounts (or ISA, or TESSA-only ISA). This seems to be the highest interest paying current account deal.

BTW before knowing about this deal with IF, I applied to Cahoot and got rejected. However, I subsequently got accepted with IF. Just thought I would mention this as it compares credit ratings with different providers you mentioned in your article.

mistral_2

I recommend First Direct having been with them for over 10 years fantastic customer service and overall the best Bank I have ever dealt with

System

???
We have a joint current account with NatWest and I desperately want to get rid because they are ripping us off big time! We have an overdraft limit of £3k and use it every month. We want to reduce it because 1) who likes to be in debt? and 2) Nat West are charging us a fortune in interest.
We have opened a current account at Cahoot but they won't give us a £3k overdraft so we can't move, although we use Cahoot for small (emphasise small!) savings and extraneous transactions such as holidays, christmas etc.
Other alternatives (such as Alliance & Leicester) also don't give us the £3k overdraft limit we need.
We don't have any credit cards - yes, I said NO credit cards - and we're reluctant to have any.
How can we reduce the overdraft or move the debt elsewhere so it doesn't cost so much and where we might in with a good chance of reducing it?

Luurrrrve the website, recommended loads of friends who also lurrrve it. Keep up the good work Martin!

System

Hi,

I applied for 2 Halifax Current Accounts in April. Both were initially denied and i was given 2 cardcash accounts - essentially useless, solo card, no cheque guarentee and no overdraft, even though they have given me a personal loan, a mortgage and a credit card! I complained and successfully got the account my salary is paid into changed, however remains as is. I regularly transfer £900 in, and my boyfriends salary (min. £600) is paid to this account, but they still refuse to change it.
Can anyone reccommend a good current account, which will provide a useful debit card (solo is accepted by virtually no-one!!) and will allow an overdraft of about £100. Internet accounts have knocked me back, poss. due to high outstanding debts, which I'm trying to resolve. ??? >:(

Miss_Meanie

After reading Martins's recommendation of the new Lloyds Plus account, I decided to switch to them and free myself of Barclays outrageous monthly fees and interest charges. Rang Lloyds today for details/application forms but all they wanted to do was make an appointment for me and my husband (joint account) to both visit a branch - preferably together! I explained re our work commitments, difficulty getting to branches etc but they would not budge. It MUST be done at their branch, in their hours, and they were totally unable to open this account using post, internet, telephone, fax or any other 21st century device!

I declined this, and got straight on the phone to Alliance & Leicester who also have a brilliant 0% interest , fee free deal for new current account holders. Chatted to a very helpful, knowledgable chap there, who told me everything I needed to know, filled in the forms for me there and then, confirmed my account had been accepted and organised my welcome pack to be sent out. The whole thing took 10 minutes.

Full marks to Alliance & Leicester, but as for Lloyds - they may have finally come up with a decent account but they haven't exactly moved with the times in the Service department.

payless

Go see Lloyds and you will likely come out with (or at least they will try)
Current Account
Property Insurance
Life & Cril Ill cover
Savings plan
Income protection
Credit Card
Gas & elec
Phone provider
New mortgage

isasmurf

In my experience Lloyds have the worst customer service of all the banks. I tried to open an account with them at THREE different branches. The first one gave me wrong advice and didn't have the necessary forms, the second branch gave me more wrong advice, and the third one, where I tried to open an account, I had to tell the customer service girl (and she can't have been more then 17) what to do. She took my application form, and I asked "Don't you want any ID?" She took one form of ID, insisting that 1 would do despite it saying two on the application. After she had dealt with the ID and she was about to move onto the next customer I asked, "Don't you want my cheque?" She took it without apology for me doing her job for her. A few days later my application and cheque was returned saying I need 2 forms of ID. Needless to say, I had enough by now and moved my business elsewhere.

PJ

Does changing you current account affect your credit rating? When applying for credit/ loans in the past have been asked how long with bank. Want to move away from Natwest as they seem to be charging far too much.

Have a Barclaycard 0% for life!!!!!!!!!!!

EmmaSheffield

I currently have a current account with HSBC. My overdraft limit is £1500 at a rate of 1.16%. I usually finish up apprx. £500-600 overdrawn most months and therefore get deducted approx. £3-4 from my account per month. I only get charged a fixed penalty of £18 if I go over £1500 overdrawn, which I never have done. I applied for an Alliance & Leicester Premier account for the 12 month interest free overdraft and they are only offering me an overfraft of £550 (approx. half my salary). If I go a penny over this, I get charged £25 a time, unless I agree an extended limit with this beforehand. Is it really worth me switching accounts just to save £3 a month if I am running the risk of being charged £25?

Miss_Meanie

EmmaSheffield

Yes, A & L told me yesterday that they normally give an overdraft limit of 50% of your monthly credits to the account, up to a maximum of 2.5k (which is the most they grant anyone). This would have given me a limit of approx 1k. I explained that at Barclays I have a limit of 3.5k and the chap said he would refer my file to apply for the maximum 2.5k and did not expect any problem.

I haven't heard the outcome yet - I'm not that bothered, I'll take the account anyway as it will save me a fortune. But it shows that they can be flexible in the limit they allow - why not give them a ring and press for more?