Current Account Discussion Board

System

Hi Martin,

First of all - Brilliant web site!!! I've told all my friends.

Can you help me decide which is the best current account for me. I am regularly overdrawn and have payments into my account of over £1000 per month but this is made up of 4 or 5 smaller payments. Not sure if i would qualify for the new Lloyds account on this. I am with the Halifax at the moment and my overdraft is 0% int on the first £100 then 8.9% after that. Any advice would be great. The Alliance and Leicester looks like it might a good one.

Thanks very much and keep up the good work.

csowerby

Martin mentioned that a Lloyds new Plus account would match your current overdraft at 0%. I spoke to Lloyds and they told me that they only allow a maximum of £250 at 0%.

System

Hi, can I ask a general question about current accounts (or banking in general really)

In 1983 I opened a current account with Lloyds. In 1998 I switched to First Direct, but to this day I still havent closed my Lloyds account. I only have the one account with them, and it has a zero balance and a 1000.00 overdraft limit (untouched).

Is there any benefit to keeping it open (for example, for references) or should I just close it?

I must admit though, I do have a slight grin on my face when they send me a monthly statement which (including postage) probably costs them about £1 to produce and send me - it makes me feel slightly better about the interest I pay on my Lloyds credit card - but only slightly!

Any ideas welcome.

PJ

:-/ Tried to open a Lloyds TSB plus accout today - what a performance!!!!!!!!!!!!!!!

Have to go into to branch if you want to open a joint account and both parties have to be present so had to bring along two lively boys aged 4 and 6.

Next, young lady who is to open account does not know terms and conditions (even asks me where I've seen them written down!) and knows nothing about matching existing overdraft facility. Tell us max is £1000 even before asking income questions etc. When I tell her I had a bigger overdraft facility as a student she tells me "of course we give larger facilities to students". Nearly loose my cool and walk out . Calming influence of husband help restore blood pressure to just below explosion level.

Manager is called (quite helpful and a little less condescending - seems to actually want our business). He makes some calls to see if he can match the o/d facility. Eventually get the answer that they will match it so long as we provide them with last 6 months statement showing that we don't use full o/d facility. ("its for our own good, because loans are cheaper than o/d" says young lady! ).

Got to go back monday with passports (and 6 months bank statments) as told only needed untility bills for id and evidence of o/d fcility when made appointment.

Hope the saving are worth it. Let you know later. Perhaps I will spend them on a case of red, I need it after today.

Skinflint

;D Changed my current account after 10 years inertia and derisory interest rates. 4.2% is worth a bit of effort. Thanks for the tip Martin - great site!!

I had a similar experience in terms of documentation and time taken opening the Lloyds account a couple of weeks ago but found them very helpful matching my (boosted with my current bank for the purpose!) £3k overdraft.

In fairness the cheque book and cards came through quickly and they phoned up the other day to check everything was OK. I declined their switching service because I wanted to stay in control so that has taken a few phone calls to sort out.

I confirmed at the time that the overdraft was interest free which caused a bit of confusion in the branch until I pointed it out on the leaflet!

I notice that they do not mention the interest free overdraft in their current advertising and there is no reference to it on the website.

??? Has the offer changed? I have retained the leaflet in case of query.

brown_2

Did I hear you say on Radio 5 Live today, 24.10.03, that Lloyds TSB are offering 0% on overdrafts until the end of December 2004? This sounds incredulous. Did I mishear what you were saying? If you have details, can I have them as my local Lloyds TSB has not heard of it?Thanks.

MSE_Martin

Yes just read http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1064755870,74624,

martin

System

Have been shopping around to move my current account, and the Halifax with their new current account are offering to match any interest free overdrafts you have with your present bankers. Does this mean that my £500 overdraft facility on my Barclays additions account will carry over?

histon_iain

Converted my Lloyds account to a Plus accont today while online - very easy.
But since I'm not a new customer the deal isn't as good, no special rate of interest, no free overdraft.
Worked out that my current account now pays more interest than the lloyds saver account (which I used to temporarily store money and then transferred back to pay bills etc.) So all is now in the current account.
I just have to remember not to write too many cheques (you start paying after 10 are cashed each month).

Iain

M_Thomson

Have been shopping around to move my current account, and the Halifax with their new current account are offering to match any interest free overdrafts you have with your present bankers. Does this mean that my £500 overdraft facility on my Barclays additions account will carry over?

Yes it does. They will match existing limits. 0% for 120 days then it is 8.9% on the normal current account, and 12.9% on the Extras current account. Although your Barclays Additions is interest free, I believe it charges you a monthly fee, which neither of the Halifax accounts do.