Current account - which is best?

t8769

I've been looking to change bank accounts to get a decent interest rate.
Looks like Lloyds are pretty good, with 1.5% if you have £4k in.
Is this the best to go for?

I also like their website, you can search statements, something other banks like Santander don't allow.

Thanks

colsten

t8769 said:

I've been looking to change bank accounts to get a decent interest rate.
Looks like Lloyds are pretty good, with 1.5% if you have £4k in.
Is this the best to go for?

I also like their website, you can search statements, something other banks like Santander don't allow.

You only get 1.5% on max £1,000 - the money you have in there between £4,000 and £5,000. Below £4,000 is 0.6%, and above £5,000 is 0%. They might still have their switch offer on? As have several other banks.

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

kaMelo

Anything up to £3999.99 will earn 0.6%, only the balance between £4000 and £5000 will earn 1.5%
There is no one "best" account as people have differing priorities. You are looking for interest and whilst not a market leading rate it's not terrible either. You seem happy with their website functionality, and I'd agree it's pretty decent, so maybe Lloyds is the right account for you.
Bear in mind too that unless you deposit £1500 per month there is a £3 per month fee. (I'm assuming you're talking about the Club Lloyds and not the Platinum account)

blue.peter

kaMelo said:

There is no one "best" account as people have differing priorities.

Quite. It's completely subjective.

A good starting point is to look at the best deals available on the MSE main site (https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/).

Interest is a relevant factor, but isn't the only one. Switching perks, cashback and service might also be important. My current personal favourite is Nationwide: they've given me a good overall experience since I opened my account in January. OTOH, my bête noire is RBS. Even though they gave me a decent switch incentive, the overall experience was horrible.

I've never had a current account with Lloyds, but I'm attorney for my mother, who does. My experience of their service has not been very good: I wouldn't choose to deal with them for my own affairs.

YMMV, of course. As I said, it's all subjective.

t8769

Interesting info, thanks

Don80

kaMelo said:

Anything up to £3999.99 will earn 0.6%, only the balance between £4000 and £5000 will earn 1.5%
There is no one "best" account as people have differing priorities. You are looking for interest and whilst not a market leading rate it's not terrible either. You seem happy with their website functionality, and I'd agree it's pretty decent, so maybe Lloyds is the right account for you.
Bear in mind too that unless you deposit £1500 per month there is a £3 per month fee. (I'm assuming you're talking about the Club Lloyds and not the Platinum account)

You can avoid the £3 a month charge, and have just a £1000 deposit requirement, and same interest rates with the Bank of Scotland, which is part of the same group - so aside from the logo the website and apps are the same. 

https://www.bankofscotland.co.uk/bankaccounts/classic.html 

London7766551

HSBC then you can get the 2.75% saver £250 a month, RBS you can get a 3% but only up to £50 a month. Savings

If you want an ethnical bank, Triodos

Personally as long as the app is good, there is a branch within travel distance, I am happy with the bank. Although HSBC has annoyed me at times this year.

[Deleted User]

Don80 said:

kaMelo said:

Anything up to £3999.99 will earn 0.6%, only the balance between £4000 and £5000 will earn 1.5%
There is no one "best" account as people have differing priorities. You are looking for interest and whilst not a market leading rate it's not terrible either. You seem happy with their website functionality, and I'd agree it's pretty decent, so maybe Lloyds is the right account for you.
Bear in mind too that unless you deposit £1500 per month there is a £3 per month fee. (I'm assuming you're talking about the Club Lloyds and not the Platinum account)

You can avoid the £3 a month charge, and have just a £1000 deposit requirement, and same interest rates with the Bank of Scotland, which is part of the same group - so aside from the logo the website and apps are the same. 

https://www.bankofscotland.co.uk/bankaccounts/classic.html 

They aren't like for like - Club Lloyds gives an annual reward, £100 switching offer and Lloyds branch access (for whatever that is worth)

RetSol

I opened a Reward current account with Halifax online a week ago.  I found the process very smooth and drama-free.  I was up and running and had received the the debit card within 7 days. 

enthusiasticsaver

It depends on what you are looking for.  The odd few bank  accounts still offer interest but there are limits and usually conditions.  Some are better on customer service than others.  If you have a lot of bills on direct debit then a cashback or reward bank account might be for you.  Some are looking for banks which can separate money into savings pots like Starling or Monzo. You can search for entries/statements on Santander.  Do you mean some sort of budgeting reporting? 

pennyalb

I'm an avid fan of challenger banks. I use Starling - brilliant phone app, quick and easy to do everything, no service fees. Interest rate of 0.5% AER on balances up to £2,000