Advice about additional current account please

Eliza_2

Morning all

I have a current account with the Co-op which I use as my everyday account.  I also have bits and bobs in Premium Bonds, Trading 212 ISA and a credit union.  My current account was recently hacked and although the bank dealt with it with great speed and efficiency so that I only lost access for a few hours or so, it occurred to me that if I lost it for longer I'd be stuck.  If I were to withdraw from my savings accounts they all pay in to my Co-op account which would be no help.

Can you recommend a basic account outside the Co-op which I could keep say £1000 in just in case this happens?  With a debit card that I can withdraw cash from? An online only account would be fine.  Bells and whistles not needed.

There seem to be so many different accounts around now that I'm not sure where to start.

Thanks

Voyager2002

You have very many options. Perhaps the simplest for you would be to open an ordinary savings account with Trading212 (not an ISA) and to get the attached debit card. You are already a customer and so the identification process ought to be simple.

eskbanker

Eliza_2 said:

Can you recommend a basic account outside the Co-op...

Minor point but 'basic' has a very specific meaning in the context of bank accounts, denoting a particular range of products that are only available to those unable to get a mainstream one:

https://www.moneysavingexpert.com/banking/basic-bank-accounts/

It seems clear from what you've posted that you're using the term in the more vernacular sense of 'simple' but potentially worth bearing in mind if you end up discussing options with any banks....

Eliza_2

Thank you, I'll look into the T212 account, I hadn't realised that existed.  And re the term 'basic', yes you're quite right I just meant simple.  However my Co-op account, for long distant past historical reasons, is their 'basic' account.  They keep telling me to upgrade it but I see no reason to as I don't need an overdraft which seems to be the only difference.

Thanks both.

steven141

For simple account opening I'd recommend an account with one of the Lloyds Banking Group brands (Lloyds, Bank of Scotland or Halifax). They also still have quite a few branches if you need them across the UK.

There are of course others available but a lot of the traditional banks can sometimes be a bit of a hassle with card readers and complicated logins.

For app based banks Kroo offer 3.40% interest rate for current account balance. I didn't put app banks down as there have been quite a few posts recently about Monzo and Starling closing people's accounts down for unknown reasons. I know that this can happen with traditional banks too but not as often unless a good reason.

I currently have a mix of both traditional and app based bank accounts due to access to particular savings rates or bank account perks but keep money in each of them.

CliveOfIndia

If you don't want any bells and whistles and just want an ordinary current account, then take your pick from any of the well-known high-street banks, or even one of the "newer" banks - they're all much of a muchness if you're not bothered about any special features.  You might want to consider one than has a physical branch nearby (yes, I know these are increasingly rare!), just for convenience should you ever want to speak to a real human being.

wmb194

Chase (JP Morgan) would be another to consider. App only. Easy enough to open a savings account with it as well to keep the £1000 in. Also offers debit card cashback on e.g., groceries spending.

Rob5342

I always recommend Monzo or Starling as they are very easy to open. They don't hsve branches and have put their money into developing very good apps instead. For what you need you can't go wrong with anyone really. 

Olenna

Eliza_2 said:

Thank you, I'll look into the T212 account, I hadn't realised that existed.  And re the term 'basic', yes you're quite right I just meant simple.  However my Co-op account, for long distant past historical reasons, is their 'basic' account.  They keep telling me to upgrade it but I see no reason to as I don't need an overdraft which seems to be the only difference.

Thanks both.

Assuming you mean a Cashminder account then you are mistaken. That debit card is online Visa Debit so may auto-decline where it cannot contact the bank e.g. travel. Also, automated machines and fuel pumps can cause some issues too. The card may decline if there are communication issues with the bank. So all in all, less robust that a standard Visa Debit card. 

Eliza_2

Thanks.  I had no idea there was a difference between the Cashminder visa debit card and any other one.  After all, it's just a bit of plastic giving access to my dosh!  Though for all the umpteen years I've had this account I've never come across any of the problems you describe.  However there's always a first time!  The only time I use it now as an actual bit of plastic is to withdraw cash, otherwise it's Applepay all the way.

Thanks all for the ideas about bank accounts, will look into your suggestions further.