Looking for a second current account

GrubbyGirl_2

I have had my current account with Lloyds for 47 years since age 18.  I have absolutely no problem with Lloyds and am not looking to change as I am enjoying the benefits I get with them.  However the more I hear about scammers and hackers and some bank accounts being frozen I am hearing more an more that having 2 current accounts is sensible in case you lose one, albeit temporarily.  The most recent hacking of M&S and Coop and the Coop admission that personal info has been stolen is worrying so I would like to limit any risk to me when I use my card online.  I do try and always use paypal but some companies do not accept it, and the coop did have my debit card details though they have said no payment details were stolen.

I am due to collect my state pension in January and have decided to have that paid into another account so I am looking for an account that does not have any overdraft facilities so that I can manage it carefully and limit my exposure should the info be stolen.  I know the Chase Bank current account does not have overdraft facilities and was wondering what other banks are out there?  I'd also like to know what you think of Chase?

Many thanks

sausage_time

I've been happy with Chase functionality.  It's all app based (no web) so you would need to be comfortable with that.  Payments in and out are all quick, and come with good comms/alerts in the app.  I don't use the current account so much now (no interest paid, and cashback benefit eroded).  But FX rate is good if you plan to travel, and the Chase Saver currently offers 4.8% for 6 months (will fall after the BoE drop yesterday).

GrubbyGirl_2

sausage_time said:

I've been happy with Chase functionality.  It's all app based (no web) so you would need to be comfortable with that.  Payments in and out are all quick, and come with good comms/alerts in the app.  I don't use the current account so much now (no interest paid, and cashback benefit eroded).  But FX rate is good if you plan to travel, and the Chase Saver currently offers 4.8% for 6 months (will fall after the BoE drop yesterday).

Thanks for that.  I'm more than happy for App/Web based accounts.  The intention is to move any surplus into savings anyway which may or not be a chase savings account.  The FX info is very useful thank you

vacheron

One thing that could also be worth considering if you're looking to open a new account is that this will not be eligible for any of the current bank switching incentives, therefore if you fancy £100-£200 for free then I would recommend opening any old generic current account with a bank that that you don't want to use first, and then when set up, "switch" this account to the bank that you would like to use to get some free money. 

https://www.moneysavingexpert.com/tips/2024/07/09/

GeoffTF

I have my State Pension paid into a Skipton Building Society account, which has my main bank account and my backup account as nominated accounts. I believe Lloyds uses Visa, so it is best if your backup account uses MasterCard. Chase or Starling perhaps?

JGB1955

I use Starling as my 'second' current account.  Its attached Easy Saver at 4% is a bonus!

steven141

Kroo are also decent and offer 3.15% APR on current account and savings pots balances. There is a limit of £200 non chargeable cash withdrawals per month from an ATM if that may be a sticking point for you. The app seems easy enough. You also can't pay it cash only transfer from another account electronically.

GeoffTF

JGB1955 said:

I use Starling as my 'second' current account.  Its attached Easy Saver at 4% is a bonus!

The OP said that they want to manage their balance to limit their risk if the card is stolen. I would not want to have savings with the same bank. I keep the balance of my backup account down to less than £100. It is not a big drama if someone manages to drain that account, either through the card or the app on my phone. If my main account goes down or is blocked, I can send more money over from my Skipton account.

TwiceNightly

I, like you, have been with Lloyds for many years. I also set up a Chase account as a secondary account and have been very happy with it, but I only use that for backups and holidays really. Here is how I have it set up, did you know you can open another current account with Lloyds?

• I have my main Club Lloyds Platinum with my money going in and my bills coming out.
• I have a second 'Classic' current account with Lloyds, where I keep a small amount of money. I use this account when I want to withdraw money from an ATM, for when people want bank details to transfer me money, that kind of thing - this keeps my main account protected as I don't ever give out the details for that.
• My daily spending is done on a Lloyds cashback credit card, this further protects the main account as I never use a debit card, except to withdraw cash from the Classic account.
• When I go on holiday/abroad I use the Chase current account and Chase credit card as there are no fees involved and they are generally much easier to use abroad than Lloyds.

Could probably simplify this a bit further and just have the Lloyds Platinum and the Chase account, but the Lloyds Classic does have some useful things like the payment links and that.

Hope that helps!

Speedbird676

If you're ok with app only then I'd recommend Chase. Whilst some would say the app is more basic than the likes of Starling and Monzo, I actually find it easier to use.

My mum is retired and uses Chase as her secondary account. Especially useful as she spends a good amount of time out of the country. Likewise, my partner and I both have one as a secondary account.

grumpy_codger

vacheron said:

... if you fancy £100-£200 for free then I would recommend opening any old generic current account with a bank that that you don't want to use first, and then when set up, "switch" this account to the bank that you would like to use to get some free money. 

https://www.moneysavingexpert.com/tips/2024/07/09/

And the easiest way to get this generic current account is to open another account with the same Lloyds