Looking for a second current account

GeoffTF

grumpy_codger said:

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

There was story here where someone opened lots of accounts with Lloyds Banking Group and transferred them out to get bonuses. Lloyds Banking Group banned him for life. Perhaps it is safer to use another bank.

HillStreetBlues

GeoffTF said:

grumpy_codger said:

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

There was story here where someone opened lots of accounts with Lloyds Banking Group and transferred them out to get bonuses. Lloyds Banking Group banned him for life. Perhaps it is safer to use another bank.

There is a big difference between pushing the limits by opening multiple accounts and just opening one extra account.

Olenna

GrubbyGirl_2 said:

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

I certainly wouldn't change my banking setup because of the recent M&S and Co-op cyber incidents.
Simply change passwords for the website/s and apps for piece of mind and never store card details. 

I have Chase and whilst it's fine for the basics, I wouldn't recommend as a sole replacement current account - look for something that has full functionality such as First Direct or Santander Edge.

Zanderman

Olenna said:

GrubbyGirl_2 said:

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

I certainly wouldn't change my banking setup because of the recent M&S and Co-op cyber incidents.
Simply change passwords for the website/s and apps for piece of mind and never store card details. 

I have Chase and whilst it's fine for the basics, I wouldn't recommend as a sole replacement current account - look for something that has full functionality such as First Direct or Santander Edge.

Neither (as far as I'm aware) of the recent cyber attacks at M&S and Coop affected their banking operations, they were attacks on the retail businesses. M&S Bank is part of HSBC, not actually M&S. Coop bank has nothing to do with Coop anyway these days and is Coventry Building Society-owned. So it is a little confusing that the OP has brought the M&S and Coop attacks up in a banking context, as those attacks are not directly relevant to any online banking security.  [And any leak of stored card details via the retailer hack would affect you whoever you banked with, so it isn't relevant to the question of who to bank with.]

sausage_time

Zanderman said:

Olenna said:

GrubbyGirl_2 said:

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

I certainly wouldn't change my banking setup because of the recent M&S and Co-op cyber incidents.
Simply change passwords for the website/s and apps for piece of mind and never store card details. 

I have Chase and whilst it's fine for the basics, I wouldn't recommend as a sole replacement current account - look for something that has full functionality such as First Direct or Santander Edge.

Neither (as far as I'm aware) of the recent cyber attacks at M&S and Coop affected their banking operations, they were attacks on the retail businesses. M&S Bank is part of HSBC, not actually M&S. Coop bank has nothing to do with Coop anyway these days and is Coventry Building Society-owned. So it is a little confusing that the OP has brought the M&S and Coop attacks up in a banking context, as those attacks are not directly relevant to any online banking security.  [And any leak of stored card details via the retailer hack would affect you whoever you banked with, so it isn't relevant to the question of who to bank with.]

Slight confusion about brand ownership aside, my reading was that the OP was looking for an additional current account to provide resilience in case of technical or administrative lockout from their primary account.  Which I think is very sensible.

GrubbyGirl_2

Zanderman said:

Olenna said:

GrubbyGirl_2 said:

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

I certainly wouldn't change my banking setup because of the recent M&S and Co-op cyber incidents.
Simply change passwords for the website/s and apps for piece of mind and never store card details. 

I have Chase and whilst it's fine for the basics, I wouldn't recommend as a sole replacement current account - look for something that has full functionality such as First Direct or Santander Edge.

Neither (as far as I'm aware) of the recent cyber attacks at M&S and Coop affected their banking operations, they were attacks on the retail businesses. M&S Bank is part of HSBC, not actually M&S. Coop bank has nothing to do with Coop anyway these days and is Coventry Building Society-owned. So it is a little confusing that the OP has brought the M&S and Coop attacks up in a banking context, as those attacks are not directly relevant to any online banking security.  [And any leak of stored card details via the retailer hack would affect you whoever you banked with, so it isn't relevant to the question of who to bank with.]

I didn't say it had anything to do with their banking operations but the Coop did have my card stored on their system and as I said in my original post I want to be able to limit the risk by having an account that will not allow an unplanned overdraft.

GrubbyGirl_2

Olenna said:

GrubbyGirl_2 said:

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

I certainly wouldn't change my banking setup because of the recent M&S and Co-op cyber incidents.
Simply change passwords for the website/s and apps for piece of mind and never store card details. 

I have Chase and whilst it's fine for the basics, I wouldn't recommend as a sole replacement current account - look for something that has full functionality such as First Direct or Santander Edge.

As I said in my original post I am very happy with Lloyds and have no intention of changing.  What I am looking for is a backup current account that does not allow overdrafts so I can limit any risk should my card get stolen and a backup to my Lloyds account just in case I ever get locked out for any reason

GrubbyGirl_2

vacheron said:

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/

I'm not a switcher so looking for something to stick with.  Thanks though

GrubbyGirl_2

TwiceNightly said:

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!

Like you I'm happy with Lloyds and have no desire to change.  What you say with the your second current account is exactly what I want but I want an account where there is no overdraft facilities.  Also if I ever got locked out I would be locked out of both so that's why I want a different bank.  Thanks for taking the time to reply

GrubbyGirl_2

Thank you everyone, some good suggestions there.