New domestic bank account - no switching

lr1277

This is not a reocmmendation nor have I done this.

This was mentioned on the forum a few days ago. Lloyds bank have a 'Refer a friend' scheme where the referrer and the person referred gets £50 each assuming the account application is successful.

Don't know how this works for joint accounts. It is much less than a switch but is better than nothing. Another advantage is that as the referred person you don't have to apply for a club account which costs money. You can apply for the free account (which is not part of the switching service).

If this is of interest to you, you need to find a Lloyds bank current account holder who has the Refer a Friend option in their app.

Edited to add: Be careful with the Nationwide Fairer Share. Two reasons:

The fairer share payment is not guaranteed. It depends on Nationwide's performance in the last financial year. The payment (if any) won't be announced till May.

The following is based on the fairer share payouts from previous years. If you get the flexdirect account, the fairer share payment is only payable if you make certain types of transactions in 2 out of the 3 months of Jan, Feb and Mar.

It is possible you might be able to get the Fairer share payment this year if you open the flexplus account (costing £18 a month). Also need to put £100 into a Nationwide savings account. The MSE article on Fairer share is informative. To find it, google:

Nationwide Fairer Share

There will be a result from Nationwide and another result from MSE. Both are informative.

jmcsta

Thanks to everyone for their helpful suggestions. We'll have a conflab tomorrow about that (and other things) and let people know what we decided after showing her those comments.

friolento

Some general considerations about joint accounts

https://www.moneyhelper.org.uk/en/everyday-money/budgeting/should-we-manage-money-jointly-or-separately

jmcsta

Just as a comment I wouldn't consider Lloyds as my ex had an account with them enough said.

I wouldn't consider Natonwide as they really messed me around a while ago. I'd just sold my car and had a BS cheque for £5000 which I paid into my account (which had about £1000 in). I then transferred the £5000 to a higher interest account whilst I was getting my new car - or so I thought. However the balance on my account was considered "uncleared funds" and they bounced a DD to the gas people and all sorts of other people for several days with "no funds to pay".

They did apologise and wrote to the gas people and others but then said that they had acted correctly and withdrew the apology.

I did write moaning about this but they sent a mealy-mouthed letter with "if we don't hear back we'll assume you accepted this explanation" to which my reaction was to close the account and move to HSBC.

jmcsta

https://forums.moneysavingexpert.com/discussion/comment/81909850#Comment_81909850

Handy advice - hard to take when one is still starry-eyed about the other person but best to kill potential arguments before they happen!