Can anyone recommend a decent internet current account?

ps646566

Hooo wrote: »

Now I would class losing cheques as a pretty serious problem! I'm guessing that it was only luck that they only lost small cheques rather than big ones. That's a good enough reason to avoid Lloyds. In all my years of bank accounts I've had banks take other peoples DDs out of my account, and lots of other annoyances, but all these things show up on statements. How do you prove you paid a cheque in when there's no record? How much trouble was it to get the money back?

The cheques were from NS&I - value <£100. NS&I were very cooperative about cancelling and re-issuing. I agree that it could be a bigger problem with a different payer. My lesson learned is to always pay in at the branch myself. I suspect that the central office which is supposed to deal with cheques sent in by post is staffed with non-motivated bozos who are not bright enough to work behind the counter at a branch. Lloyds TSB do stand to be criticised over this, but I reckon any high street bank is likely to make similar errors. You just can't get the staff these days.

ps646566

h5djr wrote: »

Lloyds TSB have introduced a new 'Internet Saver' account to replace the Online Saver and it's paying a slightly better rate of interest. When I spoke to their call centre a week or so ago, they told me about the account and set one up for me and transferred my Online Saver balance to a new Internet Saver.

The internet saver gives a higher rate at larger balances because of a 12 month bonus. I am always secptical about bonuses, and wonder what they'll do with the interest rate after 12 months, when we would not be able to switch back to Online saver because it's no longer marketed.

sloughflint

ps646566 wrote: »

The internet saver gives a higher rate at larger balances because of a 12 month bonus. I am always secptical about bonuses, and wonder what they'll do with the interest rate after 12 months, when we would not be able to switch back to Online saver because it's no longer marketed.

You can still keep the online saver empty.
I've just been reorganising finances for someone and was cross with myself for not noticing that the online saver interest rate is less than the classic plus for lower amounts.
I've been merrily sweeping amounts to the online saver keeping the classic plus to a minimum when really I should have just left the money there:mad:

Bosie

My hubby has been with 'Smile' internet bank for a few years and is happy with their service. They have a UK call centre too!

Bo

ps646566

sloughflint wrote: »

You can still keep the online saver empty.
I've just been reorganising finances for someone and was cross with myself for not noticing that the online saver interest rate is less than the classic plus for lower amounts.
I've been merrily sweeping amounts to the online saver keeping the classic plus to a minimum when really I should have just left the money there:mad:

If I'm reading it right, Internet Saver with bonus pays 4.0% over £2500, and 4.5% over £5000. Online Saver without bonus pays 4.05% over £250. My balance will usually be between £2500 and £5000. It's not compelling to change.

sloughflint

ps646566 wrote: »

If I'm reading it right, Internet Saver with bonus pays 4.0% over £2500, and 4.5% over £5000. Online Saver without bonus pays 4.05% over £250. My balance will usually be between £2500 and £5000. It's not compelling to change.

Online saver without bonus is 4.05% and classic plus is 4.25% up to £2500. I can't see the point in keeping the account when there are far better external payers with near instant access.

I was keeping the classic plus to an absolute minimum and sweeping everything to the online saver on a regular basis. I shouldn't have bothered.

ps646566

sloughflint wrote: »

Online saver without bonus is 4.05% and classic plus is 4.25% up to £2500. I can't see the point in keeping the account when there are far better external payers with near instant access.

I was keeping the classic plus to an absolute minimum and sweeping everything to the online saver on a regular basis. I shouldn't have bothered.

On £2500 the annual difference in interest is very small of course. There are better rates with instant instant access for sure. But I like to keep some handy money within the bank that holds my current account, because then I have real instant access if I find that I unexpectedly need to fund something substantial. Even though other accounts offer instant withdrawal, the vagaries of the BACS system and the banks' own internal processes means that if can often be several days before the money is present and useable in the current account. For me it's worth the sacrifice of a small piece of interest for the convenience. If, for example, I forget to make a withdrawal and therefore cannot pay a credit card bill in full, then I will get stung with more interest than I am losing by keeping the money handy.

clio

Does anyone know how long it takes to get a Smile bank account for new customers??

topher_2

I think my smile account was set up in a week (including receiving my visa card etc).

clio

Topher
Is it just like doing a Credit card application, Ive never opened an internet bank account before!!