Finding a new current account... help?

Optikal

Hi guys!

I've been a Natwest customer for about 4 years now on their most basic Step Account. It involves a Solo card, online banking and the rest of the usuals. I'm the only name on the account and my wifes wage gets paid into it. Everything we have and spend goes through this most basic of accounts.

Now, for the longest time I've been trying to upgrade to their next level of account to obtain an overdraft facility, for those times when an unexpected DD hits us and we overrun. BUT, because we have a history of going overdrawn (and coughing up £38 a time for the pleasure) Natwest won't upgrade my account!

So, We want to put my wifes wage and benefits into a new joint account every month that will become our main account. We'll have about £1350 going in every month inc benefit. So, i'm looking for an account that accomodates:

An overdraft with a fair interest rate (preferably 0% lol)
That doesn't charge much to have
That is likely to accept mediocre credit ratings
That will accept under 21's (my wife is 20)

We've alreadt tried A&L and First Direct so they're out of the window!

ShelfStacker_3

Virtually anyone applies to your criteria. As I've said before to other people, if you just have standard banking needs then virtually anyone will do, and your choice comes down to practicality and customer service.

My vote, as ever, is for HSBC (Bank Account), or if they say no then Barclays (Barclays Bank Account). Both are free and will accept pretty much anyone. HSBC might give you a Solo though, but are generally willing to upgrade to Maestro if you're with them for a couple of months.

I would be wary, by the way, of going overdrawn without authorisation; you shouldn't, for exactly the reason you specify - it makes your bank hate you. It would be best for you to cut back on spending and maybe switch bills/credit card debts around to get a better deal if you're regularly going overdrawn. Also, no bank will give you an O/D straight off unless they have a matching promise like Alliance and Leicester do. They'll want to see how you run the account first.

Optikal

Thanks for the advice Shelfy!

CLAPTON

your most urgent problem is to ask yourself why you have unexpected DD?.. Surely they are all things you have agreed to?
Its madness to continue paying charges or even interest ... better to be better organised. You need to build up some savings to pay for the normal variable expenses in life.
Why was your account a basic account in the first place... thats fairly unusual unless you had poor credit record.

If your OH has a good credit history maybe she should apply for a current a/c in her sole name and see if she can get a normal account.

Optikal

The most basic account was my choice because when i originally opened the account i was a college student with only a part time income and little use for any of the features a normal account affords. I basically needed a bank account to pay my wages into and nothing else.

When i mentioned unexpected DD's, it was just a case of like 6 monthly magazine subscriptions or Lovefilm subscriptions that are small and just get forgotten about. I appreciate that better account management is needed, which is why we would like to start afresh. My OH doesn't have a poor history... but she has a very thin history, which in our experience has proven to be just as much a drawback.

skyrider007

I second Shelfy on getting a HSBC bank account.

ShelfStacker_3

Optikal wrote: »

When i mentioned unexpected DD's, it was just a case of like 6 monthly magazine subscriptions or Lovefilm subscriptions that are small and just get forgotten about. I appreciate that better account management is needed, which is why we would like to start afresh. My OH doesn't have a poor history... but she has a very thin history, which in our experience has proven to be just as much a drawback.

Do you use the Lovefilm service or read the magazines? Funny question I know, but it would be best to sit down for a bit and work out when these things get debited to your account and/or if you actually use them. Go flick through your Direct Debits list on online banking for things you don't need or use. Martin's just done an article about it, fortuitously: http://www.moneysavingexpert.com/banking/direct-debit