switching bank accounts, but which?!

boldaslove

hi there,
i have looked at the main banking and savings articles on the site, and i read through the bank accounts thread linked from the articles. but i am still completely lost! i've been paying through the nose for a small (£100) overdraft for the last few years (£9.50 monthy 'subscription'), and a friend has now lent me the money to pay it off and move accounts. i was going to rush off into town and sort it out but i'm not good with finances and i'm worried my bank may push me into opening another unsuitable account so i figured i'd do some research first.

basically i want an account that -
doesn't have an overdraft facility/won't allow me to go overdrawn
has online banking
provides a visa debit card i can use at ATMs and for online shopping
doesn't have a minimum rate for paying in money monthly
can pay direct debits and standing orders
doesn't charge me for taking money out abroad (this isn't totally essential but would be great if it's offered)

i don't tend to use cheques, i'm unemployed (have some money in the bank) but probably starting part time work soon, and i'm planning to save a little every month once i start work.

i've heard some banks offer £100 if you switch... but is there a catch? this sounds like it would be great for me (could pay back my friend straight away) but i don't want to get tied down to monthly subscription fees!

sorry if this is a little all over the place but i've got some great advice off these forums and figured it's worth asking. thanks in advance

skyrider007

There is usually no freebies for accounts that fall within your specifications.

You may want to have a look at:

- Lloyds basic account
- Citibank access account
- Nationwide* (they don't charge foreign commission)

There are other banks that issue full Visa debit card, but I can't think of any. Halifax hands out Electron cards, while HSBC hands out Solo card.

boldaslove

thanks for your reply, i think i've just been so used to having a current account over the years i'm a bit scared of going back to a basic one!
i've checked out yout suggestions, i think i'm going to stick with the co-op, simply for their ethics, and their cashminder account seems to have pretty much what i need for the timebeing (i have a privilege account at the mo and i'm paying for benefits i don't really use). i'm just going to have to be very disciplined with my money!

[Deleted User]

skyrider007 wrote: »

Halifax hands out Electron cards

They're also incompetent little sh**s. I've just spent a month helping my OH get free of them, after multiple failings, lost forms, rude staff...

PROLIANT

billbennett wrote: »

They're also incompetent little sh**s. I've just spent a month helping my OH get free of them, after multiple failings, lost forms, rude staff...

You took the words right out my keyboard, I wouldnt p**s on them if they were on fire!

Toastie

PROLIANT wrote: »

You took the words right out my keyboard, I wouldnt p**s on them if they were on fire!

Got to second that, so akward when i wanted to close my ISA with them, they wanted prove from my previously closed Cash Card account.

ShelfStacker_3

They didn't process my ISA transfer to Alliance and Leicester. They just left the forms sitting on a desk. Literally, that's what they said when I phoned them.

Going to be transferring out to HSBC soon, not the most fantastic interest rate available but by god it must be better than bloody Halifax, and at least that way I can a) go in and shout at them if I have a problem and b) actually pay in cash!

boldaslove

:rotfl: ok, i def won't be going to halifax then!

i did ask around friends family and workmates when i first attempted to change my account and pretty much everyone complained about their respective banks, none came up as being particularly great. i gather just all of them operate as greedy, sly, money grabbing ?*%s and you always have to be 5 steps ahead of them! my 'ethical' bank reduced me into a quivering sobbing wreck when they tried to charge me a total of £120 for a £20 overdraft they sneaked in without me looking :eek: i've learnt my lesson now!

thanks for the tip off anyway

MoneyHoop

So we're all thinking that Halifax is a friendly, reliable bank?..........:rotfl:

boldaslove

well after a week stressing about moving accounts i went to my bank yesterday and the assistant kindly pointed out i could just pay off my overdraft and cancel my subscription making it a normal current account.

talk about taking the long route round :rotfl: why didn't i think of that a week ago?!

reformedEffortMaker_2

This will probably go against the grain of everyone else but I would recommend Co-op bank or a small building society. I have found the smaller banks so much better to deal with. UK based call centres where you're not on hold for longer than 10 minutes, open on saturdays, they invest your money ethically (well co-op anyway). The only problem is that you wont have free cash withdrawals and there are no freebies (I think First Direct are the only ones who give you cash for opening a current account but you need to pay in £1250 pcm to qualify)