moving from RBS

moneysaving_pharmacist

I currently have a RBS graduate account with a £2k interest free overdraft. I received a letter today stating that as I graduated 3 yrs ago I'm being moved to their interest paying current account, which pays 0.1% interest. I do use the overdraft, but only because it is interest free. Seeing as I will be in credit all the time (which will make a change after 7 yrs of living in an overdraft) I'm now looking for a new current account which pays a better rate of interest and has faster payments. And the card reader thing for online banking is irritating.

I also have an A&L Premier current account, but that was only to access the 12% regular saver, which has just had the last payment made into it. I'm considering First Direct at the moment for the £100 sign up bonus, but also thinking about Nationwide for the free overseas card use. Does anyone use either of these? Any comments?

Kavanne

I thought the grad. interest free overdraft facility on RBS reduced each year after graduation? Have you checked to see if you are paying any interest at the moment? You may only currently have a £500 interest free component of your OD...

(Disclaimer: I may be wrong)

Kalef

moneysaving_pharmacist wrote: »

I currently have a RBS graduate account with a £2k interest free overdraft. I received a letter today stating that as I graduated 3 yrs ago I'm being moved to their interest paying current account, which pays 0.1% interest. I do use the overdraft, but only because it is interest free. Seeing as I will be in credit all the time (which will make a change after 7 yrs of living in an overdraft) I'm now looking for a new current account which pays a better rate of interest and has faster payments. And the card reader thing for online banking is irritating.

I also have an A&L Premier current account, but that was only to access the 12% regular saver, which has just had the last payment made into it. I'm considering First Direct at the moment for the £100 sign up bonus, but also thinking about Nationwide for the free overseas card use. Does anyone use either of these? Any comments?

Hi, I use both banks you mention & both offer excellent service. For your credit balances you will be better off with Nationwide & their overseas fee free transactions is very handy indeed. I am currently living in China & have had no problems obtaining cash from any machine here.

I opened my first direct account to take advantage of an offer they had at the time (over 4 years ago) & like their service so much I will be using them as my main account when I return to UK next month.

You can't go wrong with either imo.
Kalef

moneysaving_pharmacist

Thanks for that Kalef, looks like I might have to take a look at Nationwide. The other bonus is that Nationwide are still a building society, so there's the possibility of a conversion to a bank at some point in the future.

JohalaReewi

moneysaving_pharmacist wrote: »

Nationwide are still a building society, so there's the possibility of a conversion to a bank at some point in the future.

When you open a new Nationwide account, you will have to sign away your rights to a 'windfall' should they convert to a bank.

My partner has both First Direct and Nationwide Flexaccount and has no problems with either. First Direct has the Fast Bank Transfer facility and you can get the £100 sign up bonus. Keep an eye out for the £10 a month admin charge which you can get round by having another First Direct product (AFAIK).