Top Bank Accounts Discussion Area
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Hi folks,
Thanks for the feedback. An article about accounts for 16-21 year olds is something we are looking to do, so watch this space!
Dan
Is this an article that is available on the website, Dan?
I'm looking for current information on opening a bank account for a 16yo, and any advice would be welcome. No onerous requirements, just a debit card and minimal charges for what will be just spending money.0 -
Re Nationwide FlexDirect account
As you have to pay in £1000 a month to benefit from the interest rate on this account, does anyone know whether they count a month as a calendar month or do they count it as 30 days from your first payment?
For instance if I pay in £1000 today, would I need to wait until 11th May to pay in £1000 to count towards next month or can I pay it in on 1st May?
Can't see any mention of this in the t&cs.0 -
I think one thing is not mentioned in Martins article, from my experience sometimes there are loyalty benefits for not switching banks.
I have had my current account with LLoydsTSB for 20 years since I left college. I have been juggling 0% credit cards for years and was getting stung more and more with interest waiting for 0%'s to come up. One day my branch rang up to see if I needed a loan and instead of saying no as usual I asked them what they could do. He took my details and even though I have been self employed for only 2 years and my wife only works part time, I was offered 25000 at 6.9%. I know there are better rates out there but I do not believe I could borrow this amount anywhere else it was purely because I was a long standing customer so the bank knows I always have money coming in to the account and don't go over my overdraft limit.
Therefore I think a long standing good relationship with a bank is not necessarily something you should throw away for the sake of a few % interest or joining reward as there may be some downsides to consider.0 -
Really?purplestar133 wrote: »Re Nationwide FlexDirect account
does anyone know whether they count a month as a calendar month or do they count it as 30 days from your first payment?
Can't see any mention of this in the t&cs.
See page 5, "Meaning of words and expressions".0 -
Hi
Following the article about top banks and cashback if you switch I decided I would switch to First Direct. I have recently changed my mortgage deal & know i have a good credit rating, no debt except a £50k mortgage, a credit card and overdraft that i dont use, a cash ISA of approx £6k. i earn around £30k and as i'd be paying in over £1k a month and transferring all Direct debits over i was sure i'd be accepted as I met all the criteria.
i filled out the online application to be rejected. I waited for this to be confirmed in the post & range first direct. they said being rejected had nothing to do with my credit rating and if it had i would have received a differently worded letter. the letter states that the reason is their internal scoring process which is commercially sensitive. they also confirmed that they do not know what their scoring process is but that existing customers applying are also being rejected.
has anyone else had similar issues? After the way they've treat a potential customer I wouldn't want to bank with them anyway, but interested if anyone else had similar problems?0 -
YorkshireBoy wrote: »Really?
See page 5, "Meaning of words and expressions".
Yes, really. I didn't see it. Thanks for your pedantic reply.0 -
purplestar133 wrote: »Thanks for your pedantic reply.
If you don't want to be pointed at the part of the T&Cs that answers your question, why are you asking the question?0 -
Hi
Following the article about top banks and cashback if you switch I decided I would switch to First Direct. I have recently changed my mortgage deal & know i have a good credit rating, no debt except a £50k mortgage, a credit card and overdraft that i dont use, a cash ISA of approx £6k. i earn around £30k and as i'd be paying in over £1k a month and transferring all Direct debits over i was sure i'd be accepted as I met all the criteria.
i filled out the online application to be rejected. I waited for this to be confirmed in the post & range first direct. they said being rejected had nothing to do with my credit rating and if it had i would have received a differently worded letter. the letter states that the reason is their internal scoring process which is commercially sensitive. they also confirmed that they do not know what their scoring process is but that existing customers applying are also being rejected.
has anyone else had similar issues? After the way they've treat a potential customer I wouldn't want to bank with them anyway, but interested if anyone else had similar problems?
I had a similar experience with them.. to be honest I think their attitude does change once they realise your not a customer.. I applied over the phone (which took about 45mins) only to be told I didn't meet the interior criteria.. 1st time I had ever been rejected but after reading on here and checking my Experian I realised they are very picky about who they accept just wait 6 months and then apply again.
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I got rejected by First Direct as I failed to achieve the required credit score, whatever that means. I've been accepted elsewhere, so their "commercially confidential statistical technique used throughout the financial services industry, designed to ensure decisions reached are fair and consistent"...
It won't stop me in the future when my circumstances change, should their offers remain an incentive to apply.0
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