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  • interbear
    interbear Posts: 64 Forumite
    First Post First Anniversary Combo Breaker
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    tina1946 wrote: »
    Can anyone tell me which is the best bank account to use a debit card whilst abroad (outside EU). I used to use Nationwide in the USA but now they've hiked up commission to 2% each time. There must be something else out there? I now use the Post Office credit card abroad, but they don't have a bank.

    I'm researching the same, about to ditch Nationwide due to their removal of fee-free foreign transactions. So far, it looks like the best options are:-

    Bank Account/Debit Cards - either Metro Bank or Norwich & Peterborough BS. N&P removed fees for foreign purchases and ATM withdrawals in January, specifically citing that they were trying to fill the gap left by Nationwide.

    Credit Cards - Halifax Clarity. No purchase or ATM fees but you pay interest on ATM withdrawals from the date of transaction. Still, that interest can be as low as 12.9% which is very good.
  • Neebpike
    Neebpike Posts: 1 Newbie
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    I need a bank account that lets me use a small overdraft facility, there seems to be some better ones that I already have out there, if you pay in over £1000 a month. Can anyone help me with a good account with overdraft facility that doesn't require £1000 salary a month???

    Thanks
  • ossian
    ossian Posts: 115 Forumite
    First Post First Anniversary Combo Breaker
    edited 7 April 2011 at 10:07AM
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    vixen1500 wrote: »
    I have just opened accounts with santander and halifax as they were apparently the best buy Top in credit ones.

    But now I notice at the bottom of the article details of the Lloyds Vantage and must say I was really surprised to find that not mentioned either in best bank or best savings.

    Is this because there is some sort of catch which I have not noticed - only 4% interest on balances upto £7,000 seems to me to be a very good deal.

    Love to hear back on this
    :beer:

    If you visit the Lloyds Vantage interest rate page you will notice that they have a scheduled interest rate change.

    Currently
    Balance AER% Gross% Net%
    £1+0.10 0.10 0.08
    £1,000+ 2.00 1.98 1.59
    £3,000+ 3.00 2.96 2.37
    £5,000 4.00 3.93 3.14
    -£7,000

    From 27/6/11:

    Balance AER% Gross% Net%
    £1+ 1.50 1.49 1.19
    £1,000+ 2.00 1.98 1.59
    £3,000 3.00 2.96 2.37
    -£5,000

    Vantage Interest rates are tiered on balances up to £7,000 when you meet the Vantage conditions.

    It is unclear what happens between £5,000-£7,000 I will be disappointed if the interest is reduced particularly if it is below 4% or isn't paid at all.

    Personally all I want is an account that I don't have to micromanage and I can keep my buffer cash and wages in and this account looks nice as long as Lloyds don't ruin it. Hopefully they are just improving the interest on low balances.

    Cheers,
    Ossian
  • premierfella
    premierfella Posts: 879 Forumite
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    ossian wrote: »
    It is unclear what happens between £5,000-£7,000 I will be disappointed if the interest is reduced particularly if it is below 4% or isn't paid at all.
    Prepare to be disappointed. The references on the website are to no interest above the upper limit of £7000. As the new upper tier will be £5000, and as there is no interest rate quoted for amounts above £5000 in the proposed revised interest rate table, you can be certain that amounts above £5000 will earn no interest from 27/6/11.
  • ossian
    ossian Posts: 115 Forumite
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    superostia wrote: »
    I'm just wondering whether anyone can confirm whether First Direct will pay the £100 on transfer of money from a seperate account as opposed to a transfer of salary directly from employers?

    They did for me on my mortgage account. I hadn't been expecting the £100 but I pay about £1500 a month into the linked current account.
  • samwsmith1
    samwsmith1 Posts: 922 Forumite
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    gozaimasu wrote: »
    I'm looking at the First Direct first account and it says the following on their website:

    "Banking with first direct usually costs £10 a month, but you will not be charged this fee when you pay in at least £1,500 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,500, or hold a selected first direct additional product"

    What are the selected additional products? It's not written in the overview, nor the "in detail" part, nor the terms and conditions which I downloaded.

    Is it somewhere obvious and I'm just not seeing it?!
    Off the back of my statement:
    Banking Fee Waivers
    You will not have to pay the Banking Fee:
    • For the first six months following account opening
    • For any month which you:
    1. Pay into your account (other than by internal transfer from another first direct account) a minimum for £1,500 or maintain an average monthly balance on your account in excess of £1,500 (month means calendar month and we will work out the average monthly balance by adding together the end of say balances for each day during the month and dividing by the number of days in the month) or
    2. Hold a first direct mortgage, credit card, personal loan, savings account (excludes regular saver), first directory or first direct car or home insurance.
  • Baldur
    Baldur Posts: 6,565 Forumite
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    gozaimasu wrote: »
    Is it somewhere obvious and I'm just not seeing it?!
    Yes, its in the "Interest rates & charges" document here - http://www2.banking.firstdirect.com/1/PA_1_1_S5/content/content_static/pdf/rates_charges.pdf;jsessionid=0000s-wmHEENORKx5STO0sd1akO:11qmrfhdo
  • Baldur
    Baldur Posts: 6,565 Forumite
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    gozaimasu wrote: »
    I suspect that I will be unsuccessful in obtaining the £100 switching fee if I don't pay in £1500 a month though. Sigh. I was planning on opening a savings account (by the sounds of it I can open any of them except regular saver to qualify) first to avoid the fee (I thought I read somewhere all you had to put in was £100?), but not sure if I would still get the £100 for switching unless I put in the monthly amount for a set period. Annoying. Wasn't there also some confusion on whether it had to be direct from employers?
    I can confirm that the £1,500 deposits that I made did not come directly from my employer and I received the joining incentive.

    The requirement is shown in the product description - http://www2.banking.firstdirect.com/1/2/banking/1st-account;jsessionid=0000hxdg-3G7sHQs2qg034swKou:11jk49v2v?clear=true
    Open a 1st Account and transfer your monthly salary/income of at least £1,500 within three months and we will add £100 to your account.
  • gozaimasu
    gozaimasu Posts: 860 Forumite
    Name Dropper First Post First Anniversary
    edited 28 April 2011 at 8:28PM
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    Excellent Baldur, glad to hear it, and it's nice that they give you 3 months to get the money in there.

    I'm sick to the back teeth of Santander (another switching incentive delight!) and have only been keeping the account active to get the free travel insurance which isn't really worth it at all.

    Once I get the incentive I can just just get an additional product to avoid the monthly fee.

    Another thought though - can you transfer 750, take it out again and then put 750 in to make up the 1500 or does it have to be 1500 in one go?
  • vanemk
    vanemk Posts: 3 Newbie
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    I can confirm too
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