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  • archived user
    Ok, phoned Lloyds TSB and they don't. Looks like I'm stuck with Barclays!!
    • TomJ
    • By TomJ 5th Dec 07, 7:51 AM
    • 208 Posts
    • 116 Thanks
    TomJ
    Does anyone know of a bank where their current account allows you to draw against a cheque the moment it is put on your account (as oppose to waiting for it to clear)?

    I bank with Barclays who allow this but I want to change now they've introduced a device to log into online banking. I use my bank in a number of locations and I really don't want to have to carry it around everywhere.

    Also, importantly, I get paid by cheque on or around the 15th of each money and some payments need to be paid around that date.
    Originally posted by lukemarson

    I heard something on Moneybox about a change to the cheque clearance system at the weekend. Effectively it meant that cheques paid in will start earning interest after 2 days, be available for withdrawal after 4 and be confirmed as yours (ie the bank can't reclaim the money if the cheque is refused) after 6 days. (NB days == working days != Weekends & Bank Holidays) Details are available at the APACS website.
  • babydonz
    Best Business Bank Account
    Hi All

    Im Sorry If Im In The Wrong Post But This Is My 1st Time & In Need Of Help Please

    Im Currently In The Process Of Starting My own Business & Would Like To Here Peoples Views On the Best Business Bank Account

    Ive Looked Through The Forum Articles & Have Noticed A Few Threads On Banking But Cant see Anything About Business Banking

    Many thanks
    Donna
    • Frugaldom
    • By Frugaldom 16th Dec 07, 11:08 PM
    • 6,160 Posts
    • 54,422 Thanks
    Frugaldom
    Wages cheques
    Does anyone know of a bank where their current account allows you to draw against a cheque the moment it is put on your account (as oppose to waiting for it to clear)?

    I bank with Barclays who allow this but I want to change now they've introduced a device to log into online banking. I use my bank in a number of locations and I really don't want to have to carry it around everywhere.

    Also, importantly, I get paid by cheque on or around the 15th of each money and some payments need to be paid around that date.
    Originally posted by lukemarson
    I bank with (Halifax) Bank of Scotland and when paying in a cheque, they ask me if it's a wages cheque. If it is, then you can access the funds straight away. I just assumed it was the same for all banks, so have learned something new tonight and will probably just stick where I am if others hold your wages for the mandatory clearing period. If I was you, I'd request my wages be paid via BACS rather than cheque.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
    • fagun
    • By fagun 18th Dec 07, 12:21 PM
    • 404 Posts
    • 361 Thanks
    fagun
    I don't think the article adequately takes account of either customer services or the on-line / off-line functionality.

    For example, A&L's internet service is a joke. An inter-account transfer doesn't take place until overnight, and they take payments out before deposits. So you have to ensure money there is sufficient money deposited in your account the day before for any paments outs. Also their balances at various levels of drill down are different.

    So I think this is a poor account if you are actively managing your finances, despite the headline interest rate.
  • PilotJames
    What are people's thoughts on bank accounts that have the best internet banking. I've got the following accounts:

    HSBC
    A&L
    Nationwide
    Smile
    Cahoot

    I think HSBC has the best of the lot with Nationwide and A&L coming second. The other two are OK although I find Smile somewhat basic.

    From what I've read on other posts, First Direct have good site. Does theirs have any similarity with HSBC's?
    • Voyager2002
    • By Voyager2002 18th Dec 07, 7:25 PM
    • 13,311 Posts
    • 9,167 Thanks
    Voyager2002
    What are people's thoughts on bank accounts that have the best internet banking. I've got the following accounts:

    HSBC
    A&L
    Nationwide
    Smile
    Cahoot

    I think HSBC has the best of the lot with Nationwide and A&L coming second. The other two are OK although I find Smile somewhat basic.

    From what I've read on other posts, First Direct have good site. Does theirs have any similarity with HSBC's?
    Originally posted by PilotJames
    I find the above somewhat strange: Smile offers a far higher level of service and functionality than does A and L (in my experience), so I cannot imagine how anyone could rank them equally. Nationwide is not bad. I have also used First Direct briefly and I thought it was also pretty good.
  • PilotJames
    Not strange, just my opinion

    Perhaps I was a little harsh. However, I think they could improve its functionality: the ability to return to statements without having to go back to home and then re-select the account; and also the ability to download your statements- I find this one particularly frustrating. Although admittedly not everyone wants that function.

    Nearly forgot: a running balance on recent transactions would also be nice.
    Last edited by PilotJames; 18-12-2007 at 7:47 PM.
    • Frugaldom
    • By Frugaldom 18th Dec 07, 10:23 PM
    • 6,160 Posts
    • 54,422 Thanks
    Frugaldom
    I'm awaiting 'clearance' for an ICICI account (for use as a secondary savings account for ISA surplus) that I just applied for after reading about it on MSE. Is it really as good as it sounds? Higher interest rate, only 1 to open, interest guaranteed over the BOE base rate 'til 2011 etc? Is there a downside that I have missed in the Ts & Cs?
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
    • fagun
    • By fagun 18th Dec 07, 11:31 PM
    • 404 Posts
    • 361 Thanks
    fagun
    What are people's thoughts on bank accounts that have the best internet banking. I've got the following accounts:

    HSBC
    A&L
    Nationwide
    Smile
    Cahoot

    I think HSBC has the best of the lot with Nationwide and A&L coming second. The other two are OK although I find Smile somewhat basic.

    From what I've read on other posts, First Direct have good site. Does theirs have any similarity with HSBC's?
    Originally posted by PilotJames
    I like first direct's functionality and customer service, though am not that happy with some of their recent changes (no interest on current account).

    Haven't tried HSBC or smile but better than the others in terms of functionality, so I think first direct still pips it for a current account, though would be interested in other peoples' opinions.
    • groovychick69
    • By groovychick69 20th Dec 07, 8:43 PM
    • 166 Posts
    • 343 Thanks
    groovychick69
    Hi All

    Im Sorry If Im In The Wrong Post But This Is My 1st Time & In Need Of Help Please

    Im Currently In The Process Of Starting My own Business & Would Like To Here Peoples Views On the Best Business Bank Account

    Ive Looked Through The Forum Articles & Have Noticed A Few Threads On Banking But Cant see Anything About Business Banking

    Many thanks
    Donna
    Originally posted by babydonz
    I wouldnt bother, you will be chraged for the "privilage" of spending money, writing cheques, reiceving cheques and paying dd'd and stanidng orders. Our business is run through a high interest personal account. just means that cheques have to be paid in a single name as opposed to a business name. We've been doing it for last 15 months and it is working for us.
    • Frugaldom
    • By Frugaldom 20th Dec 07, 9:04 PM
    • 6,160 Posts
    • 54,422 Thanks
    Frugaldom
    There are several banks (Bank of Scotland included) that offer free business banking for the first 12 months. I was told if it's a business you are running then a business account is a must, but the laws may be different in Scotland concerning this. I think it's something to do with tax and being able to prove what is and what isn't business expenditure and income. Lloyds TSB used to offer a similar deal.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
  • Scouser_23
    I was just wondering whether there is any reason I could not take out the Alliance and Leicester account with the 0%overdraft, take out the 2500 and put it in a mini cash ISA or a high interest savings account, then pay it back after 12 months?


    As long as I paid money into the account to keep it open would there be any problem with this?
  • Tamsalina
    Hi All,
    Am just concerned that the Abbey 8% interest account is still being flagged as the 'number 1 current account'.
    As previously stated on here it does pay the highest interest, but even after appearing on Watchdog for it's terrible customer service things have not improved.
    I opened one of these accounts 12 weeks ago and still have no access to the money I deposited due to not being sent either a debit card or internet banking details.
    And they also didn't bother to answer my complaint letter sent three weeks ago in the 14 days they promised.
    I'd advise anyone to STEER WELL CLEAR! The interest is very attractive but so far out of the 12 month deal I've wasted 3 months with only a small amount in the account. I'm not going to pay my wages in when I have no access!
    I think I'm going to move to A&L....... Anyone with feedback on them?
  • saxmund
    It would be nice to hear from MSE exactly why they refuse to take competence and customer service into account when recommending best buys. After my experience of the last 12 months, and reading this forum which shows that my experience appears pretty common, I would not recommend Abbey to anyone.
    Last edited by saxmund; 05-01-2008 at 3:42 PM. Reason: to mention exactly which bank I wouldn't recommend to anyone
    • webwiz
    • By webwiz 2nd Jan 08, 4:42 PM
    • 209 Posts
    • 77 Thanks
    webwiz
    Does Abbey really pay 8%?
    I opened an a/c in Oct 2007 to get the advertised 8%, put in £2500 and left it but on checking the statement I am only getting 2.5% less tax. I checked the website and although the headline says You could get up to 8% when you look at the small print it says the rate is 2.5%. Are they relying on the fact that most people will be unable to calculate the interest?

    I rang to query this but just got transferred from person to person and eventually left on hold.

    Added later: Finally got through to the right person who said that the 8% will not be paid until the account has been open for a year! Having gone to all the trouble I will now leave the £2500 there until the year is up, but I could not recommend this account which is only going to get an extra £60 or so interest.
    Last edited by webwiz; 03-01-2008 at 2:45 PM. Reason: New info
    • AlistairS
    • By AlistairS 4th Jan 08, 9:17 PM
    • 101 Posts
    • 9 Thanks
    AlistairS
    This thread makes very interesting reading..

    I moved from Smile to HBoS half way through last year to get the 100 & better interest rate. They totally stuffed up the transfer process - kept getting letters through the door saying "your bank has cancelled payment".. When I got through to them on their useless internet banking / account switching hellpline it transpired that they 'forgot' to send the letters out to the originators of the direct debits. No appology nothing!

    I paid an xmas cheque & cash in on the 27th in the north of scotland. The cash showed up but the chequed didn't, phoned internet banking on Wednesday & they said they would flag it up with the branch & get them to contact me. Went into local branch today & they had no record of this - useless

    I have found the people at branch level to be superb but the internet based stuff is appauling. Smile were so much better at this, pity there interest rate is so crap, otherwise I would go back to them.

    So thats my rant does anyone have any suggestions for a curent account with good to fair interest rate that has better internet banking than HBoS.

    I work shifts & all this 'you'll have to go in to a branch' or 'we can't leave a message on your home phone' is not acceptable to me. With smile you could leave secure messages online - cannot do this with HBoS
  • DictionaryDuck
    Alliance and Leicester
    I'm furious with A&L. I just got stung by their new 5 charge for going overdrawn for 10 days. When I phoned up to complain, I was told I can be charged up to 10 this way per month. (This is being overdrawn within my overdraft limit ...)

    Will close the account the moment I've switched everything back to Barclays
  • saxmund
    Im surprised that people seem to contemplate moving bank accounts for the signing on fee or even for the interest (which could just be an introductory offer). With most bank accounts you can have an online savings account and switch money between that and your current account as often as you like. To my mind a bank account is something that's too important - and too much trouble - to keep switching. I moved from Abbey because their servive had slipped to appalling levels - and because my financial circumstances have changed (ie I'm now mostly in credit) so a different product suited me. Unless BoS seriously annoy me I'm not planning to switch again, whatever incentives are on offer from other banks. The 100 and 6% interest were bonuses, and helped make the decision on who to move to, but if I'd been happy with Abbey I wouldn't have even contemplated switching.
  • neilp
    I would strongly second this post. I have just moved my current account. The process has gone very smoothly (up to now at least), but was a pain nonetheless. I would very strongly recommend against doing this every six months/year for the sake of an introductory offer. Also, moving banks has a short-term impact on a person's credit score (or at least I hope it's short-term!).
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