Best Current Account

[magicrat]

I've just been hit for the first time with a £5 charge by LloydsTSB for using the authorised overdraft facility on my account, the interest was only £1.40 odd, so I've decided to move accounts.

I will hopefully not be using an overdraft frequently in the future but I'd like to retain the use of one. What bank does everyone recommend these days, in-credit interest is not important as I dont intend on keeping much money in there, a low overdraft rate and no fees is!

Thanks.

[farmroad38]

I've used First Direct for 15+ years now, and they've been pretty much faultless in that time. Any mistakes they have made have been rectified with no trouble at all, online access is very straightforward and if you have to call them, it's a UK call centre staffed with very pleasant people. I think you can get something like 100 quid for transferring at the moment too.

Conversely, I'd urge you to avoid Santander like the plague. Everyone I know that has any dealings with them says they're a nightmare, constantly buggering things up and then blaming anyone else they can for it.

[cabor]

Conversely, I'd urge you to avoid Santander like the plague. Everyone I know that has any dealings with them says they're a nightmare, constantly buggering things up and then blaming anyone else they can for it.

Cahoot was a good bank to be with before Santander took control, truly the worst bank around.

[mjb1975]

Looking at FD, I note the £100 offer "is limited to one payment per joint relationship." (from their website).

I assume this means that me and OH can't both get the £100 if we switch our current accounts to FD? It'd only be one of us? We also have a joint a/c together too (ie: 3 accounts in total) - no chance of 3 x £100 then?! ;)

[farmroad38]

Cahoot was a good bank to be with before Santander took control, truly the worst bank around.

My OH was with Abbey - exactly the same.

Last year, they withdrew her overdraft facility without telling her, then bounced all of her direct debits and charged her £30 for each one. She phoned them up and was told it was a mistake, don't worry about it... then the following month they did the same again. It took about six phone calls before someone told her that they really had withdrawn it and wouldn't be refunding any money because it was her fault!

Last week they bounced one of her payments because it went out at 11am, whilst a cheque she had paid in to cover it wasn't credited until 2pm :brickwall

[craig1912]

First Direct- best customer service. I've always had a £1000 od facility which costs me nothing other than interest if I go overdrawn.

[inkafone]

Nationwide for me - been with them for 20 years - had my card scammed once,no problems with the refund. You have to use a card reader to transfer money.

[magicrat]

I dont take home £1500 unfortunately, so First Direct would charge me £10 a month. I did consider Nationwide, so I think I'll go and talk to them next week.

Thanks all.

[Mr Silly]

I dont take home £1500 unfortunately, so First Direct would charge me £10 a month. I did consider Nationwide, so I think I'll go and talk to them next week.

Thanks all.someone mentioned that if you open one of their savings account with just £10, then you don't get charged for using the current account

[DJBenson]

someone mentioned that if you open one of their savings account with just £10, then you don't get charged for using the current account

From the FirstDirect website;
Banking Fee Waivers
You will not have to pay the Banking Fee:
- pay into your account* (other than by internal transfer from another first direct account) a minimum of
£1,500 or you 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 day
balances for each day during the month and dividing the sum by the number of days in the month); or
- hold a first direct mortgage, credit card, personal loan, savings account (*excludes Regular Saver
Account and a Regular Saver ISA held for less than 12 months), first directory, or first direct car or
home insurance policy; or
account, your joint account will not be considered to be in the same name as your sole account. If you hold
more joint accounts, those accounts will not be considered to be in the same name unless all joint account
holders are the same); or
*Where multiple current accounts are held, accounts will be considered individually in respect of balances and
credits received and will not be aggregated when assessing whether a fee is payable.

Just taken out car insurance with them so a good opportunity to get the £100 without the £1500 rule (I earn slightly more but am due to pay some into a share scheme so it will drop to just below next month).

[kcxdev]

someone mentioned that if you open one of their savings account with just £10, then you don't get charged for using the current account

Can confirm this as I did it last year when opening a joint account, have now remortgaged with them and the service so far has been faultless.

[PaulieC79]

Like the OP I'm looking at changing banks from LloydsTSB, they can go **** themselves over this OD fee, 10p interest charge last month became £5.10. More money for their fat cat bosses to pocket in bonuses.

My brother and work colleague suggested Barclays, the £5 a month account they do (£3 cheaper than Lloyds Silver Account which I have and very similar benefits) and the first £300 use of your OD you don't even get charged interest, considering I go max £100 OD this would be useful.

My only worry at the moment is that in about 3 months I want to refinance a loan I've got and having a very new account my go against me ...

[cliff homewood]

I've had fee problems with Barclays, and have thoguht about changing for a while, the amount of money they ripped off me, and the money expert court case failing and all. I generally live in my £1000 pound overdraft, every time I went over it they sent me a letter and charged me £30 for it even though my wages would in most cases be going through the next day (or money transferred from my savings to sort the problem out).

Yes now this has changed, you now are given a reserve for if you overdraw, and if you go into your reserve you are charged for using it. But the amount charged has gone down, but its still the same old game. On top of this I pay £15 a month for their additions account, but other than the overdraft the only thing I use is breakdown cover, but that can be gotten pretty cheaply elsewhere these days. So yes am thinknig of gonig elsewhere, fed up of having my money being taken away from me by these guys.

[PaulieC79]

Well, I've taken the plunge and decided to apply to First Direct due to recommendations on here and a few reviews I've read.

[magicrat]

Just checked my fees for using my Lloyds account last month, I went overdrawn but not enough to incur any interest fees it seems, I still get charged the £5 fee though!

[Mr Silly]

I'll give First Direct a miss. They're part of HSBC who don't pay tax into the uk economy

So any views on Nationwide's Flex account?

[DJBenson]

I'll give First Direct a miss. They're part of HSBC who don't pay tax into the uk economy

So any views on Nationwide's Flex account?

I went £2 over my agreed overdraft with them last week, and got stung for £65 in charges :eek: They'll be losing us as Mortgage customers come renewal time :|

[PaulieC79]

I'll give First Direct a miss. They're part of HSBC who don't pay tax into the uk economy

So any views on Nationwide's Flex account?

I nearly went with a different option due to all this banking stuff/bonuses/tax payments etc... problem is virtually all of them are the same! I then considered buying a big matress :)

Try Co-op though ... they're ethical at least, but like any bank they'll sting you for whatever they can (I used to work for them, so know they will).

[Mr Silly]

Try Co-op though ... they're ethical at least, but like any bank they'll sting you for whatever they can (I used to work for them, so know they will).yeah I seem to be heading towards Smile as they're part of Co-op. Is the Co-op bank itself any better than Smile?

[stupendo]

I moved from being a 25 year customer with TSB then Lloyds TSB to COOP, two reasons for me, they merged with Britannia who we have our mortgage with and have been excellent with great customers services and they are an ethical bank. My dealings with the COOP and the whole move to them was seamless and talking to them on the phone has been a pleasure.

Lloyds TSB hacked me off with the whole HBOS screw up and then their overdraft limits was the straw that broke the camels back.

[PaulieC79]

yeah I seem to be heading towards Smile as they're part of Co-op. Is the Co-op bank itself any better than Smile?

I don't think there is really any difference. smile was originally the internet banking arm, but as far as I can see the accounts etc... are virtually identical, just branded as either Co-op or Smile. Both use the same online banking system and call centre.

[essydyk]

Just checked my fees for using my Lloyds account last month, I went overdrawn but not enough to incur any interest fees it seems, I still get charged the £5 fee though!

How much of your overdraft did you use?? I think you are only allowed to use under £10 of your agreed overdraft.


I have a £250 overdraft with Lloyds TSB and got the same £5 fee plus interest and looking around quite a few banks are rumoured to be doing the same thing or already have some sort of fee so it basically works out the same unless you are putting £1,000 a month into the account.

Nat-West looked to the cheapest option for me as I really need a building where I can physically put money and cheques into the account ...

Anybody with the Nat-West?? Yay or Nay??:wave:

[gunner]

I have been with NatWest for about 10 years and I think they are very good. CS are always helpful and uk based, and although the advantage gold account costs, the services you get with it (phone, travel insurance) make it worthwhile for me.