Current accounts

Bitstring , from the wonderful person Mark Blewett said

Go the whole hog and change. Try SMILE (co-op bank), who do everything possible to make it easy (moving DDs and SOs etc.), and who pay 3% on your balance .. and you can get money in/out at a post office, if you don't have a local branch.

I quit Lloyds long since when they 'consolidated' the branch I was with and changed my much loved a/c number (the branch is still there - they just moved the accounts elsewhere) and sort code.

I quit Natwest when they started this 'can't phone your branch' nonsense, and it took a string of 30+ digits to talk to some incompetent who would eventually put you back to the branch (Ironic, given their current Ad campaign .. so maybe they are trainable?).

First Direct are OK too, although their interest rate wasn't as good last time I looked.

The high street banks are only surviving on customer inertia, and FUD (Fear, Uncertainty, Doubt). Don't let them con you (or at least 'not for any longer').

Thats what I was thinking... must admit I've very tempted to leave my high street bank account open with a few pence in... now I wonder what the cost of sending a statement every month is :o)

Smile is probably my second choice. Since Cahoot is "associated" with Abbey (National... or whatever they call themselves these days) with which I have several accounts (ie I'd expect transfers to be quicker etc)

IMHO reading the small print, it seems like they are trying to top the rates with their current account, and hope people don't move when they come down.

lol... I agree.. very annoying adversting. Instead even tho my account is 100 miles away.. I always get to know the local manager... sometimes you can even wangle a free coffee.. just ask for a review and then say no :o)

I've heard that too... a friend swore by them... albeit a few years ago.

With the non high street banks, are there any gotachs regarding costs of withdrawing cash from machines?

Thanks Mark

Not normally. You can usually use any bank-owned cash machine (not those in convenience stores etc) FOC. Some banks and building societies won't allow you to pay a bill with a cheque at their branch but only through their debit/cash card. Also some have unusually long cheque clearing time (like 7 days). Most offer online account management like balance check, transferring funds, paying bills and setting up standing orders. Cahoot and Smile are highly rated. If you need branch network, try Alliance & Leicester Premier or Halifax. Both give 2-3% interest. There was a good report on current accounts in Which? Oct 03. Unless you are a subscriber, you can consult a copy in a library, or sign up for a trial subscription that gives you net access to reports.

Alec

I have my salary paid in to an Intelligent Finance account. I have £1.01 in their deposit account, which means I get deposit account rates on my current account as well.

I have my Natwest account running along side it for times when branch banking is useful. It gets about £150 a month to cover the money that goes out.

I have had an A&L Premier (ex Girobank) since they started and am entirely happy with it - although the way I use it is completely unsophisticated (cheques, DD, SO), so I wouldn't expect any problems. The ability to use the post office as my branch is great (although in reality I don't use them much), as there are far more post offices than bank/BS branches.

I'd second that - they've done the legwork for you.

Be aware that if you need to apply for credit - some finance companies place weight on how long you have had an account open - so there's another reason to keep the old account open with a minimal balance, and use that on any application forms

hth

Daytona

Thanks for the replies.... an update

I've decided to try Cahoot because they;

- provide a good current account rate

- seems to be well regarded.

- don't require salary to be paided in, so I can test drive their account / transfers / bill payments before fully commiting.

- are associated with Abbey with which I have a couple of savings accounts.

I'm going to keep the Natwest account open (for the time being), with a minimal balance because;

- of the possible credit implications (although I have no need to organise a loan, but I probably will buy a property in the near future)

- its my only account which provides a checkbook. Which altho I've only written a couple in the last few years, but it give some extra flexibiliy.

Thanks again, Mark

I must be unusual because I've never felt any need to phone my branch or any other part of the bank, and the only time I go into a branch is to pay in cheques on the fairly rare occasions when I get them (Inland Revenue refund most recently, although I could probably have asked them for a direct credit). I do essentially everything by internet, and I think Barclays is pretty good there.

They seem to score well for customer satisfaction. They are currently offering me £35 if I open an account with them, but I suspect I can't be bothered.