#2
Forgive me if this has been covered elsewhere, but does anybody have any experience of opening and operating the Abbey 8% C/A.



I also mean how is their switching service, etc, for there were many people with teething problems with the HBOS offers...



Does it run smoothly, for the idea of just paying the money in and having the interest automatically swept out every month to their 7%, sounds very convenient..



Any takers for this one?

#3
Some Feedback:



The article should have a couple of additional categories which are not purely based on how much interest one gets or would save..



For instance:



First Direct: for 'best customer service' and/or if you don't keep much money in your current account



Nationwide: if you travel abroad a lot..



It may also be a good idea if you link to the FSA booklet on Basic Bank accounts..



Regards

Sunil

#4
I agree with the above poster.



Also, just a little niggle, I read this article thinking, oh good, it's been updated, perhaps I will be able to find out the best bank account for me.



Unfortunately not. I'm under 21 and so can't get the Alliance and Leicester account. I'm not a student, so I can't get a student account, and I'm overdrawn too much for the other accounts to be useful.



Could we have a bit more of a league table, perhaps not every account on the market but at least mention the top two or three?

#5



I agree with the above poster.



Also, just a little niggle, I read this article thinking, oh good, it's been updated, perhaps I will be able to find out the best bank account for me.



Unfortunately not. I'm under 21 and so can't get the Alliance and Leicester account. I'm not a student, so I can't get a student account, and I'm overdrawn too much for the other accounts to be useful.



Could we have a bit more of a league table, perhaps not every account on the market but at least mention the top two or three?
Originally posted by foreversomeday


Can you not get their under 21 account?



I believe you have to pay in £250 per month, but it has 10% credit interest on the first £1000 in credit.

#6



Some Feedback:



The article should have a couple of additional categories which are not purely based on how much interest one gets or would save..



For instance:



First Direct: for 'best customer service' and/or if you don't keep much money in your current account



Nationwide: if you travel abroad a lot..



It may also be a good idea if you link to the FSA booklet on Basic Bank accounts..



Regards

Sunil
Originally posted by gt94sss2


cant comment on nationwide but thumbs up for first direct for being different to the normal banks and excellent customer service.

#8
Glad to see Coventry First gets a mention, though I do think that for some people it has more going for it than the article suggests.



The article recommends it only if you are "consistently" more than £2,500 in credit. I think that many people will earn more interest on this account even if they are only above £2,500 for part of the month. Abbey pays 1.65% higher interest on up to £2,500, but Cov First pays 6.35% higher interest on anything over £2,500. It depends how much above £2500 you are, and for how long, and how much below £2500 you are, and for how long.



For instance, assume you spend only half each month with a balance of £3,500 and the other half at £500. (Obviously a very simplified scenario, but it illustrates the principle.) With Abbey, you earn £120 interest in your first year. With Cov First, you earn £127.



You need to work out your own likely situation.



The other quibble I would have is the recommendation to sweep excess savings into a Best Buy savings account, rather than using Cov First as a savings account. The Best Buy savings account pays 6.41%, which is so close to the Coventry First rate that it makes no realistic difference unless you have a very large savings balance. For instance, on £10,000, you would earn an extra £6 if it sat in ICICI for the whole year. But to transfer it there you would lose 3 days interest, and another 3 days when you transfer it back to your current account. On £10,000 you would lose about £12 of interest during these transfers. Unless you leave the money in ICICI untouched for a very long time, you would have been better to leave it in Cov First.



Personally, I think Cov First is great, because I don't have to keep monitoring my balance to make sure I sweep anything over £2500 into a savings account.



The 0.85% bonus is a bit misleading, because you would assume the rate falls by 0.85% after the first year. It does, but only on balances below £10,000.



To me, the real drawback of Cov First is there is no chequebook. But I just keep a small balance in my Lloyds current account to cover cheques I write.

#9
Hello.



A few months back I saw on this site that Halifax were offering £100 if you moved your current account to them, provided you paid in £1000 per month and used their transfer system.



Thinking this was a good idea I applied for this and awaited their reply.

I received a letter asking for my transfer details which I supplied. I also informed my employer and cancelled an outgoing payment from my account. ( I only had one payment in, my wages, and one payment out to another account).



I received a letter back from Halifax stating they couldn't complete the transfer. I replied telling them I only had two items to transfer and had now done this myself. ( The end of the offer was drawing near).



It now turns out three months down the road that although they have been happy to take my business they will not pay me the £100 because I did the work for them. So please be warned, DO read the small print and DON'T try to be helpful to speed things up. I phoned their customer relations Dept and asked for a copy of the 'small print' which she couldn't supply.



The offer on the web site is now closed.



So a word of warning. DO read the small print and DON'T try to be helpful to speed things up.



Zork.

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