Help me choose a bank account

Halcyon · 15-03-2005, 23:53

Can anyone give me some reccomendations in finding a good bank.
To give you an idea of whats happening, I'm 23 and finish Uni in June so I will be going into the world of work. So I want a bank account that will work well for taking in my work pay and allow me to save it.

Im not too clued up on banks so do they all offer the same kind of thing for paying in your works pay.

I dont need a credit card and dont want to be charged anything I dont have to. I want to make the most on my money so a place with good interest would be good if that exists.

I just want a card I can pay for things in shops at the counter and not be charged for using it in shops.

I'd also like it if I could use my card in other countries too.

So, if anyone has any good ideas or wants to share their good / bad points of certain bank accounts, I'd appreciate it.

PS: Does anyone have an ISA and if you do, would you reccomend I have one. Im not really sure how useful they are.

Thanks.

Raistlin · 16-03-2005, 00:10

All of my accounts are with the Abbey but I wouldn't recommend them to anybody

TBH they're not that bad, their internet banking service is good (apart from the fact that it doesn't recognise FF!)

pujro · 16-03-2005, 00:12

there's a fair bit of info here
I currently use mainly Cahoot , it's a reasonably functional allrounder.

danielf · 16-03-2005, 00:19

Quote:

Originally Posted by Halcyon

<snip>

I dont need a credit card and dont want to be charged anything I dont have to. I want to make the most on my money so a place with good interest would be good if that exists.

I just want a card I can pay for things in shops at the counter and not be charged for using it in shops.

I'd also like it if I could use my card in other countries too. <snip>

Interestwise, you may want to look at some of the internet accounts. (e.g. EGG, or ING)

Regarding cards, any debit card from a current account from a high street bank will allow you to use it in shops without being charged, and will let you get money from ATMs abroad. Much like (I presume) the card you are using now?

SMHarman · 16-03-2005, 00:37

FirstDirect?
You are usually better putting your savings elsewhere like the ING account mentioned above.

www.thisismoney.co.uk is a good source for savings rates.

Charlie_Bubble · 16-03-2005, 01:12

Quote:

Originally Posted by pujro

there's a fair bit of info here
I currently use mainly Cahoot , it's a reasonably functional allrounder.

I had a horrendous experience with cahoot. They calculated the interest on my account wrong for over a year, despite me informing them. In the end I had to tell them the calculations to get the problem solved. I closed my account after this. Bunch of fecking amateurs!

Halcyon · 16-03-2005, 01:30

Thanks. I will definately check those out.

Im with Alliance & Leicester at the moment but they keep telling me Im on the wrong account but they switched me over automatically. To cut a long story short, they mess me around too much.
I'm looking to start a fresh new account that will hopefully be where I can start saving some money once I graduate and am working fulltime.

Thankyou all.
Halcyon.

cookie_365 · 16-03-2005, 18:31

First Direct have the best customer service I've ever come across. The investments side isn't too competitive but for basic banking I haven't been able to fault them once in 15 years

TigaSefi · 16-03-2005, 18:58

i just started with ING for my savings cos Nationwide completely messed me about with opening a new account via online so I told them to toss it. ING been really good. And I been with HSBC and they are reasonably effective for me.

bob_builder · 16-03-2005, 19:00

Quote:

Originally Posted by Halcyon

Can anyone give me some reccomendations in finding a good bank.
To give you an idea of whats happening, I'm 23 and finish Uni in June so I will be going into the world of work. So I want a bank account that will work well for taking in my work pay and allow me to save it.

Im not too clued up on banks so do they all offer the same kind of thing for paying in your works pay.

I dont need a credit card and dont want to be charged anything I dont have to. I want to make the most on my money so a place with good interest would be good if that exists.

I just want a card I can pay for things in shops at the counter and not be charged for using it in shops.

I'd also like it if I could use my card in other countries too.

So, if anyone has any good ideas or wants to share their good / bad points of certain bank accounts, I'd appreciate it.

PS: Does anyone have an ISA and if you do, would you reccomend I have one. Im not really sure how useful they are.

Based on your requirements, I would recommend the Nationwide FlexAccount .

It has probably the lowest banking charges around. It gives you a Visa Delta card so you can buy things in shops and take money out of cash machines. You can also use this abroad to buy things and and take out money without being charged the ~2.75% that every other bank charges.

They have an internet based savings account that is linked to this which currently pays 5% interest but lets you have instant access to you money if/when you need it.

And finaly they have a number of ISAs. I have the Instant Access ISA that I can transfer money into via the internet. These are worthwhile if you pay tax as the interest is tax free so you earn more than you would otherwise.

Halcyon · 16-03-2005, 19:18

Sounds good. Thanks for that.