Bank Accounts

[BeezerDiesel]

Bank accounts, what a minefield!
Can anyone recommend a simple easy to use bank account that you can have your wages paid into, your direct debits taken out of and a debit card that doesn't have to be updated every 12 months because the interest rate plummets to near enough zero?

I've been into the banks, I've spoken to a few bank managers, I've scoured the internet (Martin's money, moneysupermarket etc) and all of them are either comptetive interest for 12 months then the rate goes to just above zero or are very limited in the withdrawals area so are no good for direct debits etc.

I can work out easily enough which ISA is best, my Missus doesn't pay tax so has a seperate savings account but can I find a current account that pays any interest which doesn't drop after 12 months? Can I heck.

Now, I guess the sensible option is to take one of those 12 month deals and change account in 12 months time. That's fine in theory but not in practice, I work for a big company and getting HR to change the account the pay goes into is a right joke, and then there's the million and one direct debits I've got coming out of the account. For the poxy difference in the interest rates these days it's just not worth the hassle and stress of moving account every 12 months.

I asked the manager of my local bank branch (small branch and manager about 15 years old) why they don't just automatically put you in the best paying account to keep you loyal. His answer is that they like to see you every 12 months to make sure you are getting the best deal. Fine in theory but bollocks in reality as you would need to trawl around about a dozen banks speaking to their managers and sales staff every 12 months to make sure you are getting the very best deal. That's fine if you are unemployed but not so simple when you've got to earn a living.

Want: simple account that lets me do the day to day stuff, a bit of interest paid to me that will stay competitive overa period much longer than 12 months I don't need an overdraft or have debts other than mortgage and an occasional car loan (but none planned). Not much to ask surely?

Any suggestions?

[Ifti]

Im with Natwest. To be fair, interest is too low to even bother about at the moment. Better off stickin gmoney into the best paying ISA you can find, or Premium Bonds!

[ub7rm]

Personally I don't view a current account as being worth having a decent interest rate, saving account for that.

Halifax / Bank of Scotland pay you £5 a month if you deposit more than £1000 in it but no interest on top of that.

I have two accounts with them.  1 where my salary goes in and dd's come out and on pay day I transfer 'spending' money to a separate account leaving exactly enough to cover my mortgage / dd's etc in the number 1 account and some to savings.  Means I don't have to worry about when money is coming out and how much I've got left.  Plus I get the £5 twice 

[vRStu]

First Direct for sure.  I recently switched to them from Alliance & Leicester which then became Santander.

First Direct are brilliant, more so because when you phone them a human answers the phone and they genuinely want to help you.

They'll give you £100 when you open the account and if you don't like them they'll give you another £100 and help you to move - nothing to lose.  Also I think (if you're feeling generous) I could recommend you and get a shopping voucher or something but I'd need to check.

http://www1.firstdirect.com/1/2/

[BeezerDiesel]

Im with Natwest. To be fair, interest is too low to even bother about at the moment. Better off stickin gmoney into the best paying ISA you can find, or Premium Bonds!

Thanks for the reply. I have both of those options but would like an account that pays me a bit of interest on my current account too withou the hassle of having to move money here there and everywhere all the time. If I buy Premium Bonds I get them in blocks so they are easy to manage, thus it takes a while to build up a block. It'd be nice to get a bit of interest on that cash whilst I build it. ISAs are good as pure savings accounts but won't let you go over the years target so no use for having wages paid in.

Personally I don't view a current account as being worth having a decent interest rate, saving account for that.

Halifax / Bank of Scotland pay you £5 a month if you deposit more than £1000 in it but no interest on top of that.

I have two accounts with them.  1 where my salary goes in and dd's come out and on pay day I transfer 'spending' money to a separate account leaving exactly enough to cover my mortgage / dd's etc in the number 1 account and some to savings.  Means I don't have to worry about when money is coming out and how much I've got left.  Plus I get the £5 twice 

Cheers for that, worth a look 

First Direct for sure.  I recently switched to them from Alliance & Leicester which then became Santander.

First Direct are brilliant, more so because when you phone them a human answers the phone and they genuinely want to help you.

They'll give you £100 when you open the account and if you don't like them they'll give you another £100 and help you to move - nothing to lose.  Also I think (if you're feeling generous) I could recommend you and get a shopping voucher or something but I'd need to check.

http://www1.firstdirect.com/1/2/

Thanks Stu, I'll have a good look at FD. They are quite widely and highly regarded on the money type websites (Martin etc) and I'll certainly let you get a referral if I go for them. 

[andrewparker]

I've banked with First Direct for many years. They are very good, which is surprising given there association with the cretins who are HSBC.

[Carrera2RS]

I am with First Direct and Coutts.

With an FD offset mortgage the thought of keeping surplus cash with Coutts is a non starter..... 0.3% on savings against reducing mortgage interest at a lot more is a no brainer.

FD telephone service is every bit as good as Coutts tbh.

[h4rdy]

FD for me and I find them amazing after near enough from the beginning!

[rich83]

Coutts 150quid a quarter? 

[BeezerDiesel]

Thanks for the FD recommendations guys. They certainly seem to be the bank of the moment.
I think Coutts may not be for me unless the Euro Millions drop in my lap, I don't think 'wealth management' will ever be necessary for me!!!

[chungster]

You're asking for the impossible Andy. These are banks. They just rip u off and take the p1ss.

[h4rdy]

Your kind of right but I have never felt ripped off by FD and the overdraft system is fair.

I have friends who are in Natwest and all they do is moan about it being archaic.

Just call them anytime, I did call them on Christmas day at about 2 in the morn once sounded like the guy was on the piss, and always helpful.

If you have first directory for a tenner a month you get all these insurances, phone, travel, breakdown, free travel money, etc etc.

UK call centre.

Just brilliant.

Ill be honest Coutts isn't for me and if it was I probably wouldn't have come on here as I would have a Porsche Turbo S!