Bank accounts

rossk26 said:
For those who can make the most of it...
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At the very least i assume you buy fuel and/or railway travel.

Keep the balance topped out (there is nowhere better to stick £20k really at the moment) and even in a zero direct debit situation (not sure how you have engineered that, i would love to not have any direct debits, i have absolutely loads :D) you will make 3% cashback on fuel/rail spend, 1% cashback on supermarket spend, and £50pcm gross interest on the balance. The credit fee is waived as an account holder :)
 
Orch said:
What like rubbish travel insurance and limited breakdown cover?

.
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Depends metro offers free purchase/cash abroad.
Nationwide offer free cash abroad, phone insurance (which i need, lovefilm which I plan to get anyway, mp3 tracks which i purchase anyway)
Lloyds over very good multitrip world travel insurance(which i need) which includes things like scuba. As well as full motorbike breakdown cover(which is very useful), cheapest swift transfer and online. No free cash abroad though.

First direct offer? Nothing, by phone swift and one of the more expensive, no free foriegn withdrawls/purchases, (possible card reader). So no, not rubbish travel insurance and its not limited breakdown cover either.so FD is No frills and more expensive.
 
Jez said:
At the very least i assume you buy fuel and/or railway travel.

Keep the balance topped out (there is nowhere better to stick £20k really at the moment) and even in a zero direct debit situation (not sure how you have engineered that, i would love to not have any direct debits, i have absolutely loads :D) you will make 3% cashback on fuel/rail spend, 1% cashback on supermarket spend, and £50pcm gross interest on the balance. The credit fee is waived as an account holder :)
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A) Not fortunate to have £20k lying in my current account
B) No mortgage, no bills, no phone/tv/bb bills
C) Spend about £100 a month on fuel

Credit card is pointless as I'd only make about £30 a year after tax on cashback.

So like I say, there are better accounts out there to suit certain peoples needs. I wouldn't be claiming Santander 123 account is the best. It may be for you and certain others, but not everyone.
 
Glaucus said:
How is it a no brianer, explain this silly logic.
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Because no one is saying you're only allowed to have one account, grab a FD account set up a SO to transfer 1k a month in and straight back out again and then continue to use whoever you wish as your main bank, then enjoy the free £125 when it arrives and close the account.
Free money, minimum effort, no brainer.
 
agnes said:
First direct.

Over seas, Metro Bank.

After tonnes of advice. This is how I go now. Both are brilliant. Metro Bank (if you have one in your town, there is one in Reading) can get you a card in your hand, setup and ready to work on your first visit.

Don't know why all banks don't do this. Went in, had a chat about rates, agreed it would be best, filled out some forms, checks came back ok, printed card. Done.
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So you need to pay stuff into metro monthly?
At the moment best combo would be llyods gold account as main and metro account for abroad.
 
Glaucus said:
How is it a no brianer, explain this silly logic.
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Silly logic?

It's free money.

Glaucus said:
First direct offer? Nothing, by phone swift and one of the more expensive, no free foriegn withdrawls/purchases, (possible card reader). So no, not rubbish travel insurance and its not limited breakdown cover either.so FD is No frills and more expensive.
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FD offer a 6% regular savings account (best regular savings account on the market), and they also give you £125 for joining. How is FD is more expensive? It's FREE!!!

Lloyds charge you a monthly fee for those services you mentioned, you might want to work out if it actually saves you any money!

It's simple really, the best combination of accounts are:
-Halifax (£5 a month for paying in £750 + £100 for joining) + Credit card for use abroad (no charges + best exchange rates)
-First Direct (best regular savings account on the market + £125 for joining)
-Santander (3% on balances over £3k, 2% on TV,BB,Mobile bills, 1% Gas and Electric and Water bills)
 
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rossk26 said:
Silly logic?

It's free money.
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Its an incentive, and somethign you have to use, which as explained allready costs way more. Travel insurance on its own is worth more than £125.


tom_e said:
Because no one is saying you're only allowed to have one account, grab a FD account set up a SO to transfer 1k a month in and straight back out again and then continue to use whoever you wish as your main bank, then enjoy the free £125 when it arrives and close the account.
Free money, minimum effort, no brainer.
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Its not minimum effort though is it. I dont get paid mon thly and allready paln to open up two acocun ts i would prefer them with same bank, but looks likeit'll be two dependin how much needs ro be paid. 1k is a hell of a lot to lose for several days. Especially when dd dont line up with pay dates and those pay dates change every month.
 
Orch said:
Hang on, one minute you're saying they don't offer anything good, now you're saying people get sucked in by the offer of free money? :D
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I siad they dont offer anything good for me. Do they match any of my three main criteria? As well as costing more in the longrun.
 
rossk26 said:
B) No mortgage, no bills, no phone/tv/bb bills
C) Spend about £100 a month on fuel
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Your situation is either really odd, or you are young and live with your parents whom pay for everything for you. Either way, this is not a typical situation, i would imagine most of us have a lot of Direct debits and at least a certain degree of savings. :)
 
Jez said:
Your situation is either really odd, or you are young and live with your parents whom pay for everything for you. Either way, this is not a typical situation, i would imagine most of us have a lot of Direct debits and at least a certain degree of savings. :)
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123 casback is interesting, the biggest part rent. Unfortuntly goes out as cash. Tax dodge I recon.
 
Jez said:
Your situation is either really odd, or you are young and live with your parents whom pay for everything for you. Either way, this is not a typical situation, i would imagine most of us have a lot of Direct debits and at least a certain degree of savings. :)
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Guilty as charged!

I'll probably set up a Santander account when I buy my own place and have bills :p. But for now I think it would either break even, or cost me a little to have the current account + credit card.
 
tom_e said:
You need to pay in a minimum of 1k per month into the FD account to qualify.
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Which is my point.
So spending acocunt, dd account, then somehow fund FD for a few days, ehen ikts allready stupidly complicated to work out what i ac tuallyy have at any one point, due to not being paiid monthly.
Means i allready keep a spread sheet so i can just work out exactly what i have.
 
Ha, I didn't realise it was you that started the thread. Asks for advice, then tells everyone else they're wrong. :rolleyes:

Make your own mind up if you know everything already FFS. :rolleyes:
 
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