which banking company do i choose..

Pol Anorl · Banned Joined: 13 Apr 2010 Karma :

So was with natwest many years ago but i was around 14-15 managed to go £70 overdrawn somehow, spoke to bank and was informed i shouldnt of been able to do it as i had to be over 18 to have an overdraft so it was removed and bank closed

Moved on to nationwide cash card so i could only take it out at the hole in the wall, was like that untill i was 18 when i decided to upgrade to propper account only to be refused...

So i fucked them off and went with hsbc who gave me a real big boy bank but my overdraft is only £10 which was a pain during tight times and the informal overdraft fees are rediculous! £25 a time!
applied for a £50 overdraft on £400 a week wages and got declined....

so decided its time to fuck them off and go else where to a company that will allow me a bit more room on the silly £10 overdraft just incase.

What do you guys reccomend?
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Derivative · World Chat Champion Joined: 03 Aug 2010 Karma :

https://www.nationwide.co.uk/current_account/landingpages/FlexDirect.htm?cmpid=Aggregators_162

Nationwide FlexDirect account.

Even if they don't approve you for the overdraft, you can get 5% interest (4% after basic tax) on balances. So there's no issue with just leaving a few hundred quid in there at all times as a buffer.

They want you to pay in £1k a month to maintain the interest. If you're earning £400/week then that's no problem.

If not, you can get around it by simply moving in a grand from another account once a month. Or moving in 200 quid five times. Takes a few minutes with online banking.

(They literally mean, have 1k deposited per month. It doesn't have to stay there for more than a microsecond).

To be honest, I have bank accounts all over the place. With online banking it's pretty trivial to manage them.

I have:

Halifax Student Account, 500 quid overdraft, interest free
Two 'Reward' accounts with Halifax/BoS, they pay me £10/month for no apparent reason
Nationwide FlexDirect for 5% interest
Lloyds TSB Vantage for 3% interest

Also a few credit cards. Why not. Interest free borrowing + interest bearing accounts = winning.

Cyphan · Renault 5 Driver Joined: 31 Jan 2013 Karma :

Would of said Nationwide but you've already tried!

What about Barclays?

I'm with Nationwide, have been since I was 16 on the cash card but moved up to current account at 18, and I could just sort my overdraft out online. Mine stands at £600 at the minute. Not that I'm ever in it now anyway.

To be fair I'd just try all the major banks.

Derivative · World Chat Champion Joined: 03 Aug 2010 Karma :

Oh yeah, I'd just say apply to them again. Go on the website and try and open one, nothing to lose.

People make out that bank accounts are scary complex things. You can have 50 open if you want.

Lord Percy · World Chat Champion Joined: 03 Aug 2012 Karma :

Seems like your only specific is that you want an account that allows an overdraft? On £400 a week, surely you can live within your means?!

My overdraft experience is that I had a small one, applied for it online and was accepted (I'm with Lloyds). This was before credit crunch times, so maybe it was all more relaxed then. When my overdraft kept on maxing, I just applied to increase it. Eventually I was a grand into it, so each time I got paid I would be at around the £0 mark, and then just used my overdraft as my wage money.

Eventually I paid it off and cancelled the over draft. Then later I repeated the whole process. Now I don't have an overdraft and it's brill. I actually use a credit card when I need extra cash. That way I MUST pay it back ASAP.

Pol Anorl · Banned Joined: 13 Apr 2010 Karma :

Lord Percy · World Chat Champion Joined: 03 Aug 2012 Karma :

Pol Anorl · Banned Joined: 13 Apr 2010 Karma :

iooi · Super Spammer Joined: 14 Jan 2007 Karma :

Halifax doing £50 joining fee.

Check out the likes of quidco for any doing cash back. Santander 123 acc £60 at the moment.

No idea what outgoings you have. But given what you say about your income. I would look at trying to put a fixed amount away into a savings acc, when you are getting full wage. So that when you get a low week you have a savings acc that allows you to dip into to keep you going.
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