Best Bank Account For Me?

[hanny93]

Right now I'm 18 i can have better accounts but i cant make head nor tail of the stupid websites, so was wondering if someone can help me.

I cant pay in £1000 a month, as i earn about £500 a month, paid in weekly.

I would like an overdraft feature but not essential, and if i do only need a small one.

Would also like freebies but i doubt im gonna get any!! lol.

currently with halifax with their cardcash account, but thats only really good for under 18's so aam thinking of upgrading to the over 18's one but would like to know if there is any better ones out there?

 

[james_fish]

I'm also 18, I have a 'Adapt Account' with Natwest. I earn slightly more than you, but it gets paid in every 4 weeks. I don't think I can get an overdraft (don't want/need to at my age) but it's a nice simple account ideal for me. You get interest on your money (tiny amounts) and you can get discounts at certain retailers and for rail passes etc. Natwest online banking is very good too, aswell as the iPhone application which I find very useful!

Linky mclink

James.

 

[coldcazzie]

Most of the top accounts require a minimum payment (usually £1 or £1.5k pcm). Other than that, pretty much all accounts are the same.

It would be better if you didn't have an overdraft. Trust me, as someone who has been there with the "just a little one" which then increases into a fairly hefty one, it is not worth it!

Manage without. If you haven't got it, don't spend it. Even better, slowly work yourself up a "buffer" in your account, and try to stay above it, so that you have created yourself your own overdraft. That way, you count your "zero" as being above the bank's "zero" (might only be by £50, but start small) and that way if you do go "overdrawn" by your reckoning, you're not overdrawn as far as the bank is concerned.

WE started with our buffer being only... about £70. Now it's 10x that. Because we've worked hard to get ourselves out of debt. What would have been much easier would have been not getting in debt in the first place! Guess you live and learn but a wise man (or woman ) learns from others' mistakes. Don't get an overdraft!

 

[hanny93]

ahhhh i suppose..

im just a WAG in a blackburn lass' body

haha well i currently have £35 in my account, im going to keep it above £25 till friday and il be really pleased with myself if i do, and lways keep it above £25, then add a fiver each fortnight.

Never actully thought of the whole 'own overdraft' concept, i really like it though.

so do you think i should just upgrade to the halifax one where its essentially the same as mine now but i get small amounts of interest?

 

[ian]

i'll lend you 50p Hanny.

 

[hanny93]

what? lol i appreciate the thought ian but im afraid i need 50 quid not 50p!

 

[coldcazzie]

haha well i currently have £35 in my account, im going to keep it above £25 till friday and il be really pleased with myself if i do, and lways keep it above £25, then add a fiver each fortnight.

Never actully thought of the whole 'own overdraft' concept, i really like it though.

so do you think i should just upgrade to the halifax one where its essentially the same as mine now but i get small amounts of interest?

You could start by doing that if it's easy enough to do. It's probably worth looking on all the banks' websites to see what their basic accounts offer. You probably won't get much credit interest without a minimum payment, but any interest is better than no interest. But they might offer benefits like James mentioned. It's worth checking them out.

It's never too early to start good financial management my mum once lent me a book called The Richest Man in Babylon, which is basic financial advice in the guise of short stories... the idea is: don't live beyond your means, put away 10% minimum of your income each month or week (ie, into savings), make your money work for you (ie, move it around as often as you can/need to to get the best interest rates etc - we change accounts every year to take advantage of bonus offers etc), don't take silly risks with your money (ie, don't lend £30 to someone who is unlikely to pay you back), don't take advice from people who are not financial experts (not necessarily a proper advisor, but don't take advice on managing your money from someone who can't manage their own money!), and there's another couple that I can't remember. It's a good guide, and if you start well you might avoid the issues may people have with debts etc.

The problem with comparison sites like MSE is that they only compare the top accounts or cards or whatever. Would be good for you to look at instant access savings accounts, but you'd have to do your own research on bank accounts cuz they only compare the top ones which require minimum payments.

i'll lend you 50p Hanny.

Lmao

 

[ZoddyZod]

I would strongly recommend my bank account as a good one for you to deposit cash into.

 

[micko]

Do not go for santander. They may have a few famous faces in formula 1 on their fancy advets but they're paying them by taking money out of one of my accounts and then charging me £125 for the bonus of them doing that. Bunch of fools.

 

[moochy13]

i did the same as you went from cardcash to a normal halifax account. this was about 8 years ago, though ive never had any problems, and they seem to be a bit lax on overdrawn charges . i only overdraw once or twice a year if that, but times ive been overdrawn (i dont have any overdraft) but not charged the penalty cost, 30 quid or whatever it is. i dont earn much money, so have never thought about changing accounts. i can get overdraft though, and they're always offeringme credit cards, but i agree with the "if you dont have it dont spend it" brigade.

 

[coldcazzie]

Do not go for santander. They may have a few famous faces in formula 1 on their fancy advets but they're paying them by taking money out of one of my accounts and then charging me £125 for the bonus of them doing that. Bunch of fools.

We are with Santander this year, because they pay us 5% credit interest, plus we got £100 for switching and a 6% savings account (which is great because I'm not a tax payer so don't get taxed on savings either ), but I gotta say their customer services is appalling, and we are switching accounts again in December. When I set up my standing order for my savings account the online banking wouldn't let me complete setup so I had to ring them, and made it very clear that the savings account specified the SO to be between the 5th and 19th and so I wanted it to be the 18th, and she went and set it up to go on the 1st with a note on it that it was to go out on the 18th

I go where the best rates are, not where the fancy adverts are

 

[Delloy12]

I've got 27p atm -.-

 

[coldcazzie]

I would strongly recommend my bank account as a good one for you to deposit cash into.

I must've missed this first time!

 

[hanny93]

so did i!

on another note, found this amazing charity 100% of the proceeds go towards helping young hanny's fulfil their dreams of awesome shrimp tanks.