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Norkie

Norkie

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Hi, just got me new T&C's from Lloyds, £180:00 a year for the privilege.

Any recommendations for free banking please?
 
Yes thanks, personal.
 
It's a Gold Account, nothing special. Advertised as "with benefits" but nothing to brag about. Been with then years and years, just evolved.
 
Norkie said:
It's a Gold Account, nothing special. Advertised as "with benefits" but nothing to brag about. Been with then years and years, just evolved.
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ah right, yes that is what I suspected.
the price quoted is for all those benefits you have had at no charge for a while.
there is a lot of that about, why don't you ask your bank to simply transfer your account to a basic account.
 
I like Nat West Rewards account, 2 quid a month, but get 2% back on household bills paid by DD

Use the cash to trade up for Cineworld tickets, tenner for two or Pizza Express gift cards, 15 quids worth for a tenner (latter can be used with special offers)
Effectively free cash, got to pay the bills anyway and even better when you can trade up for increased amounts.

Can also just take the money or donate it to charity
 
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Santander do a free account. Been happy with them for a long time!
 
I love this site :eek:
 
First Direct. I've been with them since about 1990. Superb service, and free so long as you have at least £1000/month paid in, or your balance averages over £1000, or you have another financial product (credit card, mortgage, insurance, etc).
 
Norkie said:
Hi, just got me new T&C's from Lloyds, £180:00 a year for the privilege.

Any recommendations for free banking please?
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Which type of Lloyds account have you been informed will be charging?

Edit...just read further.
The classic Lloyds account is still free.
No frilly "benefits", but who needs them.
Works well for me.
 
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Many thanks indeed all. Gives me some research to carry out.

Appreciated, (y)
 
TSB? Although I see they have been having problems with their internet banking.
 
dont all banks have a non-monthly fee current account? TSB - avoid like the plague, lloyds HSBC, Santander and Barclays all do. HSBC like to try and tell me that they can save me money but can never get the amount close the the £174 a year that the charges will come to so stay with the non-charging option
 
Been with Yorkshire Bank for close on 32 years no charges
 
I have a Lloyds Club Account. The fee is £3 a month but waived if a certain number of DD's each month, which there always is. Provides up to 3% interest on credit balances up to £5,000 and gives me 12 free cinema tickets a year.

Think you need to talk to Lloyds.
 
Nikon Ken said:
I have a Lloyds Club Account. The fee is £3 a month but waived if a certain number of DD's each month, which there always is. Provides up to 3% interest on credit balances up to £5,000 and gives me 12 free cinema tickets a year.

Think you need to talk to Lloyds.
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I have one of those, but only get six cinema tickets :(
 
Ooops, can't count, or am I seeing double?

Yes, you're right 6 tickets but as I also have a joint account with my Wife, 6 more.
 
Norkie said:
It's a Gold Account, nothing special. Advertised as "with benefits" but nothing to brag about. Been with then years and years, just evolved.
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They don't do this anymore - Club LLoyds or Platinum account now. Platinum account gets you roadside breakdown, travel insurance, phone insurance but it's £17 a month so worth it if you need those features.
Club Lloyd is free if you put in over £1500 a month, plus has 2% apr interest if you pay out 2 direct debite
https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.asp

Here: https://www.lloydsbank.com/current-accounts.asp??=#current-accounts
 
I have never understood this. If I use my bank's money, they charge me an arm and a leg. If the bank uses my money, they want to charge me the other arm and leg!
 
john.margetts said:
I have never understood this. If I use my bank's money, they charge me an arm and a leg. If the bank uses my money, they want to charge me the other arm and leg!
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You want to sign your name on a special piece of paper, give it to another person, and the bank will treat that as money? That has a cost.
You want to get cash from your account, anywhere in the country or overseas, any time of day or night? That has a cost.
You want to pay for goods by waving a piece of plastic, or a phone, over an electronic reader? That has a cost.
You want the bank to keep your money reasonably safe for you? That has a cost.
 
But when I keep the bank's money safe, they do not pay me. When I make funds available to the bank for my loan, that has a cost but they do not pay me. When I have to provide a computer because the bank has closed all it local branches, that has a cost.

My actual point was the disparity between me borrowing the bank's money and the bank borrowing my money. Those things above are ancillary and certainly have a cost but were not my point. I have approximately £20,000 in bank savings accounts where there is no activity and so no cost to the bank but they still pay me a LOT less than I would have to pay them if I borrowed £20,000 of their money. With one of my accounts, there is a penalty if I want my money back before the end of the three years - I do not charge the bank extra if they want their loan back.
 
john.margetts said:
But when I keep the bank's money safe, they do not pay me. When I make funds available to the bank for my loan, that has a cost but they do not pay me. When I have to provide a computer because the bank has closed all it local branches, that has a cost.

My actual point was the disparity between me borrowing the bank's money and the bank borrowing my money. Those things above are ancillary and certainly have a cost but were not my point. I have approximately £20,000 in bank savings accounts where there is no activity and so no cost to the bank but they still pay me a LOT less than I would have to pay them if I borrowed £20,000 of their money. With one of my accounts, there is a penalty if I want my money back before the end of the three years - I do not charge the bank extra if they want their loan back.
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Risk. You could do a runner with their 20k, they can’t with yours as savings of that value are protected.
 
I have found Barclays to be the best. Great online, the app is one of the best. Good on the rare occasion I need to pay a cheque in. Nationwide are fine too. HSBC online is bloody awful
 
First Direct - free but no real interest.
TSB - free, decent interest but they have been, um, in the news lately....
Santander - £5 a month but you can probably get more than that back in interest and cashbacks. They have an online tool to check.

Take your pick. If you just want free at any cost then I'd recommend 1stD.

john.margetts said:
I have never understood this. If I use my bank's money, they charge me an arm and a leg. If the bank uses my money, they want to charge me the other arm and leg!
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Welcome to capitalism.
 
keef32 said:
Well, they did give you a loan... Can't argue with them not rewarding you for paying back what they lent you....
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But I have to reward them for paying back what I lend them.
 
john.margetts said:
But when I keep the bank's money safe, they do not pay me. When I make funds available to the bank for my loan, that has a cost but they do not pay me. When I have to provide a computer because the bank has closed all it local branches, that has a cost.

My actual point was the disparity between me borrowing the bank's money and the bank borrowing my money. Those things above are ancillary and certainly have a cost but were not my point. I have approximately £20,000 in bank savings accounts where there is no activity and so no cost to the bank but they still pay me a LOT less than I would have to pay them if I borrowed £20,000 of their money. With one of my accounts, there is a penalty if I want my money back before the end of the three years - I do not charge the bank extra if they want their loan back.
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Simples

Banks make money by using other peoples’ money to make more money.

Most people are at the lowest point of the money food chain. The opportunity for banks to make use of Average Joe’s cash is to aggregate the daily balances of those who pay in their salary (say £1500 per month), the banks then look at the aggregated withdrawals (say -£1475 per month on a variety of dates).

So if the market is low and the money markets are not making the margin, the banks have to balance things.

Thus the interest you pay for cretit cards, mortgages, loans etc is part of that margin. The deregulation of the banks some years back, ripped the interest guarantee return they had for 100s of years right off their bottom line and the reality now is that , apart from a government requirement to provide a basic free account for thiose on minimum pay or benefits, there are no truly free accounts. The multiple offerings a couched with various terms and benefits, balanced with a variety of interest rates for positive balances.

Find the one that suits, ie Is 6 free cinema tickets pa a decider or car breakdown recovery? Do remember though, they are not really free......
 
Byker28i said:
Club Lloyd is free if you put in over £1500 a month, plus has 2% apr interest if you pay out 2 direct debite
https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.asp

Here: https://www.lloydsbank.com/current-accounts.asp??=#current-accounts
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Just had a letter from Lloyd's confirming interest reducing to 1.5%.

Forgot it had previously reduced from 3% to 2%.

Still not a bad deal for me but I wouldn't choose an account just for the free cinema tickets.
 
Nikon Ken said:
Still not a bad deal for me but I wouldn't choose an account just for the free cinema tickets.
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It does seem a gimmick.
We have a HSBC privilege account, which used to need over £100K of income but gave us 6% interest on a regular saver account - so that was worth upgrading
 
Hugh Jarse said:
Find the one that suits, ie Is 6 free cinema tickets pa a decider or car breakdown recovery? Do remember though, they are not really free......
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As someone that never goes overdrawn and pays off the credit card in full every month, mine is really free.
 
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