New Current Account

[SwingsitlikeHogan]

I need to open a new current account - but I have no idea how the banks that are not traditional ‘high street’ banks operate in certain aspects. I need advice please - and a couple of key unknowns for me

I assume that all banks will provide a debit card for withdrawing cash from an ATM. Do some banks have constraints on the ATMs that I can use.

How do I withdraw large amounts - say £3000 - that I normally would have to go into a branch to withdraw as I can’t withdraw that amount from an ATM

And likwise - how do I deposit cash if they don’t have their own physical presence.

Simple questions I know - but I as I have been with the same high street bank for all of my working life I’ve nit got a clue

Any ideas of banks I can consider

 

[Lord Tyrion]

We've been with First Direct for 20 odd years. They rank well in reviews every year. We have genuinely had no problems in all that time. They are an online/phone bank with no branches but are a subsidiary of HSBC so you can make cash deposits there. The call centres are brilliant and easy, all companies with call centres should copy how they are.

No idea about large withdrawals, never had to do that. Are you money laundering ??

No constraints on the ATMs that you can use.

Fire away with any questions you may have but I have no problems in recommending them.

 

[3offTheTee]

Why are you leaving existing Bank. Not being nosey but it is relevant. First direct receives extremely good reviews. Have a look on Martin Lewis Money Saving Expert. Quite a few banks are offering ‘bribes’ around £100 to join and they will sort ALL the transfer including D/D‘s and S/O’s. Regarding withdrawls there is usually a limit of £200 daily but once you are known the limit may be increased to £500.

Transferring from one to another is extremely easy, all is completed within 7 days.

Regarding withdrawing £3000 you would need to go into a local branch and have identification. Banks do not like paying out largish amounts and it is usually better to phone beforehand especially if a sub branch as many do not keep large amounts of cash.
Depositing cash can usually be done at the Post Office by transfer which takes 1/2 days.

The main clearing banks are all similar and you can use most cash machines as they have reciprocal arrangements

 

[clubchamp98]

I have been with Halifax for 30+ yrs .
Never had a problem with them .
But the interest rates on savings are low .
But current ACC fine.

Some banks now give interest on CA so do your homework.
Pick one with a branch close to you would be my advice as most are very similar.

 

[PhilTheFragger]

The banks have pretty strict money laundering regs to follow and will ask questions if you are withdrawing a large amount.

Either you are avoiding vat on a job, or you are being scammed by that nice young man who is fixing your non leaking roof.

These days there is no real need to use that amount of cash, so it automatically raises suspicion

 

[fundy]

The banks have pretty strict money laundering regs to follow and will ask questions if you are withdrawing a large amount.

Either you are avoiding vat on a job, or you are being scammed by that nice young man who is fixing your non leaking roof.

These days there is no real need to use that amount of cash, so it automatically raises suspicion

You missed out us gambling addicts (as i was implied as being last night on the amazon thread ) who still use chunks of cash, especially in the poker world. Instantly assumed youre a drug dealer when you try and bank winnings lol

 

[Deleted member 21784]

You missed out us gambling addicts (as i was implied as being last night on the amazon thread ) who still use chunks of cash, especially in the poker world. Instantly assumed youre a drug dealer when you try and bank winnings lol

To be fair it does sound like you have a problem

 

[williamalex1]

Our main accounts are with Santander but unfortunately they don't have a local branch. So we kept 2 old accounts open at our local BOS with a minimum balance.
And do transfers online between banks and withdraw cash locally as required.

 

[fundy]

To be fair it does sound like you have a problem

you really are clueless arent you lol, time to stop throwing accusations about that you wouldnt say in real life before you get yourself in trouble

 

[Deleted member 15344]

To be fair it does sound like you have a problem

I would suggest that you stop throwing accusations around about people you don’t have the first clue about pal

 

[Deleted member 21784]

I would suggest that you stop throwing accusations around about people you don’t have the first clue about pal

Right Phil first of all I'm not your 'pal'

I never actually accused him on the Amazon thread he just jumped on a comment a bit like you normally do...

It was a harmless throw away remark which he took offence to. If it hit a nerve I apologise

However if it's ok for Fundy to refer to the comment again then I can clearly make a sarcastic remark if I choose to

'pal'

 

[Deleted member 21784]

Our main accounts are with Santander but unfortunately they don't have a local branch. So we kept 2 old accounts open at our local BOS with a minimum balance.
And do transfers online between banks and withdraw cash locally as required.

That is the best advice tbh. Having a spare account in this day and age is so useful..if one got frozen for fraud and you are awaiting the new card just use the other one

For example any cash deposits I will use NatWest as it's closest to my mum's then transfer the money to the correct bank.

Nothing stopping you having many current accounts I have 4 at the moment .. gives options of banks

 

[Bunkermagnet]

Have a look at Starling. It's internet based, and use the Post Office for depositing cash.
They even do free banking for sole traders.
My daughter has just opened a personal and business banking accounts with them. So far they seem pretty good.

 

[Smiffy]

Another satisfied First Direct customer here.
Been with them for the best part of 30 years, have NEVER had a problem with them, and as mentioned above, their call centre is terrific.
Would highly recommend them.

 

[Deleted member 21784]

I need to open a new current account - but I have no idea how the banks that are not traditional ‘high street’ banks operate in certain aspects. I need advice please - and a couple of key unknowns for me

I assume that all banks will provide a debit card for withdrawing cash from an ATM. Do some banks have constraints on the ATMs that I can use.

How do I withdraw large amounts - say £3000 - that I normally would have to go into a branch to withdraw as I can’t withdraw that amount from an ATM

And likwise - how do I deposit cash if they don’t have their own physical presence.

Simple questions I know - but I as I have been with the same high street bank for all of my working life I’ve nit got a clue

Any ideas of banks I can consider

https://www1.firstdirect.com/banking/ways-to-bank/branch-facilities/

This link says about cash with first direct

 

[rulefan]

First Direct gets good reports. From personal experience I can recommend Nationwide and Halifax. I think both still pay switching bonuses.
The guaranteed switching process works a treat.

 

[robinthehood]

Starling bank gets lots of good reviews and has some nice features.
No physical branches but you can deposit actual cash via the post office.

 

[Deleted member 21784]

First Direct gets good reports. From personal experience I can recommend Nationwide and Halifax. I think both still pay switching bonuses.
The guaranteed switching process works a treat.

First direct still pay but it's just £50 now ..was £100 when I joined years ago

 

[SwingsitlikeHogan]

Ok folks - some good advice there - keep it coming. The wonderings about the need to withdraw £3k made me smile but very valid questioning and certainly worth bearing in mind.

The account is for my son. He is self-employed with very random income stream - some months he’ll get very little work and little income - others not too bad - but has built up a fair bit of debt. We are working with him and a small business debt charity to sort out his debts. They have told us to open a new bank account for him and ask existing bank to freeze his overdraft. He does not need/want an o/d facility.

Why £3000? His work involves working with music artists, DJs etc management agencies - they often take the approach to paying the artist/band of transferring the fees for the artists into my son’s bank account and then he has to withdraw cash to pay the artist on the night. And very occasionally that can be quite large sums. The agencies are some of the biggest in the uk - and he works mainly with well known artists, bands and DJs. All legit so thoughts on ‘why’ did make me smile ?

 

[SwingsitlikeHogan]

Btw - I didn’t frame my question in the context of my son’s circumstances as the debt advice charity helpline did not say for him to open a business bank account - just another bank account. And I knew there would be questions from you guys to dig into what is required and why that I would answer as they came up. As they have.

Many thanks - keep thoughts coming - much appreciated - and if any self employed folks out there with ‘seasonal’ or very inconsistent income your advice would be very much appreciated.