You looking at me? Then so are your customers....
Q. Once I’ve switched and got the free bonus, can I switch again to another bank account?
Martin’s Answer: Yes, there’s nothing stopping you continually switching. But remember, you’ll be credit scored every time you open a bank account, so try to minimise opening too many accounts in a short space of time, especially if you’re going to be applying for credit in the near future, like a mortgage.
Q. I hate banks - are there any other options?
Nationwide, as mentioned above, is a building society, so it’s owned by its members, and it’s got decent off ers. Or see if your local credit union (a local savings and loans co-op) is one of 500 that off er bank accounts via ABCUL at fi ndyourcreditunion.
co.uk
Q. I’m often in the red – can I switch to a 0% overdraft?
An overdraft’s a debt like any other, so if you often go into it, cutting its cost makes it easier to clear.
FirstDirect.com has a £250 0% overdraft, and you can put the £125 it pays switchers towards clearing the overdraft too – a big boon.
Nationwide.co.uk/ fl exdirect may give a bigger 0% overdraft, credit score depending, but only for a year. It’s 50p/day after, so aim to clear it before then.
Q. What if I can’t get a bank account?
Sadly, more than a million people in the UK don’t have a bank account. For all the top pick deals above, you’ll need to pass a credit score.
Yet if that’s not going to happen, there is a way. As long as you’ve ID, you should be able to get a no- frills, no-overdraft service, though you need to ask the right way.
When applying, ask for the specifi c account by name – otherwise you could get forms for standard accounts, then get rejected. The better options include
Barclays.co.uk Cash Card and Co-
operativebank.co.uk Cashminder (not available to bankrupts).
Even though there’s no overdraft, they can still fi ne you if you try to spend more than you’ve got, so you must manage it carefully.
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