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Family Travel Insurance | Switch To A Better Bank Account
Posted By: admin on July 26, 2010 at 12:54 am
If you usually spend your whole income and often (or always) dip into your overdraft, look for an account where you can minimise interest and charges.
Andrew Hagger, of Moneynet, says: “If you are only overdrawn a couple of days per month then Halifax Reward is worth considering. You are charged £1 per day if you go overdrawn by £300, and £2 per day over £2,500, but you receive a payment of £5 each month with this account as long as you pay in at least £1,000.
So, effectively, if you were overdrawn for five days it wouldn’t cost you anything. However, if you’re overdrawn frequently, then avoid this account as it works out very expensive.”
For those who live in their overdraft, Kevin Mountford, head of banking at Moneysupermarket, suggests Santander’s Preferred Overdraft Rate account, which charges zero per cent for the first four months, reverting to 12.9 per cent thereafter.
If you are always in credit, choose the account that offers the best credit interest and added benefits. Michelle Slade, of Moneyfacts, recommends the Santander Preferred In-Credit Account. “This account pays 5 per cent on balances, provided you fund the account with £1,000 per month. It also currently offers £100 to customers who switch to Santander and transfer all their regular payments using its switcher service.”
If you are looking for an account that offers you additional benefits, it’s important to consider whether you would actually make use of them.
Mr Mountford says: “The best packaged account is Halifax’s Ultimate Reward Account, which for £12.50 a month offers a range of features such as worldwide multi-trip family travel insurance, AA Breakdown cover, 15 per cent discount on Halifax car and
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