Banking & currency (1 Viewer)

[Deleted member 29692]

Revolut

 

[Speve]

Good old Post office credit card, no charges for using to pay for fuel,groceries etc pay off in full every month online of course if you need cash then they charge but we don't draw any when out here.

 

[algill]

Halifax Clarity expressly forbids this in their term and conditions.

Rules must have changed then because in 2014 we loaded our clarity card before going to Canada for 2 months.

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[Minxy]

Yes, £6 per month.
But, they also pay a very good rate of interest on balances up to £20k plus cash back on many bills paid by D/D.
As long as you can keep a good balance in the a/c you make money.

Every little helps.

Richard.

It's £5 a month for the Santandar 123 current account and they only pay 1.5% now so if you had £20,000 in it to get interest on for a year, you'd actually only get a rate of 1.33% in reality which equates to £12 per thousand (excluding the cashback as that's variable depending on what bills qualify for cashback and how much you pay via DDs).

Lloyds pay 2% on up to £5,000 pa with no fee so long as you put through £1,500 pcm (it doesn't have to stay there) and you can have a joint one and a single each so that's up to £15,000 @ 2%, ie £20 per thousand, or £300 pa, compared to £15,000 at Santander which would only give you £180, a difference of £120.

There's Nationwide who pay 5% for a year on up to £2,500 or £7,500 if you have 3 of them AND get £400 in referral/rewards too: you can have a joint and 2 singles - open a joint first then refer each other and each open a single account so you both get £100 for referring each other and a £100 reward for opening a single account each ... that's £400 for nowt! On all 3 accounts you'll get 5% on £2,500 which equates to £50 per thousand = £125 per account, £375 for all 3.

then there's Tesco CAs of which you can have 2 each giving 3% on up to £3,000 which is £30 per thousand, so that's another £12,000 in total which you'll get 3% on = £360.

Then there are switching rewards ... and more accounts paying 3% etc ...

I used to 'work' the system with various banks/accounts and have made a LOT of money by doing so but now we've tucked most of our dosh up into a couple of rental holiday lodges I don't have to jiggle it as I don't have as much 'available' cash to play with!

I'll shut up now!

 

[klaatu]

We have come to Ireland on a whim at very short notice. I didn't investigate options beforehand, and I'm just using my Nationwide Visa Debit card exactly as I would in the UK. Sometimes I am offered the choice of paying in GBP rather than Euros, and I take that option. I have no idea whether that's better or not, life's too short.

I suppose that if we were going to be here for more than three weeks, and I had had the opportunity to make some other arrangements, I might have done something else. But comparing exchange rates and that kind of thing is not really something I want to be doing while I'm on holiday. I do appreciate that my card might not be accepted everywhere, but that doesn't seem to be a problem in Ireland.

 

[Neilfg]

Revolution, works brilliantly. But would love to find a Visa alternative that is no fee and good rates for payments and cash.

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[Mickey1]

I think @Minxy Girl is a friend of Martin Lewis. Thanks for the info.

Mickey.

 

[EX51SSS]

Yes, £6 per month.
But, they also pay a very good rate of interest on balances up to £20k plus cash back on many bills paid by D/D.
As long as you can keep a good balance in the a/c you make money.

Every little helps.

Richard.

My monthly charge with Santander 123 is £5.00 with the 1.5% interest and 1%, 2% or 3% on D/D to variety of payees.

 

[Camdoon]

We have come to Ireland on a whim at very short notice. I didn't investigate options beforehand, and I'm just using my Nationwide Visa Debit card exactly as I would in the UK. Sometimes I am offered the choice of paying in GBP rather than Euros, and I take that option. I have no idea whether that's better or not, life's too short.

I suppose that if we were going to be here for more than three weeks, and I had had the opportunity to make some other arrangements, I might have done something else. But comparing exchange rates and that kind of thing is not really something I want to be doing while I'm on holiday. I do appreciate that my card might not be accepted everywhere, but that doesn't seem to be a problem in Ireland.

You have an extra credit card in your wallet so no need to compare rates while on holiday that is done beforehand. Every time you are using a Debit Card you are paying extra and every time you choose £ you are paying extra. A little planning would save you the cost of a meal over three weeks.

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[Clarky]

My monthly charge with Santander 123 is £5.00 with the 1.5% interest and 1%, 2% or 3% on D/D to variety of payees.

You and @Minxy Girl are quite correct of course, It is £5 per month.
Brain fade last night after a long day and a couple of large glasses red.
I think @Minxy Girl must do the background research for Martin Lewis.
Our own, in house, Financial and Telecoms Advisor.
Well done Mel.

Richard.

 

[Emmit]

Halifax Clarity expressly forbids this in their term and conditions.

What's the worst thing that can happen if they get upset.
You take YOUR money elsewhere.
There is no sanction they can impose.
(Other than, of course, closing your account, and no one goes on their travels with one card)

They could of course remove your ability to pay off more on your CC than is owing on the account. This would be a simple thing to do.
However, at the place Online it tells you what you owe and then there is a box that you can fill in that says ' Other Amount'.
They could indicate at that place that you cannot pay more. They do not.
They could make it that you could not pay more than what is owed. They do not.
It may be their Rules but they've got the ball, so to speak. If they allow you to play your game that's down to them.

 

[Just smiffy]

T-cut....

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[SuperMike]

Revolution, works brilliantly. But would love to find a Visa alternative that is no fee and good rates for payments and cash.

Caxton used to be Visa, but that knowledge is of little use now.

 

[TJBi]

Yes the BOI account has limited to no fees when paying in or withdrawing Euros and very attractive account fees.

For your French account, do you have on line banking in English?

No, in French.
There is an operation targeting English speakers, but even then you may find that part of the online servicing defaults to the French language website. https://www.britline.com/banking-online-banking.html

 

[treetops1]

We use a fairFX card ,which we find give the best exchange rates . They do charge 2.5 euro for a cash machine withdrawal but we keep ours well stocked when rates are good ,Still using the 4.3 rates from a couple of years ago .We all know cash is king but don't like to keep too much in the van when traveling so fairFX is good for us lol.

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[denisejoe]

Sadly, as we have one and it's excellent, I don't think the Zero card is available to new applicants now.
They stopped issuing them a year or two ago.

Richard.

We got a new Zero card only a couple of months ago, so looks as though they are still available but may only be for existing customers but not sure about that.

Denise

 

[Minxy]

Santander Zero Credit Card:

http://www.santander.co.uk/uk/credit-cards/zero-credit-card?gclid=COj50snLktICFeqd7QodZ_4D6Q

 

[iandsm]

Rules must have changed then because in 2014 we loaded our clarity card before going to Canada for 2 months.

Perhaps so, I am just quoting my t&con my new account and their website info.

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[iandsm]

What's the worst thing that can happen if they get upset.
You take YOUR money elsewhere.
There is no sanction they can impose.
(Other than, of course, closing your account, and no one goes on their travels with one card)

They could of course remove your ability to pay off more on your CC than is owing on the account. This would be a simple thing to do.
However, at the place Online it tells you what you owe and then there is a box that you can fill in that says ' Other Amount'.
They could indicate at that place that you cannot pay more. They do not.
They could make it that you could not pay more than what is owed. They do not.
It may be their Rules but they've got the ball, so to speak. If they allow you to play your game that's down to them.

True they won't insist you are publicly flogged but having just opened my account for the free facilities it offers, and bearing in mind there isn't really much of an alternative I don't want my account closed. I think I will rum my account within the published terms and conditions.

 

[Moodybrook]

I don't think the Zero card is available to new applicants now.

Got mine just a couple of months ago, January this year. I was wanting a card to use when I am on a trip to Canada. So not road tested yet. I was advised to get a credit card for hiring a car there, as those companies I was told prefer Credit cards rather than a debit card, something to do with fees ??

Anyway as I did not have a credit card, don't really believe in the principle, I went into overdrive to find a good one and lo and behold having a Santander 123 account for the good interest rate (not so hot now but still a good account) I found that Santander had just the thing !

The lassies in our branch are the best of my five bank accounts anyway and they put everything except me to bed !! did the necessary on my too smart for its own good phone, to bank online, set up the d/debit and the link to pay any cash withdrawals while I am away. Job sorted,it should be great in Europe with the van too.

Popped in yesterday with a bunch of flowers for them (Valentines day). They are lovely gals, sigh !!

 

[gus-lopez]

(Other than, of course, closing your account, and no one goes on their travels with one card)

.

My nephew does . Also he & his missus share the one card.

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[Moodybrook]

Martin Lewis's web site as a good value option.

Your Results - Santander Zero CreditThis is a top overseas spending card
One of the best cards for spending overseas - well done! You get perfect exchange rates. It's far cheaper to spend on the card than withdraw cash.

EXCHANGE LOAD ATM CHARGE SPENDING CHARGE CASH WITHDRAWAL INTEREST
0% 0% (min £0) None 29.9%
(even if repaid in full)

Input:- Cards for purchases and cash abroad in the site "search" box. from the list of answers input Santander Zero account

Above from Martin Lewis site and in addition as I said interest does accrue from the moment taking it out of the machine, hence the need to pay it off as soon as possible.
My lassies in my branch set up a payment link on my phone. I don't understand Martin Lewiss' statement (even if repaid in full) I am guessing he means if you wait and let the direct debit (monthly) pay it off. I mean to do it virtually immediately via my phone app. I can't see how they can charge interest if it is already paid up ? but I will put it to my branch and report back I never thought to ask and generally they were saying if I did what I was planning then I should be very money efficient !

Perfect exchange rates !

I just thought of a snag, If I have purchases awaiting my monthly direct debit paying them off and I then draw cash, followed by a money transfer (essentially to pay off the cash withdrawal) then the money transfer will just reduce the total, not specifically the cash withdrawal.
Solution pay the lot off when I do the bank transfer, rather than wait for the direct debit squaring things up ! Sorted ?? The banking app shows balances for both accounts, Yup job sorted, I am ahead of Martin Lewis ??

 

[Minxy]

I I don't understand Martin Lewis' statement (even if repaid in full) I am guessing he means if you wait and let the direct debit (monthly) pay it off. I mean to do it virtually immediately via my phone app. I can't see how they can charge interest if it is already paid up ?

When Martin says 'even if repaid in full', that's when you have a monthly direct debit set up to pay off the whole amount at the same time each month, so if you draw out cash at an ATM say 3 weeks before the date it is due to be paid off in full by your DD, you'd still be charged interest on the cash withdrawal for those 3 weeks, but if you go on line and pay it off the same day you withdraw the cash then there won't be any cash interest charges.

 

[Moodybrook]

there won't be any cash interest charges.

Yes that was my take on it, but look at the snag I thought of from previous post, I think my solution covers the bases ! ie. pay the lot off by bank transfer immediately as is possible, now where is that MacDonalds?

In your resume of accounts, one of the crucial snags to run all those interest paying accounts is having enough direct debits to qualify as current accounts! apart from Tesco and the TSB accounts who don't demand them ! That is why even at 1.5 % on 20,000 the Santander
is still a good earner, I would do another Lloyds but can't come up with another two direct debits, bummer !

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[Jagtazman]

We use fairfx been using for years as family in cyprus pre pay card which can be used like a credit card
Can also draw cash out for a small fee

 

[Minxy]

is still a good earner, I would do another Lloyds but can't come up with another two direct debits, bummer !

Ahhhhhh .... but there is a way round that .... If you open a couple of Tesco internet savers you can use these to provide you with the DDs you need.

These particular saving accounts are topped up by 'pulling-in' money from non-Tesco current accounts via DD, not by you transferring funds across by either standing order or manual transfer as you would normally do for saving accounts, therefore you can set up as many DDs on these Tesco internet savers as you need, there's no limit on how many you set up and how little the amount is ... I've used this on several bank accounts to provide sufficient DDs to meet their terms ...

Lloyds wouldn't be my first choice though ... if you open up a couple of basic accounts with them then set up DDs and once it's all sorted switch them both to single accounts with First Direct which I believe pay £150 to switch and then another £50 if you're still with them after a year.

Alternatively if you're not a Nationwide customer open a Joint account, then do the 'recommendation of each other' and switch the 2 single accounts you'd previously opened - you'll get 5% for a year on each account and a total of £400 in 'recommendation' rewards.

 

[Moodybrook]

Tesco internet savers

Nice one !! I bow before you, hadn't thought of that one.

Got the others not doubled up though, here we go again !!

Going to do a First direct as I am sick and tired of my RBS, closed the only convenient branch here and kept the crap one which is now too busy to get any kind of service. so might as well go all electronic or near enough.

Edit- First direct now £100 , HSBC don't like them but I like the £150 plus £50 later jobbie !

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[Lenny HB]

Ahhhhhh .... but there is a way round that .... If you open a couple of Tesco internet savers you can use these to provide you with the DDs you need.

These particular saving accounts are topped up by 'pulling-in' money from non-Tesco current accounts via DD, not by you transferring funds across by either standing order or manual transfer as you would normally do for saving accounts, therefore you can set up as many DDs on these Tesco internet savers as you need, there's no limit on how many you set up and how little the amount is ... I've used this on several bank accounts to provide sufficient DDs to meet their terms ...

That's very useful to know we were going to open a couple of Bank of Scotland accounts but run out of DD's, they pay 3% on £3000 - £5000.

 

[Minxy]

Before opening new accounts work out the interest you'll get on the max amount of money you can put in against how much you'll get in rewards for going elsewhere with a lower interest rate but which pays rewards etc ... you'll usually find that a good reward it worth a lot more than 3% etc over a year ... if you can get both you're onto a winner!

At one point we had between the two of us over 30 current accounts (yes really!) plus about 25 savings/saver accounts of various types ... it was only because Santander cut their rate (who we had £60,000 with) that we decided to look elsewhere but had already got virtually all of the available interest paying accounts so we invest in lodges instead (8% return guaranteed for 3 years), otherwise we'd still have loads and loads of current accounts still ... I'm no expert BUT I do have a lot of experience of 'working the banks accounts' to maximise benefits.

 

[Julie P]

We have a flexplus account and a select credit card from Nationwide. They don't make any additional charges for use abroad and I take cash out of the cash points here in Portugal but ask it not to apply the exchange rate. My bank does that and it's been excellent we've ended up receiving the best rate of the day. We use the credit card for all shopping and diesel transferring the money over once a month. Again they apply the correct rate for the day in fact sometimes it's been better than the best rate quoted. It's worked really well for the five months we have been in Portugal.

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