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New Bank Account

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Hello everyone! I will be coming into a nice inheritance within the next couple of months and was looking to put it into a brand new bank account. I currently bank with Nationwide but I am open … Read More
Frenchmeister Avatar
3m, 1d agoPosted 3 months, 1 day ago
Hello everyone!

I will be coming into a nice inheritance within the next couple of months and was looking to put it into a brand new bank account.
I currently bank with Nationwide but I am open to suggestions as to whether I should stick with them or bank elsewhere.
I will be using a chunk of the money so I'm not really looking for a savings account or an ISA.
Thank you.
Frenchmeister Avatar
3m, 1d agoPosted 3 months, 1 day ago
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Best Answer
I've found Santander very good, fair & helpful (much better than the early days) online banking is fast & the apps are good. For a current account if you pay your bills via DD the same 123 account work out excellent value.

Just stay away from anything like RBS etc that have had repeated outages.

All Responses

(19) Jump to unreadPost an answer
Responses/page:
#1
Premium bonds - can hold up to £50k
#2
Dont really see the point of your question. If you are not interested in savings just stay where you are if you have received good service. If not move to any other bank they are all pretty much the same.
#3
Yeah, if you're not planning on saving any of the money you'll be inheriting, I also don't really understand the point of this question. Absolutely no one here can tell you if you should switch from Nationwide to a new bank without you providing us with any details whatsoever.

You haven't indicated if you're happy with the service you've been receiving at Nationwide, what the amount of money you'll be inheriting is, how quickly you plan to spend the money, etc.
#4
Just don't go to Halifax, reading reviews (and from my own experience), they're the worst bank in the country!
#5
xfaxfa
Just don't go to Halifax, reading reviews (and from my own experience), they're the worst bank in the country!


I've banked exclusively with Halifax my whole life and never had a single issue.
#6
If you're not looking for a savings account or ISA, there's very little difference between current accounts. Better the devil you know.
#7
Most banks wont allow you to have more than one primary Bank e.g. HSBC !
#8
GMT2013
Most banks wont allow you to have more than one primary Bank e.g. HSBC !

Rubbish. How can they possibly stop you?
#9
GMT2013
Most banks wont allow you to have more than one primary Bank e.g. HSBC !

What constitutes a primary bank, how would they stop you, how would they potentially even know. Nonsense.
#10
I think the answer to your question depends on how much your inheritance is.
If it is the proceeds of a house, I'd guess you are talking about a few hundred thousand. From fairly recent experience, I can tell you that most retail banks are more interested in your income rather than savings. You will not get any preferential treatment because of your nest egg being in their account. If you are happy with Nationwide I'd stick with them.
If you are unhappy, then I would highly recommend 1st. Direct, but you will still have to meet their income requirements to start an account. As for the rest, there is not much to split them.
If you have a bit to save, and if you are working, and depending on your personal circumstances, you might consider putting a bit in a SIPP (personal pension), you will get an immediate uplift of around 20%(or more) from the tax rebate.
#11
I've found Santander very good, fair & helpful (much better than the early days) online banking is fast & the apps are good. For a current account if you pay your bills via DD the same 123 account work out excellent value.

Just stay away from anything like RBS etc that have had repeated outages.
#12
A2DY_
GMT2013
Most banks wont allow you to have more than one primary Bank e.g. HSBC !

Rubbish. How can they possibly stop you?


if u go tell them like so do
#13
I would advise u to open a few more bank accounts if u are having alot of money come through as yes it does matter if a bank goes bust which maybe a possibility then ur only covered upto 70k per account so if u go over and keep it all in one u could end up losing money.
#14
muddassarsardar
A2DY_
GMT2013
Most banks wont allow you to have more than one primary Bank e.g. HSBC !
Rubbish. How can they possibly stop you?
if u go tell them like so do

Translation please.
#15
nbgrobbo
muddassarsardar
A2DY_
GMT2013
Most banks wont allow you to have more than one primary Bank e.g. HSBC !
Rubbish. How can they possibly stop you?
if u go tell them like so do

Translation please.


typo's sorry guys meant if u go and tell them when u open a new account, like say by the way I have 3 other accounts can I open another with u.
#16
muddassarsardar
I would advise u to open a few more bank accounts if u are having alot of money come through as yes it does matter if a bank goes bust which maybe a possibility then ur only covered upto 70k per account so if u go over and keep it all in one u could end up losing money.

Not true if it is an inheritance you can have up to £1million covered for 6 months. The normal deposit cover is £75k not £70k either.
#17
adamsxi
muddassarsardar
I would advise u to open a few more bank accounts if u are having alot of money come through as yes it does matter if a bank goes bust which maybe a possibility then ur only covered upto 70k per account so if u go over and keep it all in one u could end up losing money.

Not true if it is an inheritance you can have up to £1million covered for 6 months. The normal deposit cover is £75k not £70k either.


what happens after 6 months
#18
GMT2013
Most banks wont allow you to have more than one primary Bank e.g. HSBC !


Never heard that before in my life .
#19
muddassarsardar
adamsxi
muddassarsardar
I would advise u to open a few more bank accounts if u are having alot of money come through as yes it does matter if a bank goes bust which maybe a possibility then ur only covered upto 70k per account so if u go over and keep it all in one u could end up losing money.
Not true if it is an inheritance you can have up to £1million covered for 6 months. The normal deposit cover is £75k not £70k either.
what happens after 6 months

reverts to £75K

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