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Banks/Building Societys


villarule123
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Most people will just tell you which bank or building society they have an account with.  Based purely on that, I recommend Nationwide. 

 

Your next job is to go to a financial forum and ask them who they think will win the League 1 playoffs.

:P

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If you want a bank you can do everything online with, First Direct are awesome.

 

I applied for a £2k loan last year, took ten minutes online and the cash was in my account immediately.

 

I only ever have to go into HSBC to pay in cheques.

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On-topic, I've been with HSBC for a while and I've no complaints.  I was with Nationwide and they weren't great, but NatWest are by far and away the worst.

 

All comes down to personal experience though, high-street banks are all much of a muchness.

 

But f**k NatWest with a shitty stick.

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pick the one with the highest interest rate.

 

and don't put more than £85k in one account.

Don't put more than 85k with one financial institution (or rather any institutions which may share a banking authorisation - First Direct and HSBC, I think, are an example) - though I think that becomes £170k if it's you and a partner (i.e. it's a joint account/they're joint accounts).

Do as per the first line but do also have a think about why some places are offering larger rates than others. Even if your money is covered by the FSCS, if something goes belly up then I guess you'd have to wait a while before getting hold of it.

All that said, my mother has just opened up a Santander 123 account to take advantage of the 3% gross interest for balances between £3k and £20k.

My advice would also be to have a look through the Martin Lewis website - savings.

Edited by snowychap
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I have my mortgage with Natwest, they were the only ones that would accept me as a first time buyer, even with 20% deposit. They are shite though, I can't wait until the 3 years is up so I can get slightly less ripped off with the interest rates

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  • 2 months later...
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Does anyone know what the penalty % Natwest give for exiting a mortgage early?

 

We want to move house sooner to get my daughter into a better school, and we'd also save money as the interest rate on our current mortgage would half, we currently pay at 6.9% interest! :(

 

I've read it would be between 2-5% of the mortgate for the penalty, even the worst case would be that we don't lose any money, we'd just be able to move sooner.

 

Also, would be still be classed as first time buyers as we're still in our first fixed rate period? I'm guessing that we've had a mortgage for 2 years with no problems would work in our favour with the new application?

Edited by villarule123
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