Opening a bank account

August 16th, 2009

I have always been rubbish with my finances.  I have said it before and it will probably say it again as it I doubt it will ever change.  I have tried a little bit to improve my organisation by opening a new bank account.  I am going to use it to separate my money into bills and personal use.  I get my salary paid into my bills bank account and then get a direct debt to my personal use account.  I think it’s a good idea, we will just have to see.

I have only ever opened one bank account myself with NatWest and I was unsure which bank to go for.  I did my normal research on the Internet about different bank and which is the best to go for.  Because of the state of banking at the moment I was quite nervous about which of the banks to go for so I went looking through various website looking for advice.  I asked my parent and they suggested a building society because they are quite safe.  In the end I still had no idea but went for Halifax because of the way interest is calculated.  The account seems really good because they give you £5 every month you pay in £1000.  My salary doest come to £1000 per month but as long as I transfer enough money from my other account I still get the interest.

I went to the local Halifax and it was tiny.  No place to open accounts, it was just a counter, so I abandoned the idea of going with Halifax as the closest decent branch is a 45 minute drive from me.

In the end I went with Lloyds TSB.  Three days after getting my account the next about Lloyds profits came out.  I have no idea about how a bank could lose £4 billion.  That is an incredible amount of money .  The bank is pretty safe though as it is supported by taxpayer money so I am still happy with my choice.  I think if you are going to open a bank account that is safe from all the mess up you will have to look to invest your finance offshore.

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