Author Topic: Bank Accounts (Read 5606 times)

badgermark · « **on:** April 17, 2006, 06:41:02 PM »

So I'm officially a big boy now, got myself a job after 3 years of being rejected from almost everywhere you care to name. So I wanna get myself a proper account.

So anything I should be thinking about? Assume I know almost nothing at all about this, so keep it simple.

If it helps, I'm 19 and a student, and want to use this account for my wages and stuff like that. Just a day to day dealie that's not too complicated.

jt · « **Reply #1 on:** April 17, 2006, 06:45:51 PM »

:D If you earn more than £1000 a month take home most banks will give you a full account. [ Check books, Full Cards etc ]

If it`s under £1000 a month then they`ll let you have a standard account with only an Electron Card. These cards will be of no use to you if your going tobe using them for ordering things of the Net or over the phone [ Paying Bills etc ]

It has been a few years since i opened an account so some of this may of changed.

:D 8)

badgermark · « **Reply #2 on:** April 17, 2006, 06:58:41 PM »

I have an electron card right now, and it blows... Thats why I'd love to upgrade, but it's all a bit confusing.

FELINEGUITARS · « **Reply #3 on:** April 17, 2006, 07:07:01 PM »

Get an account that will let you have a debit card so you can do mail order
See if you can get one that allows a small overdraft (like £50-100) simply as a buffer zone in case you misjudge a cheque clearing that your chances of getting bank charges are minimal

And then be very disciplined to keep it in the black (in credit)

My ex was very slapdash with an account she had and was paying more in bank charges than she was ever overdrawn (silly girl).

Do some overtime to earn extra money if you want to splash out on nice things (such as BKPs) or simply save the old fashioned way
It's a much better way than running up credit debts

badgermark · « **Reply #4 on:** April 17, 2006, 08:04:56 PM »

actually been thinking about some bkps now, something for my les paul...

Thanks guys, I'm very careful with money anyway, and the thought of an overdraft scares me. I'll get looking around, anything i should look for when choosing a bank/account?

dave_mc · « **Reply #5 on:** April 17, 2006, 08:31:31 PM »

if you're a student, a lot of banks (here in northern ireland at least) run student accounts with debit cards, so you don't need to earn over £1000 per month.

Try to get one that pays a decent amount of interest too, guys like smile, halifax and egg (online) pay 3-4%, which is better than 0.3% (damn northern bank, and i'm too lazy to switch).

feline/jonathan had great advice too, about the free overdraft etc.

HTH AMPS · « **Reply #6 on:** April 17, 2006, 08:43:37 PM »

If I can offer any advice (from experience), resist the temptation of credit cards and monitor your cash so you don't go into the red in your current account.

:twisted:

dave_mc · « **Reply #7 on:** April 17, 2006, 09:12:34 PM »

^ only good thing about credit cards, is that you're covered a lot more for fraud, e.g. on the net.

But yeah, that's all I'd use them for, if you need credit, a loan is a LOT cheaper (not that I advocate getting a loan, lol).

jt · « **Reply #8 on:** April 17, 2006, 09:31:32 PM »

:D My personnal advice is DON`T under ANY circumstances get a credit card. :twisted: They are Way Way Way to tempting to use & you`ll get into trouble very quickly if your not very very disaplined.

Do as Johnathon says save up for it & if you absolutley have to get now type of thing get a loan it`s much much cheaper.

:D 8)

dave_mc · « **Reply #9 on:** April 17, 2006, 09:38:38 PM »

^just be disciplined (easy enough for me to say, I admit, since I am very disciplined)

If you use a debit card online and get scammed, the money comes straight out of your account and your bank is liable to tell you where to go if you complain.

Whereas with a credit card there are laws in place to limit your liability in the case of fraud.

Dakine · « **Reply #10 on:** April 17, 2006, 09:50:50 PM »

and PM me the pin number and I'll let ya know if the account is safe or not ;) :lol:

HTH AMPS · « **Reply #11 on:** April 17, 2006, 11:18:57 PM »

(edit) Credit Cards are good for ordering online as stated above, but thats it. I have no credit cards these days, I borrow my Dad's if I need to buy online. I had 6 maxed-out credit cards at one point and cut them all up two years ago.

:twisted:

38thBeatle · « **Reply #12 on:** April 18, 2006, 07:46:27 AM »

Judging by the mess that my son got hinself into I would also say avoid credit cards. These days I only use mine if I can pay it off within a month. I may sound like a smart arse but I have had many a hard time in my life and used credit to buy essentials and , oddly enough, "treated" myself to luxuries and I had to really get a grip to get it under control.My son did not learn that lesson and is currently paying heavily for the mistake with my help- quite a few sets of BK pups have gone on helping him!

dave_mc · « **Reply #13 on:** April 18, 2006, 01:18:51 PM »

Quote from: HEAVIER THAN HELL

(edit) I borrow my Dad's if I need to buy online. :twisted:

haha, ditto!

Petre · « **Reply #14 on:** April 22, 2006, 05:19:34 PM »

Im 17 and i can only get a student account thing. I have an electron card by i order everything online. I dont see the prob :P . i have set up paypal through my account, all the major online stores accept electron such as amazon, play.com, aria.co.uk (for comp bits.. dabs dont accept but aria is better in my opinion), i even ordered my jack daniels t-shirt from their official site with my electron. I have only once had a site that hasnt accepted and that was dabs funnily enough. So yea, i see no problem with electron.

My experience anyhow
Petre