The old account will remain open with a 'marker' placed on it, so you won't be able to use it, it's just so you can pay back what you owe. While it doesn't offer a 0% overdraft, app-based Starling Bank* has one of the lowest standard overdraft costs of 15% EAR interest (though if your credit history's poor, you could be charged 25% or 35% EAR). Most other products that you hold are totally separate, so moving your current account won't affect the others and it's fine to do. See our table below for the policies of the major UK banks: It's essentially just a way to ensure you use their account as your main account. Do remember that this'll link your finances, so their credit record could affect yours – always think carefully before doing so.
Therefore, if you've the self-discipline, set all your household bills, direct debits and other standing orders to leave your account towards the end of your working month, artificially boosting your balance. Will I have my credit rating checked when I apply for a Co-operative Bank current account? Can I switch a sole account to a joint account and vice versa? Find out how much income you keep and how much the taxman takes. You'll get an email once you've opened the account, which will tell you how to select the benefit you'd like. Mobile cover for all the family's smartphones. Unusually, it covers the phones of your partner and children too, provided they live with you (children must be under 19 or under 22 if in full-time education, and cannot be married or in a civil partnership) – so maxed out, this gives serious value. You also get family smartphone insurance and UK and Europe breakdown cover for the account holder(s).
If you apply for an overdraft, Starling will run a full credit check on you. You can make up to three cash withdrawals a day, totalling a maximum of £300. It's important to clarify this with your bank to make sure you don't get penalised for missing minimum monthly pay-ins, especially if your pay is erratic. Minimum monthly pay-in: £1,000/mth to get interest (equates to £12,500 annual salary) In-credit interest: 2% AER fixed on up to £1,500 for 12 months, 0.25% AER variable on up to £1,500 after Who's eligible for offer: Anyone who hasn't had a FlexDirect account before Does it have full FSCS savings protection? Yes, download for iOS (rated 4.8/5) or Android (rated 3.8/5). Should I Move House or Make Home Improvements? Yes, Lloyds Bank has the full £85,000 UK savings safety guarantee. Our Broadband Unbundled tool finds the cheapest broadband, phone and TV. You'll usually need to go into a branch to open these, as you'll need to show ID to do so. But you still need to be careful – never ever send your online/mobile banking information to anyone. Starling also has a 'Marketplace', which lets you use other companies' services through the Starling app. If you've a pre-existing condition, tell Nationwide as you may need a medical screening before getting cover and could be charged.