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Co-op Cashminder account
Good points -
- Comes with a Visa Electron card, which can be used online, high street shops, for bill payments & at Link machines.
- You can also set up direct debits on the account, & it has internet banking.
- You can pay money into it at the Post Office, as well as at Co-op branches.
Bad points -
- Can take anything from 1-4 weeks to set the account up, depending on the amount of applications they've got.
- They don't seem to have publicised it, but they seem to operate a "3 strikes & you're out" rule, so you have to be prepared to keep a close eye on your account otherwise you might lose it.
- The internet banking isn't always up-to-date at the close of business, so your online balance may not be a true reflection of what's actually in the account.
- Not all branches are open on weekends.
- There aren't many branches.
Barclays Bank Cash Card Account
Good points -
- You can withdraw money from the post office, Barclays or Woolwich cash machines.
- Transfer money to other accounts by phone 24 hours a day.
- Can pay bills by direct debit or standing order.
Bad points -
- Only comes with a cash card.
- No internet banking.
Nationwide Flex Account
Good points -
- Can be set up virtually on the spot in the branch
- Can be used for bill payments by direct debit
- Has internet banking
- Some Nationwide branches are open on weekends, so you can pay cash in over the counter if you wish.
- You can set up several e-savings accounts allocated to specific things you want to save for, & these get a better rate of interest than the Flex Account itself.
Bad points -
- Only comes with a cash card.
- It is difficult to get the account upgraded further down the line so that you can have a debit card. It's been said that it's easier to open another Flex account & ask for a debit card at that stage, than to try to upgrade an account that was opened with bankruptcy in the application.