Banking accounts in London + other basic questions?

There are lots of big banks in the UK and which is the best is a very personal choice at the moment. The biggest names are Lloyds TSB, RBS, HSBC, Barclays (which has a reputation for being rather expensive).

Personally I'm with HSBC and have been for years after switching from Halifax and I've never had a problem with them. In fact they've been really good when it comes to removing charges if I've gone overdrawn and I let them know.

Most cash machines will let you withdraw money and check your balance free of charge no matter who you bank with. However you will need to use your own banks cash machines for other services such as statements. They're all abundant in London (and every other town and city) with RBS perhaps being the least available of the list.

They all have current accounts with various interest rates but the rates don't vary by much. These are free to use if you remain in credit. An overdraft is optional and depends on your credit history. They will all come with a debit card and you can request a cheque book but few places accept cheques now. I guess it's always handy to have a cheque book as back up.

They also have basic bank accounts which charge nothing, have no overdraft and I'm not sure if they pay interest but I don't think so. These come with a cash card to withdraw money from cash machines but no debit card or cheque book.

Then there are different levels of current accounts which start to cost and aren't worth it unless you're earning a fair bit.

The Oyster card is certainly the best & cheapest way to get around. That or by a bike and cycle everywhere. If you live right near work and some shops you can walk everywhere and would need little public transport. That goes for most places in London and other cities though. Also how far you are willing to walk. Most people wouldn't walk right from one end of zone one to the other for example.

The other thing is that living in zones 1 and 2 may seem like a great idea but it will really cost. You are far better off financially living further outside the centre and transport links are brilliant in most places. The money you would save on housing would be more than enough to cover transport.

The four "big" banks are ususally regarded as Barclays, NatWest (short for National Westminster), Lloyds and HSBC. They all have many branches and cash machines.

In fact you can normally use a card from your bank to withdraw cash from your account in another bank's machine, without extra charge.It will tell you first if there is a charge for this.

If it is just an ordinary current account you want, look around. They all offer special deals to new account holders but these change regularly.
I am with NatWest for many years and have had no major problems with them.

Regarding travel, Oyster is always the cheapest option. Not everything is walkable distance in zones 1& 2 - for instance most of docklands is in zone 2 but its a very, very long walk from the West End!

Natwest is a good option for opening an account quite easily, and most cashpoints are free (if you have a UK issued bank card), the cashpoints that will charge you always warn you first! The cheapest way to travel is with an oyster card and you can buy your travelcard on your oystercard to save money. Zone 1 and 2 are pretty big, and the weather is pretty miserable at the moment, I love walking but I wouldn't consider it a realistic option most of the time.

Barclays deserve a prize. They have not asked for a Government bail-out.

BUT

Their customer service is total shite. You are not allowed to make a complaint.

I have been trying to get then to send a notice to an insurance company that I fully paid a mortgage 15 years ago. .I have been trying since last November. I have been assured that they will do it in 5 days. 6 TIMES!

No wonder their complaints are low. They have no system for recording complaints.

So they are a great bank.............but.

I would use Nationwide. Afraid I had a car, as I lived outside central London.