www.bbc.co.uk/news/business-36834413
It seems fewer and fewer people are switching accounts. Even with £200 on offer. me, I've been with the same bank for about 15-20 years. They offer good rates for spending money abroad and I always think they'll cock up the transfers, DD etc during the change over. Had too many faffs when changing energy companies to risk it.
Anyone changed recently, how did it go? If you haven't how much would it take to get you to change banks?
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>>If you haven't how much would it take to get you to change banks?
Good question. There's a bit of me that would be ashamed to take the money.
And as for the faff... it would take considerably more than £200. Given it would probably only take an hour to deal with it, that's pretty pathetic of me... but the car tax comes from the account, for starters.
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When i asked the OH how much she said about £500. Would £500 be enough mapmaker?
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I've got several current accounts which are used for different purposes.
Metro Bank is ideal for paying in cheques on a Saturday, Sunday or Bank Holiday. But, the main reason for this account is the top notch exchange rate for European use with no surcharges or extra costs.
Recently I got fed up with my "main" curent account provider and moved to First Direct. It's a brilliant bank and I got £150 for moving. A complete no brainer from my point of view.
If you can't stand the possible minor hassle of getting £200 for a few mouse clicks then I reckon you've already got too much money - simples.
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> If you can't stand the possible minor hassle of getting £200 for a few mouse
>> clicks then I reckon you've already got too much money - simples.
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It's more the faff when it goes wrong really. Last time I changed energy supplier it took almost a year to finally sort it. I know it probably won't but still. Plus I've not really had any problems with my bank.
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I changed to Santander several years ago, as did several of my friends, to take advantage of the credit interest. My nearest branch is almost 20 miles away, but that's ok. There is a monthly fee, but the credit interest covers it, and managing it online has been simplicity itself. OTOH the recently introduced Santander credit card charge is often greater than my cash back on the account, but we are talking a few quid monthly.
I shall get around to changing my credit card, but need to confirm if it's costing me more to operate over a 6 month period than I am receiving in cash back with my spending on it.
A first world problem which I am grateful to have...
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I have my hundreds (of farthings) in the usual Santander 123, and it produces a few quid a month. If I could be doing with the faffle of changing I'd want to stooge it, pushing it about between new accounts as often as rewards were payable, and using one to pay into another in a waterfall effect to maximise any rewards.
And I don't have time and can't be bothered at the moment. Maybe at retirement, which is imminent as I plan on going early.
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"Anyone changed recently, how did it go?"
My wife changed a month ago from Lloyds to a Santander 123 account, enticed by the money back on utility bills and the interest on offer.
Absolutely flawless process. No hassle, no errors.
Last edited by: Focal Point on Wed 20 Jul 16 at 18:45
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I have been with HSBC - previously Midland Bank - almost fifty years. I opened an account when at university and have no desire to change. Never had a problem with them, and their Internet banking is fine.
I might change for a grand.
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My wife changed a month ago from Lloyds to a Santander 123 account, enticed by
>> the money back on utility bills and the interest on offer.
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>> Absolutely flawless process. No hassle, no errors.
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Nice to know that it can work as advertised. i wouldn't go to Santander though i had an isa with them and they were poor.
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>> ... i wouldn't go to Santander though
Nor would I.
I wanted to cash in an ISA I had with them. Head Office told me online to go to a branch to get a cheque, the branch told me they couldn't give me one. I stood my ground and eventually the cashier said I could ring head office from the receptionist's phone. A few minutes after I'd done that, the cashier called me back to the counter and sullenly handed over the cheque.
I don't usually stand up for myself like that, but I was furious as the money was to help one of my daughter's with a flat purchase. What struck me as bizarre was that everyone else in there looked like a happy customer. Perhaps they were depositing money, rather than withdrawing it. In fairness, however, this just after Santander had taken over Abbey and was in general chaos.
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I have a Santander 123 account and it pays me about £600 per year in interest and cash back on DDs so well worth it.
I have never had a problem with them and the account runs like clockwork. The online service is very easy to use.
I will say, when I opened the account over the phone I failed a security check (I asked my wife at the time for some information and the Santander bod heard). He did exactly the correct thing and failed my security info and said he would call me back at a time convenient to me to set things up properly - and he did!
I know I failed the security questions - I have to train in bank security twice a year and it includes things like this so I should have known better - and the Santander guy stopped the call exactly as he should have.
PS All Santander call centres are in the UK or Ireland so there is a real difference in the quality of calls and levels of service compared to some other banks - they are much better than dealing with Barclays and HSBC (I have accounts with all three).
Last edited by: zippy on Thu 21 Jul 16 at 00:02
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"I might change for a grand."
I've said it before and I'll say it again - you've all got more money than sense.
This is clearly a site for the very, very well off - is it too late to pay my £25 to vote in Corbyn ?
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>> I've said it before and I'll say it again - you've all got more money than sense.
I'm inclined to agree with that. I've changed from Barclays, to Lloyds to Smile, for phone from BT to Talk Talk to Plusnet, for energy from E-On to Cooperative Energy to Green Star Energy. I can't remember any problems arising.
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>> I've said it before and I'll say it again - you've all got more money
>> than sense.
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>> This is clearly a site for the very, very well off - is it too
>> late to pay my £25 to vote in Corbyn ?
>>
I think you're right about the site, it is well above average in terms of being well off.
But as i started off with, very few people rich or poor change their current account, that's alot of apathy when it comes to changing bank accounts, yet shopping around for other financial products like car insurance is the norm.
Yep i think you're just too late ;)
Last edited by: sooty123 on Thu 21 Jul 16 at 06:50
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You can take advantage of the introductory bonus offer by simply opening a new account in the new bank.
All they want a specific amount (£500 to £1000) be deposited in your new bank. You can simply set up a standing order from your old bank to new bank.
Statistically, people are more likely to get divorced than changing their bank accounts :)
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All they want a specific amount (£500 to £1000) be deposited in your new bank.
>> You can simply set up a standing order from your old bank to new bank.
I think some of the banks have cottoned on to that after some people just sent the money straight back again. Although some you can still do it.
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You can't transfer from one account to another within same bank. But you can transfer from one bank to another. They can't really discriminate (while they can certainly figure it out) between "salary" coming from your employer against "salary" coming from your own account in another bank .
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. They can't really discriminate (while they can certainly figure it
>> out) between "salary" coming from your employer against "salary" coming from your own account in
>> another bank .
I can't remember exactly how they decided what you could and couldn't do, it was on MSE. I think the bank was hsbc.
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They've stopped people, if their pay isn't high enough, from withdrawing it and putting back in multiple times. They know do income checks before you can open an account.
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I don't see why they shouldn't discriminate, it's their bank at which you are using a service and they can make the rules as they see fit (within legal constraints of course) ... what's to stop them?
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>>All they want a specific amount (£500 to £1000) be deposited in your new bank. You can
>>simply set up a standing order from your old bank to new bank.
That I regard as highly deceitful. And keeping check on the monthly transfers would be irritating.
Would I be able to refuse £10,000 for changing accounts? Probably not. It's not as though I wouldn't notice an extra 1k let alone 10k in my bank account. But it ain't going to happen. (It's not like the thought of an 18 year old girl, "What would be my price for sleeping with a man?" £10m?)
It's the consequences if it does all go wrong. It probably won't, but if it were to then it wouldn't have been worth £200. That's why people don't swap. Explaining it to a Indian (or even Scottish) call centre, three times (or more), no thanks.
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Many also insist that you use their switching service and have a minimum amount of DD leaving your account.
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MM some of the monitoring is much easier. I recently opened a Santander to get one of their benefits, you need to pay certain DDs from it. Each week I can get an SMS alert from it to make sure there is not too much or too little money in it to qualify.
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The Santander 1-2-3 account will pay 3% on balances between £1000 and £20k providing you pay in £500p, have two direct debits and pay a monthly fee of £5. It does not have to have your salary paid in. You get cash back on some direct debits too.
The cash back on some direct debits could easily cover the £5 fee each month. Which means about £60pm interest. Tax is no longer subtracted for the interest.
So if you've got £20k why not get one? If you've got £40k then that's one for you and another for your other half. You can also have a joint account. So you could be earning £1800pa interest (you have an allowance of £1000pa each these days). Just need at least 6 direct debits split between them.
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Point of order. Santander only pays 3% once you have 3k plus. If you have £1000 in there you only get 1%, £2000 and you get 2%. However, whatever percentage you get is applicable to the whole balance, so they don't con you by giving lower percentages for the first bit once you're over 3k, if you see what I mean.
I've had one for about five months, and in no month has the direct debit payback paid even half the fee, so you do have to do your sums. However, the interest each month has left me a little bit in profit overall.
Last edited by: Crankcase on Thu 21 Jul 16 at 18:05
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Mapmaker, "It's the consequences if it does all go wrong. It probably won't, but if it were to then it wouldn't have been worth £200. That's why people don't swap. Explaining it to a Indian (or even Scottish) call centre, three times (or more), no thanks. "
What timid lot on here - it won't go wrong. More importantly you choose a bank that you believe will give you good service with say, a UK call centre. The one I chose (with a UK call centre ) answers the phone within 30 seconds maximum 24 hours a day, and does exactly what I ask - this is in addition to the usual internet banking stuff.
I'll stop the tirade now, and just end with the thought that maybe all you doubters could live a bit and take the tiniest risk, you won't regret it.
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I moved a couple of years ago from HSBC to first direct. Thought I wouldn't get the bung as its the same group but was pleasantly surprised.
The overseas call centers were my only complaint about HSBC, so I like the fact a UK based human pick up the phone with FD
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Direct debit cash back rate depends on the payment type. Telecoms type DD's is 3% but council tax is 1%. But council tax likely to be a larger sum paid each month. So careful selection of direct debits in order. My Sky/BT and Vodafone DD's bring in about £4+ each month.
As for interest, just max it out at £20k. With a tax free allowance of £1000 in interest, you'll probably not find an ISA paying this much for a while.
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We've been with Santader since they were Post Office savings, and can't fault them. Recently used an ISA to open another current A/C earning 3%
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I'd forgotten Santander was A&L who had bought the Girobank. Brings back memories going to Bootle and Leicester one year for work.
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If rumour/info is true, the Girobank building in Bootle was designed/built so it could be re-used if it failed. The re-use purpose was as a hospital.... knowing the layout I can see how the would work for wards.
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Unfortunately the Santander have halved the 123 account's interest rate to 1.5% on all balances to £20,000.
Grrr!
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I am surprised it took until mid August. So Brexit has cost you about £25pm assuming cash back covers the account fee. If you have three of these then that's £75pm.
Three assumes one of them is joint with a partner of course. But that's a loss of £900pa in interest.
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>> I am surprised it took until mid August. So Brexit has cost you... £900pa in interest.
You believe that if you want. The base rate reduction was 0.25%, 1/6 of the total reduction applied by Santander.
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>>The base rate reduction was 0.25%, 1/6 of the total reduction applied by Santander.
Or, the base rate was reduced by 50% and accordingly Santander reduced their interest by 50%!
I am hit by the full whack of £900pa (well almost) and am annoyed. It is effectively a pay cut.
Pensioners are OK, they have the triple lock. (Ok the ones relying on savings will be hurt.)
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>> So Brexit has cost you about £25pm
>>
Reasons to be Cheerful, Part 3. Brexit
Just think of the £s gains people have made directly or indirectly from the stock market since then. All those lovely $ dividends from BP, Shell, etc. converted to £s! Plus the rise in value of the FTSE100 and FTSE350 stocks to boot.
A lot to be cheerful about if you are of that mindset. However if you are a Remoaner (no, that is not a typo) you will always find things to moan about.
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How many people will have £60k in current accounts? Not many i would have thought.
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At 3% interest... quite a few I would think. Until November 1st. We had only one 1-2-3 account until recently because I'd pay higher rate interest on what I'd get if I had one.
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Yes tax I meant. Not worth it.
I'd have done it now and was in the process of actually... maybe think of other options now.
When the next batch of fixed ISAs are up we'll struggle to find somewhere to find somewhere in an ISA wrapper to put the investments. I realise some don't have much* savings. But this is for retirement, etc.
* Apparently some would struggle after a month with loss of a household wage. I can believe that but that's not good.
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>> At 3% interest... quite a few I would think. Until November 1st.
I don't think there's that many to start with, with £60k to chuck in a current account. Mind you, for those that do its a nice problem to have.
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I had no idea Santander had reduced interest on the 123 account. Probably notification is in the post. I was in the fortunate position of being fully subscribed ( £20k) having moved my cash ISA funds there as the return was much better, especially since the first £1k of interest is now tax free.
The day after Brexit I almost emptied my 123 account & fully subscribed my 2016/17 ISA allowance into my HL Stocks & Shares ISA. So far it's doing several times better than 3% but best not counting chickens too early!
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The cut in interest rate to the 1-2-3 account will happen on November 1st.
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current accounts - Mapmaker
