Do long term relationships with banks matter?

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  • adonis
    adonis Posts: 1,072 Forumite
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    EachPenny wrote: »
    (apologies)

    A new customer can get £200 to share with a mate plus 5% interest on £2,500 for a year. Nationwide's interest paying current account is one of the most generous for new customers, but one of the least generous after that initial year. Being a member brings little reward.

    The Loyalty Saver should really be called the Disloyalty saver as it encourages people to stay for 1% when they could easily be getting 1.2% or more elsewhere.

    It's like their simply rewards scheme, they are mostly companies I never use or if I do it has to be in the next week or so.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    adonis wrote: »
    It's like their simply rewards scheme, they are mostly companies I never use or if I do it has to be in the next week or so.
    You mean "Complexly Rewards"? ;)
    "In the future, everyone will be rich for 15 minutes"
  • gt94sss2
    gt94sss2 Posts: 5,645 Forumite
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    adonis wrote: »
    It's like their simply rewards scheme, they are mostly companies I never use or if I do it has to be in the next week or so.

    Simply Rewards isn't even really Nationwide's own scheme, just their branding - its actually run by Visa and customers of other banks who have Visa cards can basically access the same thing.. for instance https://hsbcuk.visaoffers.eu is the HSBC version.
  • Keeping_Motivated
    Keeping_Motivated Posts: 3,653 Forumite
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    Thanks everyone so glad I checked on here before I got rid of my long standing account just to gain a bonus with a new bank! I will keep it and I will still open the new account but I will do it via another account :)
  • enjoyyourshoes
    enjoyyourshoes Posts: 1,093 Forumite
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    I have been with HSBC nee: Midland for too long to remember.

    I show loyalty, but do not feel its reciprocated.

    However it would help a bit with credit applications etc. so I see that point of view.

    But I do not keep it as my sole current account and take full advantage of other baks short terms offers, so I get more from them than HSBC give me in purely monetary terms.
    Debt is a symptom, solve the problem.
  • csgohan4
    csgohan4 Posts: 10,597 Forumite
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    Loyalty no longer pays generally
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • binaryuniverse
    binaryuniverse Posts: 906 Forumite
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    EachPenny wrote: »
    (apologies)

    A new customer can get £200 to share with a mate plus 5% interest on £2,500 for a year. Nationwide's interest paying current account is one of the most generous for new customers, but one of the least generous after that initial year. Being a member brings little reward.

    I was directly referencing the advert that states that loyalty gets rewarded with the Flexclusive regular saver, which new customers can also get. But yes, new customers get it even better.
  • Keeping_Motivated
    Keeping_Motivated Posts: 3,653 Forumite
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    To be clear even though I have kept this bank for a long time I do have other accounts already that I use for better purposes. My wage is paid into the long term account and it has only 4 direct debits but the wage is transferred out within a few days to a better account.

    I was just wondering if there was any point keeping it all hence why I thought should I use it as the account to transfer for the reward but I definitely will keep it now as its to my advantage for the wider picture on my financial bearing/look to institutions.
  • keiran
    keiran Posts: 739 Forumite
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    One minor reason for keeping a long-standing account (whether you use it regularly or not) is that one of the questions on bank account, etc applications is "how long have you held your account?" and this is looked on favourably with credit scoring, etc
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