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  • FIRST POST
    • lrlrip
    • By lrlrip 17th Jul 17, 11:56 AM
    • 584Posts
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    lrlrip
    Changing bank atfer 40 years where to go?
    • #1
    • 17th Jul 17, 11:56 AM
    Changing bank atfer 40 years where to go? 17th Jul 17 at 11:56 AM
    DH and I have both been with RBS for over 40 years. Our local branches are all closing so it looks like it may be time to move.


    The nearest town gives us the option of the TSB or Bank of Scotland and obviously if we move into the city we would have a better choice but the inconvenience of a longer drive/parking etc.


    We really don't know where to start are just looking for a current account so any advice would be gratefully received. Thank you.
Page 1
    • gt94sss2
    • By gt94sss2 17th Jul 17, 12:02 PM
    • 3,976 Posts
    • 1,837 Thanks
    gt94sss2
    • #2
    • 17th Jul 17, 12:02 PM
    • #2
    • 17th Jul 17, 12:02 PM
    A couple of questions:

    1. Do you need branch access? If you think you do - why?
    2. Are you comfortable with doing your banking online, via mobile or by phone?
    3. Do you have a post office and/or free ATMs locally?
    • badger09
    • By badger09 17th Jul 17, 12:14 PM
    • 5,376 Posts
    • 4,614 Thanks
    badger09
    • #3
    • 17th Jul 17, 12:14 PM
    • #3
    • 17th Jul 17, 12:14 PM
    DH and I have both been with RBS for over 40 years. Our local branches are all closing so it looks like it may be time to move.


    The nearest town gives us the option of the TSB or Bank of Scotland and obviously if we move into the city we would have a better choice but the inconvenience of a longer drive/parking etc.


    We really don't know where to start are just looking for a current account so any advice would be gratefully received. Thank you.
    Originally posted by lrlrip
    You could start here

    http://www.moneysavingexpert.com/banking/compare-best-bank-accounts
    • paparossco
    • By paparossco 17th Jul 17, 4:01 PM
    • 173 Posts
    • 115 Thanks
    paparossco
    • #4
    • 17th Jul 17, 4:01 PM
    • #4
    • 17th Jul 17, 4:01 PM
    I was with the Clydesdale since 1975 and swapped this year with no regrets. 'Loyalty' is a one way street, despite the length of time banking with them I never even got an enquiry as to why I was leaving.
    The highest form of ignorance is when you reject something you don't know anything about.
    Wayne Dyer
    • Don80
    • By Don80 17th Jul 17, 4:46 PM
    • 196 Posts
    • 76 Thanks
    Don80
    • #5
    • 17th Jul 17, 4:46 PM
    • #5
    • 17th Jul 17, 4:46 PM
    DH and I have both been with RBS for over 40 years. Our local branches are all closing so it looks like it may be time to move.


    The nearest town gives us the option of the TSB or Bank of Scotland and obviously if we move into the city we would have a better choice but the inconvenience of a longer drive/parking etc.


    We really don't know where to start are just looking for a current account so any advice would be gratefully received. Thank you.
    Originally posted by lrlrip
    I moved from RBS to the Bank of Scotland, so far no regrets. Their account pays interest and had an every day offers cashback scheme. In the short term TSB may be better as they pay 1% more interest and you can earn money - but I had that when I opened the TSB account, it expired after 18 months. So in the long run the Bank of Scotland is better for me, what I'm earning in cashback is more than the interest I'd earn at TSB.

    Bank of Scotland seem to have more branches than RBS or TSB, if that's a factor for you - though with online/mobile banking it may not be essential for you?
    • lrlrip
    • By lrlrip 17th Jul 17, 8:09 PM
    • 584 Posts
    • 2,226 Thanks
    lrlrip
    • #6
    • 17th Jul 17, 8:09 PM
    • #6
    • 17th Jul 17, 8:09 PM
    A couple of questions:

    1. Do you need branch access? If you think you do - why?
    2. Are you comfortable with doing your banking online, via mobile or by phone?
    3. Do you have a post office and/or free ATMs locally?
    Originally posted by gt94sss2



    Yes we do need branch access. DH is a self employed taxi driver so mainly paid in cash.


    I have just recently started online banking.


    We do have a local Post Office but for how long who knows!!
    • lrlrip
    • By lrlrip 17th Jul 17, 8:10 PM
    • 584 Posts
    • 2,226 Thanks
    lrlrip
    • #7
    • 17th Jul 17, 8:10 PM
    • #7
    • 17th Jul 17, 8:10 PM
    I moved from RBS to the Bank of Scotland, so far no regrets. Their account pays interest and had an every day offers cashback scheme. In the short term TSB may be better as they pay 1% more interest and you can earn money - but I had that when I opened the TSB account, it expired after 18 months. So in the long run the Bank of Scotland is better for me, what I'm earning in cashback is more than the interest I'd earn at TSB.

    Bank of Scotland seem to have more branches than RBS or TSB, if that's a factor for you - though with online/mobile banking it may not be essential for you?
    Originally posted by Don80
    Thank you. I think the Bank of Scotland may be our best option.
    • eDicky
    • By eDicky 17th Jul 17, 9:01 PM
    • 2,910 Posts
    • 1,277 Thanks
    eDicky
    • #8
    • 17th Jul 17, 9:01 PM
    • #8
    • 17th Jul 17, 9:01 PM
    Yes we do need branch access. DH is a self employed taxi driver so mainly paid in cash.

    I have just recently started online banking.

    We do have a local Post Office but for how long who knows!!
    Originally posted by lrlrip
    Cash can be paid in at the Post Office to accounts with RBS and TSB (using personalised deposit slips), but not to those with BoS.

    http://www.postoffice.co.uk/branch-banking-services

    There's no need to limit yourselves to one bank - keep your present account(s) for now and open new ones in town, see how it goes using them and the post office.
    • Don80
    • By Don80 18th Jul 17, 11:07 AM
    • 196 Posts
    • 76 Thanks
    Don80
    • #9
    • 18th Jul 17, 11:07 AM
    • #9
    • 18th Jul 17, 11:07 AM
    Thank you. I think the Bank of Scotland may be our best option.
    Originally posted by lrlrip
    If you are doing that, use the current account switch service - it was so unbelievably easy! The Bank of Scotland would move all your payments over from RBS for you, and close the RBS account for you. You don't need to contact RBS at all, and the Bank of Scotland do it all for you in a week. Any salary/money sent to the RBS account gets redirected automatically, and any payments (direct debits/standing orders) from RBS are moved to the Bank of Scotland for you.

    Here's what you do:
    Open your Bank of Scotland account online (if you are doing the Classic Account make sure you add the Vantage option). The form was very easy.
    https://www.bankofscotland.co.uk/bankaccounts/classic/

    After you open the Bank of Scotland account, you will be asked if you want to switch an account at another bank to them, so say yes. You then need to fill in your RBS sort code and account number. You will be asked if you have a debit card with RBS, if you do, say yes and fill in your RBS card details.

    The switch date by default is 7 days but you can choose a later date if you need to.

    Everything moved simply, all I had from RBS was a letter saying "sorry you are leaving us", and another letter confirming the date that the account would be closed.

    Everything has appeared on my new Bank of Scotland account as expected, and they sent me a letter confirming the direct debits and standing orders they had set up on my new account. It was all very easy, so I would highly recommend using that service.
    • IanManc
    • By IanManc 18th Jul 17, 11:39 AM
    • 344 Posts
    • 501 Thanks
    IanManc
    Thank you. I think the Bank of Scotland may be our best option.
    Originally posted by lrlrip
    Make sure that you are aware of the branches they're about to close before you make up your mind:

    https://www.bankofscotland.co.uk/contactus/branch-closures/

    • Don80
    • By Don80 18th Jul 17, 12:14 PM
    • 196 Posts
    • 76 Thanks
    Don80
    Make sure that you are aware of the branches they're about to close before you make up your mind:

    https://www.bankofscotland.co.uk/contactus/branch-closures/

    Originally posted by IanManc
    Good point. I think all the main banks are closing branches. I read somewhere (can't remember where) that Bank of Scotland still have more branches than other banks in Scotland. Certainly where I am you see more of them than RBS.
    • Heng Leng
    • By Heng Leng 18th Jul 17, 2:12 PM
    • 4,206 Posts
    • 1,286 Thanks
    Heng Leng
    Good point. I think all the main banks are closing branches. I read somewhere (can't remember where) that Bank of Scotland still have more branches than other banks in Scotland. Certainly where I am you see more of them than RBS.
    Originally posted by Don80
    You'll notice a pattern - where it's not viable for one bank, it's usually not viable for them all in smaller /suburban locations.

    I'd keep your RBS open and open an alternative as you'll not get a switching bonus anyway. Keep RBS as a spare and backup account.

    Think of it this way - if all the branches go, who would you choose?
    • Don80
    • By Don80 18th Jul 17, 4:10 PM
    • 196 Posts
    • 76 Thanks
    Don80
    You'll notice a pattern - where it's not viable for one bank, it's usually not viable for them all in smaller /suburban locations.
    Originally posted by Heng Leng
    Very true - so much for RBS's "last bank in town" promise, that went out the window ages ago.

    I'd keep your RBS open and open an alternative as you'll not get a switching bonus anyway. Keep RBS as a spare and backup account.
    Originally posted by Heng Leng
    My thinking was the hassle of manually contacting everyone you have a direct debit/standing order with and changing them all. I think you can do a partial switch option which allows you to move direct debits and standing orders, but not close the account. I think that still leaves you a lot to do though?

    Think of it this way - if all the branches go, who would you choose?
    Originally posted by Heng Leng
    First Direct?

    Though these days, internet and mobile banking is so good that a branch is no longer a necessity. I go into a branch maybe once or twice a year. I like the option but in practice rarely use it.
    Last edited by Don80; 18-07-2017 at 4:38 PM.
    • agrinnall
    • By agrinnall 19th Jul 17, 8:37 AM
    • 18,541 Posts
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    agrinnall

    Though these days, internet and mobile banking is so good that a branch is no longer a necessity.
    Originally posted by Don80
    Except in the OP's position where there is a need to pay in cash, not easily done online!
    • Don80
    • By Don80 19th Jul 17, 10:20 AM
    • 196 Posts
    • 76 Thanks
    Don80
    Except in the OP's position where there is a need to pay in cash, not easily done online!
    Originally posted by agrinnall
    Yeah, I meant generally, not in this specific case! Obviously people whose income comes in as cash do need to be able to deposit cash easily. Hence my earlier detailed "easy to switch" to the Bank of Scotland post
    • Heng Leng
    • By Heng Leng 19th Jul 17, 4:10 PM
    • 4,206 Posts
    • 1,286 Thanks
    Heng Leng
    Yeah, I meant generally, not in this specific case! Obviously people whose income comes in as cash do need to be able to deposit cash easily. Hence my earlier detailed "easy to switch" to the Bank of Scotland post
    Originally posted by Don80
    A number of banks have arrangements with the Post Office that allow cash deposits with card (I would avoid those that use pay-in slips) as these will be instantly credited to the account.

    HSBC, Clydesdale and Co-op come to mind.

    Not as good as an actual branch but Post Office coverage is still relatively good.
    • bigadaj
    • By bigadaj 19th Jul 17, 6:56 PM
    • 10,673 Posts
    • 6,971 Thanks
    bigadaj
    I'm surprised that the government hasn't actually provided some political pressure for at lest one bank to be maintained, particularly in rural areas and small towns.

    As well as directly bailing out rbs and lloyds the government provided a tacit guarantee that kept all banks afloat during the gfc.

    If nothing else it would be a positive bit of PR for both politicians and the financial industry, no one can say either party isn't in need o f a bit of that.
    • polymaff
    • By polymaff 19th Jul 17, 7:15 PM
    • 1,771 Posts
    • 760 Thanks
    polymaff
    I'm surprised that the government hasn't actually provided some political pressure for at lest one bank to be maintained, particularly in rural areas and small towns.
    ...
    If nothing else it would be a positive bit of PR for both politicians and the financial industry, no one can say either party isn't in need o f a bit of that.
    Originally posted by bigadaj
    Well, governments do all sorts of daft things, so you might be right, but why try to buck a trend? Branches are now where customers go to pay in cash or to receive therapy. Wise banks are coming to arrangements with others to address the former - and are only too keen to get out of the latter.
    Last edited by polymaff; 19-07-2017 at 7:18 PM.
    • takman
    • By takman 19th Jul 17, 10:54 PM
    • 2,813 Posts
    • 2,354 Thanks
    takman
    I'm surprised that the government hasn't actually provided some political pressure for at lest one bank to be maintained, particularly in rural areas and small towns.

    As well as directly bailing out rbs and lloyds the government provided a tacit guarantee that kept all banks afloat during the gfc.

    If nothing else it would be a positive bit of PR for both politicians and the financial industry, no one can say either party isn't in need o f a bit of that.
    Originally posted by bigadaj
    The only reason that bank branches are needed is to pay in cash and withdraw coins (mainly for businesses).

    So they should replace cash machines with ones that can accept the paying in of cash and coins and also the withdrawal of coins.
    • Zanderman
    • By Zanderman 20th Jul 17, 8:26 AM
    • 1,290 Posts
    • 3,713 Thanks
    Zanderman
    Yes we do need branch access. DH is a self employed taxi driver so mainly paid in cash.
    I have just recently started online banking.
    We do have a local Post Office but for how long who knows!!
    Originally posted by lrlrip
    I'd assume every bank is likely to go, and wouldn't therefore choose one of those remaining as it too might be gone in a year or two.

    Post Offices close too - but have many more functions and many more users and so tend to outlast the banks.

    So I'd advise just finding, or staying with, a bank that allows you to pay at the PO, as the PO is likely (not guaranteed of course!) to outlast all the banks. And there are likely to be more POs in other nearby towns too.

    You could even open a Post Office Current Account: http://www.postoffice.co.uk/current-accounts
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