Is there any benefit to syating with a certain bank for x years?

ctm_2

I'm wanting to get one of the new 10% regular saver accounts from A&L, which would mean opening a current account with them.

however, I've been with Natwest for about 6 years now, and wonder wether I should stick with them, as I'm perfectly happy with what they provide, or if I should switch completely to A&L.

The reason I ask is that when filling in various forms I sometimes come across the question 'How long have you been with your bank?'

Also, sort of related. The A&L account requires 'funding' of £500 each month. Would a standing order from my natwest account be sufficient, or would it need to be a payment from my employer?

alared

I stayed loyal to Natwest for over 25 years but because of the dismal interest rate on their current account ( .10% )I switched completely to Halifax at 3.05%.
I would advise you to completely change to A&L
You get nothing for loyalty,not in this game.

amandathepanda

I would advise anyone thinking of changing their accounts to make sure that the bank they are thinking of switching to offers a full counter service. Many of the banks that used to be building societies won't let you pay bills at the counter.
I agree that looking round for the best rates is a good idea, but if you are getting good customer service that also counts for a lot.

Alfie_E

Use the A&L account as your main current account, but just don’t close your NatWest account? I moved from NatWest to Nationwide, years ago. My NatWest current account is still kicking about, with a few pennies in it. If you ever need to refer to a current account you hold, you can still refer to the NatWest one.

Plus, if you ever travel abroad, having two sets of debit and credit cards, which you keep separate, is considered a good idea. If one set gets lost or stolen, you’ve always got the other to fall back on.

grumbler

As above:

1. Don't switch, but open (a) new account(s) and keep the old one.
2. You are happy with Natwest - keep it as your main account with all DDs and SOs. £500 SO to A&L is sufficient. Although you can get 5% with A&L current account, you can always send some money back to Natwest.
3. 10% regular saver is good, but there are other perks. Apply for Pemier account if you want free travel insurance or for Premier Direct if you prefer 5% on first £2500. And don't forget to be recommended to get extra £50.

Weymouth_Man

ctm wrote:

I'm wanting to get one of the new 10% regular saver accounts from A&L, which would mean opening a current account with them.

however, I've been with Natwest for about 6 years now, and wonder wether I should stick with them, as I'm perfectly happy with what they provide, or if I should switch completely to A&L.

The reason I ask is that when filling in various forms I sometimes come across the question 'How long have you been with your bank?'

Also, sort of related. The A&L account requires 'funding' of £500 each month. Would a standing order from my natwest account be sufficient, or would it need to be a payment from my employer?

Dont forget Nationwide Building Society, if you have a pretty old account.

If you you close it now you would loose out on any payouts if they ever became a Bank ?

teksat2k

Another reason to keeo NW account open is if you then intend taking out credit card etc.
After 15years with NW took out first credit card with them and at same time Ulster Bank and RBS - got all three but with dissapointing 2k limit on NW.
As I had just been recommended for Primeline (£75 payment) I managed to get my account manager on the case and get this increased to £15k on NW.
Also card application often ask how long you've been with a bank - presume they like to see stability and long-term relationships. No need to keep loads of money with them earning 0.1%.

BertieMeldrew

I've been with Yorkshire Bank for 40 years. Having just retired I've now got time to go find better deals than the miserly .1% they pay on their current account. I wrote to them explaining that I could get (e.g.) 4% and they were totally nonplussed... like "so what".

The best they could offer was a TWO account "system" whereby all direct debits etc still sat in a .1% account (a/c A) but my money sat in another 4% account (a/c . When payments were due from the .1% account (a/c A) I would have to transfer money from a/c B to a/c A.

They seriously seemed to think that was something I might want... with that approach then, god-willing, if I am around in another 40 years I don't think they will be!

I'm about to move on... loyalty counts for nothing... go where you can get the best deal