An MSE survey of over 22,000 MoneySavers, which closed today, shows one fifth of those sampled have over £2,500 in their account, meaning they are almost guaranteed to be missing out on vast sums in interest.
Joe_Bloggs wrote: »
With the advent of faster payments it may be possible for the banks to offer their customers a sweep facility. Thus when the current accounts is short, then funds are transferred from a higher rate savings account to the current. When the current account is flush with funds the bank can transfer the excess to higher rate savings.
I am sure this can all be done with the aid of computer technology. For now it will have to be a home PC as I can't see any bank being up to the task.
StAnToN wrote: »
Barclays used to offer this, it was called an Open Plan Facility. Where you would have separate savings 'pots'. Money would sweep across from the Current Account if it reached a certain level or went below a certain level (set by the customer) to a savings 'pot', also known as a 'Savings Reserve'.
This certainly is not a new idea.
Lokolo wrote: »
Not if they all bank with Lloyds Current Account Vantage....
But in all seriousness, who leaves £2.5k in their current accounts!?
BarclaysManager wrote: »
I suspect many banks would be unwilling to offer the facility again as it is the customer's responsibility to manage their accounts, along with posing significant resource issues etc.
will-in-estoril wrote: »
Or to put it another way: why would fat cat bankers want to lift a finger to do anything which would help a customer to either earn a higher rate of interest on savings or reduce bank charges?
This week's MSE Forum highlights
Watch the cost of living support Q&A here
One-off bundle for newbies. Excludes Northern Ireland