Changing current accounts - is it really worth the hassle any advice?

fannyadams

I agree Alliance and Leicester are the best - I'm a rate tart and they switched me over in a matter wof weeks - LLoyds TSB took about 3 months to switch everything over - it was a real pain in the BTM having to keep two accounts open and never knowing if the DD was bsing paid from my old acocunt or the new one. I didn't incurr any fees though coz I kept moaning at them every time I got a bank charge and they refunded my charges but that isn't the issue they weren't very good at switching.
Maforduk is right you can do most of your banking with the A+L at the Post Office!

Joe_Bloggs

I can do most of my banking with a computer rather than waiting in a queue. I have current accounts with Nationwide and with Intelligent Finance. The latter is entirely online like cahoot and Egg and many others. You won't see me in a branch office because I can do other things with my time. I don't write cheques, lick envelopes or use stamps. Consider the online banking as a 21st century opportunity and branch based banking a 19th century relic.
J_B.

hilary1

themaccas wrote:

Thanks everyone for your comments, it has been really good to hear of your experiences. I do like the look of First Direct and they offer £50 to switch too, I have had a look at the A & L website and I think it needs another read as there is a lot of bright info and its a bit bewildering. I'm going to also look at Smile too, I think the best of the highstreet banks is LloydsTSB and I do like the idea of being able to go into a highstreet branch of my bank to pay in cheques and see someone face to face when I need to.

Dont forget to try and go through Quidco (or other) for the cashback.

I recently opened A&L and they have improved their online banking in the past few weeks. I use the internet for nearly all banking as its so easy to transfer cash around (watching interest paid) and pay things or cancel dds etc.

I used co-op for years as a paying in base as it had 24 hours bank depositing but they seem to have stopped that locally which is a blow.

Afahmaep

grumbler wrote:

Don't switch. Open a new account and keep the old one (with £1 if you don't want to use it).

Excellent advice.
Open a new account with the BEST benefits for YOU at the time BUT make sure you operate your original account(s) within their specified T&Cs. It's YOUR money and NOT the Banks/Building Societies.
Even with the growing default and bankruptcy rises the Banking Sector is producing phenomenal profits.
Make them work for you.

themaccas

What would the benefit be of keeping open the old account, would this be to benefit our credit file?

Voyager2002

fannyadams wrote:

I agree Alliance and Leicester are the best - I!

A and L probably offer the best interest rates, but if you look at this site and see what people experience with them, they are certainly NOT the best for customer service.

hilary1

grumbler wrote:

Don't switch. Open a new account and keep the old one (with £1 if you don't want to use it).

Can you do this then and get the same benefits? for instance can I open another A&L account and get the same interest rates on both? or when one offer (5%) end just open another account and start again?

maforduk

ALL of my Customer Experiences with the A&L have been superb. Their alway's pleasant, professional and manage to help me with all my needs.
5 STARS. Especially for the Liverpool Office. (I speak with them the most)

Happy_Shrimper

I'm currently with A&L since last Sept but after a couple of fees; mainly due to 'bedding in' issues and a few conversations in trying to get them refunded, I now feel that they will shaft you with charges any way they can. If you mantain your accounts flawlessly, which I have with my previous bank for the past 14 years, I think they are good due to good interest rates and overdraft facilities.
I find the internet banking a little weak (coming from RBS) and feel I am always looking over my shoulder to see if they have any cause to charge me for something.
They also get a bit upperty if you call them on any other number than the 0870 number - kinda puts me off a bit.
I have now come to the conclusion that the good interest rates and overdraft come at a price. I am now considering a change to FirstDirect. Interest rates lower, but by all accounts, customer service is first class. A couple of % amounting to a couple of pounds a year seems a small price to pay for feeling comfortable with your banking.
Each to their own though

grumbler

themaccas wrote:

What would the benefit be of keeping open the old account, would this be to benefit our credit file?

Effect is usually very week and depends on many factors:

• does this account have an overdraft and is it reported to CRAs?
• do you have other credit (used or avalable) reported to CRAs?.
• ....

However, banks and credit companies like stability. When applying for a credit you are often asked, how long you are with your bank. You can always use the oldest account to answer to this question, even if you have just £1 on this account.

hilary1 wrote:

Can you do this then and get the same benefits? for instance can I open another A&L account and get the same interest rates on both? or when one offer (5%) end just open another account and start again?

Not with the same bank. I've already made my choice and my main account is with Nationwide. I always recommend it to those who are not after joining incentives. I will not switch it for the sake of £50 and even £100. However, while keeping this account, I applied for a Smile account to get higher rate on my ISA with them, then for Lloyds TSB accout (£40 incentive and good rate for a year, now ditched), then A&L , ... Usually all the benefits are short-living. That is why I always recommend not to switch for the sake of joining incentives.