How financially loyal are you?

Former_MSE_Archna

Poll Title: Poll Started 24 April 2006: The current account is the building block of our finances, yet many people stick with it year after year after year, even if it pays poorly. Which of these is nearest to your current account status?

A. Changed account within the last year
B. Changed account within the last 5 years
C. Changed account longer than five years ago
D. Still with the bank I had my children's account with (and am an adult)
E. Still with the bank I set up when I was a student (I've graduated)
F. Still with the bank I set up on getting my first job
G. I can't get a bank account
H. I don't have a bank account
I. Am currently a child or student

Vote here or click reply to discuss

taylornj

Nearest has to be C. My current account is with Nationwide. I never expect much from a current account, I have always paid salary direct into my savings account long before I even knew of MSE, way back in the 1980's. I only ever transfer money into the current account when I need and never let it become overdrawn, so the interest rate on a balance of an average of a few pounds is too little compared with the gain in savings. I never use a debit card or cash unless I have to, alway used a credit card and get x days free interest (and pay off to avoid any interest, now using 0% on purchases card now).

I don't call a current account a building block, it's just there to as a way to pay the bills. Changing my savings accounts might be a different matter.

One other reason for keeping with Nationwide, is I use MS Money to track everything for past 5-6 years, and being able to download directly into MS Money makes managing accounts to the penny much easier, used to be pen and paper, then cash flow spreadsheet.

Voted, not sure the vote is a fair indicator at least not for myself. Give me a good reason to move and I will, poor interest on the current account isn't a good reason.

JaneAire

I have just moved from Natwest, which I used for Graduate account goodies, to The Coop Bank, it might not be the best rate but I am supporting their ethical stance. They do have fewer branches but I do most things online so it isnt a problem.

leaphaze

teddyco wrote:

I will probably choose Alliance & Leicester and then wire the money back to NatWest where I can get to it in my local branch ATM.
One thing I do like about having a NatWest and HSBC account is branch access.
I get cheques in the post and have to deposit them, and would hate it if I had to park in town, pay for petrol and parking charges while I can walk over to my local branch for a deposit or payment.

I have many bank a/cs with different institutions, including A&L. You can pay in A&L cheques via any post office, seems to take no longer than paying via branch. Very handy for my little village.

Some Post Offices also allow cash withdrawals using debit cards, but I've never done that so don't know about charges or whether A&L cash withdrawal is possible.

Ticklemouse

I have been with Nationwide for about 15 + years and it suits me - I don't have much money going in now (SAHM) but I get a good overdraft and I find it easier than other banks for online banking. That said, I have had accounts with most other banks over the past few years, to take advantage of whatever at the time.

I do have quite a lot of other accounts with Nationwide - e-savings, childrens accounts, and most importantly, have got Mr TM to open a joint account with them (it took me 6 years so I'm leaving it - I have access to his money then ) However, I have other accounts elsewhere re savings. Some are with the big banks (pre-MSE days unfortunately) and some such as ING which have been post- MSE.

So, 'C' for me, with a couple of 'B's in there too. It gets hard when you are no longer a wage earner though

Gingham_Ribbon

I counted up how many times I'd changed my current account recently. (I think it was for another thread.) I think I've done it about 8 times. Maybe more.

I've changed for several reasons. Poor customer service, better deals and convenience. I am a very loyal person, but when it comes to businesses, I'm only loyal to small ones who provide a good service. I couldn't care less about being 'financially loyal'. I don't think you get rewarded for it and they don't need the business.

rrockettman

I used to be loyal and was with the same bank for almost 30 years. They had my mortgage, credit card and current accounts. When I realised how much they where making out of me, occasionally overdrawn in those days, I just accepted it. I was very angry with them one month, I was on holiday in Australia and they charged me over £130 for being overdrawn for a week. By the time I realised, on return, if I'd paid in £50 at the right time I wouldn't have been in the red at all! Their charges had sent it sky high!
I'm now able to run my accounts in credit and get paid to bank with Lloyds. My Egg Money card earns me more cash! Savings at ICICI 5.15% and mini cash ISAs. I go where the money is these days, loyalty comes at a price!

*Louise*

I've been with the same bank since I was 12 - Abbey

Never had any problems with them, but then I'm never overdrawn, and benefit from their better rates for payig in certain amounts of money every month.

Wouldn't have my mortgage or CC's with them though - there are loads of better offers out there.

Former_MSE_Archna

Poll Title: Poll Started 24 April 2006: The current account is the building block of our finances, yet many people stick with it year after year after year, even if it pays poorly. Which of these is nearest to your current account status?

F. Still with the bank I set up on getting my first job
21.5% (708 Votes)
C. Changed account longer than five years ago
20.3% (670 Votes)
B. Changed account within the last 5 years
16.8% (553 Votes)
A. Changed account within the last year
15.7% (517 Votes)
D. Still with the bank I had my children's account with (and am an adult)
12% (397 Votes)
E. Still with the bank I set up when I was a student (I've graduated)
11.4% (377 Votes)
I. Am currently a child or student
1.3% (43 Votes)
G. I can't get a bank account
0.6% (21 Votes)
H. I don't have a bank account
0.1% (4 Votes)

Total Votes: 3291

Kevicho

Im one of the A pupils