Advantages to sticking with one bank?

enemysprout

I've been with Lloyds TSB for 20 years, but was thinking of changing accounts, maybe to CO-OP for the £5 a month thing if it's still going. But is there any advantage to sticking with a bank you have a long history with?

I took out a loan once with them that I repaid, and have been in credit with them for about 8 years so I have a good history. No plans for mortgages or loans but you never know.

Ta



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iereboy

Lloyds will show you no loyalty. These days, there is very little to be gained by being loyal to one institution -especially Lloyds.

You also have to do your own research to get the market leading rates and one institution will not have market leading rates.

Make sure you add Vantage to your current Lloyds account.

Also get a Halifax reward account for the free £5.

What do you want out of your bank? Interest rates? Service? Give us more info on your situation please.

CLAPTON

jsut have two banks accounts

enemysprout

Just somewhere for my £1100 a month to go until i spend it or transfer to ISA. If I can get a little money or freebies for doing so then all the better. Not overly bothered about service, or would not have stuck with Lloyds.

Two bank accounts idea seems like a possible logical answer.

Jake'sGran

I have been loyal to Smile for a very long time now and before that my current a/c was with the Co-op. On the very rare occasions I have been overdrawn, usually by mistake, they have always refunded the charge. Messages are always responded to quickly.

Last year there was a fuss about PIN numbers. The whole thing was sorted out quickly although it made them realise that I was administering my OHs account (he does not know how to use a computer) and I got a telling off. In the end they have agreed to let me continue in the same way.

Also, it is very convenient that each member of my family also bank with Smile. One disappointing thing is that they do not have a savings a/c paying a reasonable rate.

stclair

Keep your lloyds account open anyway, as when making applications for credit it will look better for you to say you have had your account for 20 years plus.

VJ_

enemysprout wrote: »

I've been with Lloyds TSB for 20 years, but was thinking of changing accounts, maybe to CO-OP for the £5 a month thing if it's still going. But is there any advantage to sticking with a bank you have a long history with?

I took out a loan once with them that I repaid, and have been in credit with them for about 8 years so I have a good history. No plans for mortgages or loans but you never know.

Ta

I've been a good HSBC customer for 12 years - my main current account is now with someone else, but I left that one open as well on advice from my Dad.
When it came to taking out a mortgage, I needed slightly more than the computer system would let me have, but the mortgage manager said he could see I'd been a good customer with them for the past 12 years, always in credit, so he was minded to refer my case to the underwriters rather than reject the application. Obviously he also though the repayments would be more than affordable, but the length of time I'd been a customer was mentioned. I don't know if it had a bearing on his decision, but it certainly didn't do any harm, and the mortgage was approved quickly and smoothly.
Note: I've been in credit all that time, never defaulted on a payment etc. etc. as well.

coolesticeking

For HSBC Lovers, just remember that you need to circle around at least £400/Month unless you have the Premier or a Fee Paying account such as Advance or they will close the account anyways.

VJ_

coolesticeking wrote: »

For HSBC Lovers, just remember that you need to circle around at least £400/Month

Really? I only have around 70\month going through it, and havn't had any problems; admittedly I've also left a reasonable cash sum for emergencies in it as well.

coolesticeking

VJ_ wrote: »

Really? I only have around 70\month going through it, and havn't had any problems; admittedly I've also left a reasonable cash sum for emergencies in it as well.

Sorry I got it wrong it's £500/Month - The rule has been in force for a good few years now, maybe you have fallen through the net but as a general rule they are quite strict with this.

http://www.hsbc.co.uk/1/2/personal/current-accounts/bank-account-page

Account eligibility

If you can pay £500 or more into your HSBC bank account each month, you're entitled to apply for Bank Account.
If you do not pay £500 or more into your account each month, we will contact you to discuss your needs. Your account may be transfered to our Current Account service or we may give you notice that we will close your account.

rictus123

What bank is it with the good online budget tracker to show you where all your money is going?