Royal Bank of Scotland, One Account advice

Jue150

I have had the Royal Bank of Scotland, One Account for the past 7 years which was taken out through them in order for me to get a Mortgage. I have now retired and paid off my mortgage in full. Should I still keep my Bank Account with them or would it be more beneficial with regard to interest etc., if I change bank accounts please? I only get my pension paid in each month, I have no other income but I have savings of over £15,000 in the bank account. Any advice would be most welcome please.

Archi_Bald

You will get diddlysquat interest (0.1%, was it?) in the OneAccount whilst there are plenty of other current accounts which pay you 3%, or even 5%. Check out the forum for Lloyds, BOS, TSB, Nationwide, Santander, or their websites.

Potential reasons for keeping the OneAccount:

1. they hold your deeds free of charge. However, the Land Registry almost certainly has got your record electronically, which is good enough proof of ownership (and free as well). You can check with the Land Registry online
2. instant access to significant sums of loan money at competitive APR. They will probably not be very happy though if you borrow loads after the formal end date of your repayment period
3. it makes a good account to bag some switcher offer (FirstDirect, Halifax, may be others in future). Though switcher offers will close your OneAccount

System

I'm not sure that you could simply transfer this type of account like a standard one as it is secured on property.

Santander 123 with 3% up to 20k would seem the most logical option.

Archi_Bald wrote: »

You will get diddlysquat interest (0.1%, was it?) in the OneAccount whilst there are plenty of other current accounts which pay you 3%, or even 5%. Check out the forum for Lloyds, BOS, TSB, Nationwide, Santander, or their websites.

Potential reasons for keeping the OneAccount:

1. they hold your deeds free of charge. However, the Land Registry almost certainly has got your record electronically, which is good enough proof of ownership (and free as well). You can check with the Land Registry online
2. instant access to significant sums of loan money at competitive APR. They will probably not be very happy though if you borrow loads after the formal end date of your repayment period
3. it makes a good account to bag some switcher offer (FirstDirect, Halifax, may be others in future). Though switcher offers will close your OneAccount