New bank account?

rolls99

A question.

I currently have two bank accounts:

My main account is Clydesdale who I've been with for years

All debits/payments come from this account.

I also have an RBS current account, and a savings account.

This is my 'pocket money account' - anything spare I move from Clydesdale to this, so I don't need to worry about debits etc and I can spend as and when.

Moving between the Savings and current account is instant.

The main point being RBS online and mobile banking leaves Clydesdale standing.

I never take my wallet to work for example but if I need cash I can just go on the mobile, and get a code from RBS.

Ideally, I'd like my main account to be like RBS in terms of online / mobile etc - Clydesdale just doesn't cut it.

I'm not sure what the drawbacks would be of switching and leaving my long standing bank (Clydesdale) - what would this do to any credit applications or whatever - would it be a factor at all?

Any suggestions on banks with great online facilities?

rb10

Whilst RBS is good for mobile banking, its products are worse than poor.

Assuming you keep your current account in credit, then look at the following:

Nationwide - best for online/mobile, 5% interest on the current account
Halifax / TSB / Lloyds / Bank of Scotland / Santander - good for online/mobile, 3% interest on the current accounts (or £5/month from Halifax).

rolls99

Thanks: I hadn't considered Nationwide and there's a branch near me, I'll have a look at your suggestions.:)

YorkshireBoy

These days, with the 7-day switch guarantee, the old account is closed automatically.

Some (maybe all?) banks may have an option to partially switch and leave the old account open. However, you'll have to stipulate (and check and double check what you're agreeing to) this is what you want in order to keep the Clydesdale account open...and you should*, since 'time with bank' is a key stability criterion in credit scoring.

A problem with partial switching though, is that you're unlikely to get any incentives, eg the Halifax £100.


* I still have a Yorkshire Bank account (same group so I'm well aware of their shortcomings!) that I opened in 1979...purely so I can say "34 years" when asked "how long have you been with your bank?"

grumbler

rolls99 wrote: »

I never take my wallet to work for example but if I need cash I can just go on the mobile, and get a code from RBS.

Is it not easier just to have a debit card on you? Or, even better a credit one that pays some cashback?
Market is the only place where I ever pay cash.

rolls99

YorkshireBoy wrote: »

These days, with the 7-day switch guarantee, the old account is closed automatically.

Some (maybe all?) banks may have an option to partially switch and leave the old account open. However, you'll have to stipulate (and check and double check what you're agreeing to) this is what you want in order to keep the Clydesdale account open...and you should*, since 'time with bank' is a key stability criterion in credit scoring.

A problem with partial switching though, is that you're unlikely to get any incentives, eg the Halifax £100.


* I still have a Yorkshire Bank account (same group so I'm well aware of their shortcomings!) that I opened in 1979...purely so I can say "34 years" when asked "how long have you been with your bank?"

Thanks for that - this was the main thing I was wondering about, so leaving the account open might be the better alternative - I'll have a look through the various options.

Would there be any benefit in just applying for a new account and then once it's up and running just change DDs and salary manually?

YorkshireBoy

rolls99 wrote: »

Would there be any benefit in just applying for a new account and then once it's up and running just change DDs and salary manually?

That would always be my preferred option.

In fact, I'd never use a switching service for important bills, particularly mortgage, credit card, loan, etc.

That's why I always maintain at least a couple of dormant accounts ready for switching offers, and set up SOs/move less important DDs on it/to it myself prior to switching.

rolls99

grumbler wrote: »

Is it not easier just to have a debit card on you? Or, even better a credit one that pays some cashback?
Market is the only place where I ever pay cash.

It would be although it's very infrequently I ever spend anything on the way to or from work (normal gap would be months), and if/when I do need to get something I can get a few quid via the mobile.
Generally I don't even carry my wallet unless I'm specifically going to the shops, and any loose change always ends up in the jar and it hasn't been unknown for me to pop out to get something and take my mobile but not my wallet :rotfl:

Mind you it does mean I don't usually waste money that way

rolls99

YorkshireBoy wrote: »

That would always be my preferred option.

In fact, I'd never use a switching service for important bills, particularly mortgage, credit card, loan, etc.

That's why I always maintain at least a couple of dormant accounts ready for switching offers, and set up SOs/move less important DDs on it/to it myself prior to switching.

Cheers, I think that's something I'll look into - at least the fact an account's open and waiting you can move DDs etc at leisure