Which bank has best overall accounts?

Jackiee_2

We want to switch to a different bank. We need to have a current account, savings account and budget account. On reading a lot of the info it seems one bank is good for some accounts but not so good for others. We'd like to have all the accounts in one bank but are really confused. Advice needed please.

Fruit_and_Nut_Case

Jackiee wrote: »

We want to switch to a different bank. We need to have a current account, savings account and budget account. On reading a lot of the info it seems one bank is good for some accounts but not so good for others. We'd like to have all the accounts in one bank but are really confused. Advice needed please.

Welcome to MSE :wave:

There's really no one correct answer, for the reason that you have already found. If there were, we'd all be banking there.

grumbler

Jackiee wrote: »

...We'd like to have all the accounts in one bank but are really confused.

In the days of instant transfers (FP) this makes no sense.

wiseshark

Jackiee wrote: »

We'd like to have all the accounts in one bank

With the Faster Payment system, money can be transferred to other bank accounts in seconds, so there is really no need to be with one bank which will allow you to get the better products your bank doesn't have.

It will also prevent them from raiding your accounts should things ever go pear shaped. Always good to have accounts with at least two unaffiliated banks.

Grumbler has got there before me.

Archi_Bald

No one bank always offers the best deals.

Are you buying all your clothes in the same store always? Are you buying all your food from just one single shop? When you go out for dinner, do you always go to the same restaurant? Do you always go to the same place on holidays? Etc etc.

Jackiee_2

Thanks all, I think. I feel well and truly reprimanded! I thought I'd ask the question before delving any deeper.

Mulder00

What's a budget account?

Archi_Bald

Jackiee, might be best if you post what you want to/ need to with your account, or accounts, each month.

It would help if you could add how much goes into each account each month, and how much has to come out of it.

Assuming you have no debts other than perhaps mortgage, people might be able offer some ideas.

agrinnall

Mulder00 wrote: »

What's a budget account?

I'd guess a regular saver, but I could be wrong.

Jackiee, you'll find that most of the people who respond, including me, are confident in our dealings with our money and are happy to have it spread around to make the best use of it. There are also advantages in not having everything with one bank, as the RBSG issues in 2012 showed.

But if you aren't that confident yourself perhaps you would find it easier to have everything in one bank, with perhaps a small amount elsewhere just in case of problems with your main bank. You almost certainly won't have the best deals in all areas, but hopefully a reasonable compromise.

As Archi Bald says, if we have some idea of how much you have and what would be going in and out each month it'll be easier to suggest suitable options.

Edited to add this opportune example of all eggs in one basket: http://www.bbc.co.uk/news/business-25193884

wiseshark

Jackiee wrote: »

Thanks all, I think. I feel well and truly reprimanded! I thought I'd ask the question before delving any deeper.

We are not reprimanding you. We are just trying to advise and do our best to help so that you are fully aware of the best options available.:D

wiseshark

Archi_Bald wrote: »

No one bank always offers the best deals.

Are you buying all your clothes in the same store always? Are you buying all your food from just one single shop? When you go out for dinner, do you always go to the same restaurant? Do you always go to the same place on holidays? Etc etc.

That's brilliant fella. Wish I could have said it like it is.