RBS looking to switch

andyh

I have a couple of RBS accounts and I am now looking to switch, after recent events.

The bank set me up with a mechanism that transfers any balance over a certain amount from my current account into a savings account. If the balance falls below this amount in the current account a transfer is made from the savings account - automatically.

I find this facility very useful, is anyone aware of any other banks that have this facility ?

Farel01

I have just switched from RBS to First Direct. They have a sweep, which moves all your money in your current account to a savings account at the end of the month, but don't think it works from savings to current. Can you not just set up an alert via text or email and then log in and switch some money around?

ColdIron

The trouble is that FD's savings products are very poor, the regular saver is good but that must be funded by standing order

Archi_Bald

Go for a current account that pays interest. No sweep necessary then because at present no savings account will pay you anything like as good interest as the best current accounts do.

jimjames

Archi_Bald wrote: »

Go for a current account that pays interest. No sweep necessary then because at present no savings account will pay you anything like as good interest as the best current accounts do.

This is a better option than Natwest - how much interest do they pay on savings?

Nationwide flexdirect current account pays 5% so no need to move the surplus until it is over £2500.

andyh

Thanks for the replies and options.

At the minute I like the idea of my savings not being visible to me, ie. a little further out of temptations reach

It has got me thinking about migrating my other current account though.

pip895

I used to have a sweep on my Lloyds account - I found it more difficult budgeting with it though - it swept daily and it was difficult keeping an eye on outgoings because of all the extra transactions.
I don't know how much you have in your savings account but if it is under 20k then a Santander 123 account could work well. I use one for all my big monthly bills - it allows me to keep a better eye on my discretionary spending in my other account.


It also puts the "savings" out of every day view.