Possible Bank of Scotland 5% acc

planteria

apt wrote: »

Bankers keep making noise to that effect, but the great majority of customers want 'free banking' so it will only disappear if there's a stitch-up.

i agree. at the moment the worst most of us have to put up with is no credit interest. and getting a monthly fee paid to us is common with the Halifax Rewards account:)

Thrugelmir

apt wrote: »

Bankers keep making noise to that effect, but the great majority of customers want 'free banking' so it will only disappear if there's a stitch-up.

Just needs someone to break ranks. I'm sure customers do. But banks cannot provide retail banking for free.

grizzly1911

Thrugelmir wrote: »

Just needs someone to break ranks. I'm sure customers do. But banks cannot provide retail banking for free.

The debater is nothing new . Been going on for the last 30+ years I know about and has rumbled on for a lot longer no doubt. In that time the cost of running a run of the mill account will have dropped markedly.

I wonder how much maintaining all the dormant accounts cost as people constantly switch, online, to get the latest best deals?

bigadaj

guymo wrote: »

People should save this post and re-quote it when the question "why do these banks offer higher rates of interest on current accounts than savings?" is asked.

Maybe, but I'm still only interested in it because I'm getting more out of it than I'm being charged, in my circumstances and opinion of course.

It's just a massive difference between flexplus and packaged accounts of the big banks, you get over half of the charge back in interest, so paying only around £50 for travel insurance, full breakdown covera nd extended warranty for a year, either of the first two would cost you more than that on their own.

ChopperST

I really don't understand the hysteria about packaged accounts and banks offering preferential rates to supposedly "hook" people in.

Mis-Selling of them yes but the accounts themselves no.

It isn't difficult to check what cover you would normally purchase (mobile, breakdown, travel etc.) and work out if buying it all in one place makes economic sense for you as the individual.

We really are becoming a nanny state where people are deemed incapable of making their own decisions.

We both have Flex Direct accounts. Because of our account histories we were offered Nationwide's new 0.75% balance transfer fee credit card. Both of us were stoozing in Flex Direct and Santander 123 accounts and were going to pay off the cards next month. When we can earn interest above that rate there is no point paying the card off if we can transfer the balance of 26 months for a nominal fee.

If we hadn't had the Flex Direct account then we may not have applied.

apt

bigadaj wrote: »

It's just a massive difference between flexplus and packaged accounts of the big banks, you get over half of the charge back in interest, so paying only around £50 for travel insurance, full breakdown covera nd extended warranty for a year, either of the first two would cost you more than that on their own.

The cost is £120. You should not deduct what you get in interest a) because you could get 3% elsewhere with no fees and b) most of the interest is eaten up by inflation. Also don't exaggerate the value of the insurances. The travel insurance is only worth £20 (or nothing if you don't travel outside Europe) as that is what it would cost if you had a flexaccount. You can get good cashback deals on breakdown cover. Flexplus might still be worth it, but you need to do the calculations accurately.

bigadaj

apt wrote: »

The cost is £120. You should not deduct what you get in interest a) because you could get 3% elsewhere with no fees and b) most of the interest is eaten up by inflation. Also don't exaggerate the value of the insurances. The travel insurance is only worth £20 (or nothing if you don't travel outside Europe) as that is what it would cost if you had a flexaccount. You can get good cashback deals on breakdown cover. Flexplus might still be worth it, but you need to do the calculations accurately.

I have done.

I've got all the current accounts paying decent rates maxed out anyway.

If you check it's also worldwide cover for travel insurance, on a family basis, bit more than £20 for that.

Also mobile insurance, not worth that much but worth having, and the extended warranty.

Breakdown cover including recovery is around £70 with cashback.

As you say do your calculations accurately!

Dustykitten

Any news on with BOS will be bringing out a new account like Lloyds or TSB?

Are they still offering the Vantage atm?

G_M

Dustykitten wrote: »

Any news on with BOS will be bringing out a new account like Lloyds or TSB?

Are they still offering the Vantage atm?

Take a look at their website.