Changing the main bank account

andreauk2009

Over time I have always had a main bank account, negotiating interest rate in the branch, but Lloyds most recent letter will make no point doing this anymore.

So I'm planning for move elsewhere.

I wonder whether it is important to retain something, e.g. list of past 6 months transactions or something like this as a precaution. This is because I'm planning to ask for a mortgage.

Thanks
Andrea

Hooloovoo

Generally I file away at least the last six years of statements.

andreauk2009

I was used to do that when I was receiving paper statements. Is it really necessary now?

badger09

andreauk2009 wrote: »

Over time I have always had a main bank account, negotiating interest rate in the branch, but Lloyds most recent letter will make no point doing this anymore.

Really?

Have you obtained a higher interest rate than offered to other customers?

If so, could you give some indication of the balance involved and interest rate you negotiated?

Thanks

Hooloovoo

andreauk2009 wrote: »

I was used to do that when I was receiving paper statements. Is it really necessary now?

Not so much, no.

I've got most things on e-statements, but I do keep the account I consider to be my "main" one set to paper statements and keep several years filed away.

At the very least I would download all available statement PDFs and store them securely, with several backups.

andreauk2009

badger09 wrote: »

Really?

Have you obtained a higher interest rate than offered to other customers?

If so, could you give some indication of the balance involved and interest rate you negotiated?

Thanks

It was a 5 zero on the bank account, and a 4 zero on the personal saving accounts.

andreauk2009

Hooloovoo wrote: »

Not so much, no.

I've got most things on e-statements, but I do keep the account I consider to be my "main" one set to paper statements and keep several years filed away.

At the very least I would download all available statement PDFs and store them securely, with several backups.

The biggest problem in doing this is the Lloyds web interface that is absolutely rubbish. They don't allow more than 3 months exports, results are paginated and they don't generate PDF.
It's an hard task for 6 years
And it won't probably be as effective as it is a pdf?

Does the bank shut down everything on the day the account is closed? Or will I be granted access for some while?

grumbler

Does "5 zero" mean £100K+?
If so, it's hard to believe that you were able to negotiate a decent rate on such balance in a current account. And what's the point in having that big balance?

Re the statements, unless you want to get some bonus for switching the account, just keep it with a nominal balance and you'll have the access to the history should you need this.

Hooloovoo

andreauk2009 wrote: »

The biggest problem in doing this is the Lloyds web interface that is absolutely rubbish. They don't allow more than 3 months exports, results are paginated and they don't generate PDF.
It's an hard task for 6 years
And it won't probably be as effective as it is a pdf?

All the more reason to have insisted on paper statements until they get their IT systems up to scratch.

Does the bank shut down everything on the day the account is closed? Or will I be granted access for some while?

As grumbler says, just leave the account open.

Many people have tens of current accounts these days, making use of the different benefits of each.

andreauk2009

grumbler wrote: »

Does "5 zero" mean £100K+?
If so, it's hard to believe that you were able to negotiate a decent rate on such balance in a current account. And what's the point in having that big balance?

Well, when I asked whether it was possible to do something I was then offered to invest in a standard saving account at a personalised interest rate.

Although it's hard to believe, that's what's happened.

andreauk2009

Hooloovoo wrote: »

As grumbler says, just leave the account open.

Many people have tens of current accounts these days, making use of the different benefits of each.

So does opening a new account and using the transfer service implies to close the old one, or do the new bank just take care of moving all outbound standing orders?