MSE News: 5 million RBS & NatWest savers to be switched to low-paying accounts

Pincher

Archi_Bald wrote: »

What do you need two DDs for on a Tesco bank account? Or are you referring to Tesco savings accounts that you will feed by DD?

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5. A minimum of two Direct Debits must be transferred as part of their switch.

Archi_Bald wrote: »

there is no minimum period of time you need to hold a current account for.

It just seems so mercenary. I opened a Bradford and Bingley account to carpet bag them, probably 30 years ago. The clerk looked at me with hatred and disdain, it still haunts me. Got the money, closed the account. The branch is now a Cash Converters.
Mini Asset strippers, that's what we are.

Thrugelmir

MSE_Paloma wrote: »

Five million NatWest and RBS customers will be switched to new accounts in January paying well below the best buys ...

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5 million RBS & NatWest savers to be switched to low-paying accounts




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Wouldn't life be simpler without best buys?

Just straight forward accounts...........

cheexy

colsten wrote: »

The First Direct Regular Saver is a "rinse and repeat" account - i.e. once your account has matured, you just open another one. Many people have had more than half a dozen of this account in so many years. It is a great account even for people with big lump sum savings, as you can boost your interest income by dripfeeding the Reg Sav from e.g. a Santander 123.

I do this too. I'm about to open my third First Direct regular savings account.

Pincher

Thrugelmir wrote: »

Wouldn't life be simpler without best buys?

Just straight forward accounts...........

Hmm, John Lewis Financial Services already does a credit card and insurance, so it's not that big a leap to bank accounts.


If I was running the thing, I would keep it invitation only at first. All I have to do is look up the Partnership card credit history, and invite the cream of the crop.


Here's a retro idea with a modern twist: big ticket item offset. You buy a sofa, washing machine etc., on a loan, which is offset by the balance in your John Lewis bank account. Similar idea to an offset mortgage.