If you could only choose one high street bank

[Deleted User]

Hello all,


Been lurking on MSE for a long time but just starting to post.
I'm looking to switch banks and, while I know I could probably get better deals by spreading my money around, I was wondering which high street bank you would choose if you could only choose one.


I'm currently with HSBC. I never changed when it took over Midland, however long ago that was. I have a current account, a credit card, an ISA and an instant access savings account which I rarely use. I'd be looking for a similar set up but with a regular saver, like a 6% linked savings account.
I'm tempted by switching bonuses but trying to think longer term what is best for my money so that is not the be all and end all even though it'd be nice!


Thanks in advance!

colsten

No single bank offers all people all the best features, and certainly not all at the same time. If you are prepared to make compromises, you can pick and choose. But if you have mandatory features such as 'must have a 6%' regular saver, and 'must be my only bank', you are severely limiting your choice.

Perhaps instead of asking the question like you did ask it, you should draw up a list of your mandatory and optional requirements, and then check which bank(s) offer what you are after.

ceredigion

6% regular saver equals HSBS in three different guises

PeacefulWaters

I'm tempted by switching bonuses

Open an account with Barclays or Nat West. Set up two direct debits on it, perhaps to a Tesco savings account.

Fund it with £1,500 a month via Faster Payments in and out, allowing enough for direct debits to remain.

Then switch that every few months collecting incentives, leaving your existing arrangements at HSBC in place.

[Deleted User]

ceredigion wrote: »

6% regular saver equals HSBS in three different guises

The more I looked for this type of account, the more I saw that was true!

[Deleted User]

PeacefulWaters wrote: »

Open an account with Barclays or Nat West. Set up two direct debits on it, perhaps to a Tesco savings account.

Fund it with £1,500 a month via Faster Payments in and out, allowing enough for direct debits to remain.

Then switch that every few months collecting incentives, leaving your existing arrangements at HSBC in place.

This may be the simplest arrangement for me, actually. Presumably it just keeps the same money cycling in and out?


I don't have any particular problem with HSBC so maybe I should be adding accounts elsewhere rather than switching entirely. Did you mention those banks and Tesco because they're the simplest to set up?