Current account for my savings?

Eco_Miser

That's right, just open (not switch to) the Santander account, then contact your utilities, council, etc, with your new bank details, to have them change their direct debits. Some you can change via their web site, others you need to phone or write.

badger09

Petula wrote: »

Ah! @ Andy PK

So if I were wanting to keep Barclays, I could go ahead and open the Santander... but not use the switching service? Just contact the 2-3 companies that I want to switch DD to Santander. Is that correct, please?

In the end I would (for now at least) like to have Santander as my 'main' bank as I get some cashback from bills and more interest even at £1,000.

Yes.

Many companies will allow you to move your DD online. Some need a phone call, others need something in writing. Check with each company. The best time to move them is shortly after they've been paid. Just make sure, if you're not using the switching service, that you have enough in both accounts, to cover the DDs for the first monthly payment, just in case

Petula

May I just ask, has anyone here used the switching service - closing an account they'd had for ages - and run into any problems because of the loss of the long standing account? Thanks

Petula

Ok, think I have a decision (for the next few months) unless someone says that closing their own long term account was a bad idea.

I will switch to Santander and open a more basic type of account - something like Halifax Current (standard). The Santander will be the 'main' account and the Halifax will be for 'pocket' money/online purchases. As you could probably tell, I am not at all happy with Barclays especially considering what others are offering and really want to vote with my feet/pounds!

When I get the savings up another £2-3k, I'll then look for another and hopefully there will still be some fab deals. It doesn't seem that I would be benefitting so much if I were to continually remove £500 from the Santander acct. to meet the TSB acct's requirements. I would if there were a bit more padding in the account, but I am just at the £3k mark now.

Does this sound sensible enough or am I barmy? :rotfl:

Archi_Bald

I don't understand why you want to give up the 18 years of "stability" on your credit file. There is no reason why you could not keep this account as a dormant, or semi-dormant, account.

But if you have to switch, at least use the account to its best potential - i.e. switch it to a bank that pays you a bonus. YB/CB is still tops with £150, and Halifax would pay you £100.

I love the 123 account myself but I really do question your rationale for it. If you only have £3K or less, there are lots better options, e.g. a combination of TSB and Nationwide, or TSB and Tesco.

Petula

I've not had loads of loans or credit, but have never been turned down for anything that I have applied for. Is this due in large part to having had a Barclays account for such a long time? This is why I asked if anyone had closed a long term account and regretted it for any reason, and why I'm not plunging ahead just yet

My thinking behind just the two accounts (at this time) is that I believed that if a balance fell (in this case below £3k) at any time during a month (month description varying between banks) that you would be considered to not have had the £3k balance in that month. If I put a required amount in (max) to open an account and then remove £500, or the required amount, my balance will have fallen below the requirement for that month.

I should maybe impart here that my weekly income is quite modest but I do have times where a larger lump sum is paid in, but not with any regularity.

My reasons for wanting to leave Barclays entirely is simply that I can do better elsewhere. That's not saying that I want to do so at my own detriment!

badger09

Petula wrote: »

I've not had loads of loans or credit, but have never been turned down for anything that I have applied for. Is this due in large part to having had a Barclays account for such a long time? This is why I asked if anyone had closed a long term account and regretted it for any reason, and why I'm not plunging ahead just yet

My thinking behind just the two accounts (at this time) is that I believed that if a balance fell (in this case below £3k) at any time during a month (month description varying between banks) that you would be considered to not have had the £3k balance in that month. If I put a required amount in (max) to open an account and then remove £500, or the required amount, my balance will have fallen below the requirement for that month.

I should maybe impart here that my weekly income is quite modest but I do have times where a larger lump sum is paid in, but not with any regularity.

My reasons for wanting to leave Barclays entirely is simply that I can do better elsewhere. That's not saying that I want to do so at my own detriment!

Petula

Only yesterday you said you were going to have a good look at the T&C of the accounts you were considering. Did you do that? If you did, can you say where the Santander T&C say your balance mustn't drop below £3k?

I suspect you can't because it doesn't say that:cool:
You will not get 3% for the days it drops below £3k, but that is not what you're implying.

Please reread Colsten's post 3. This will maximise the interest on your savings for now. No switching, no switching bonus, no free £5 per month, but you can tackle when you're ready

Petula

I had gone back only to find out how many DDs and the pay in requirement for each, but have now read T&Cs more thoroughly and have to say.... I've a headache. :rotfl:

For now, Barclays will remain but get as little business as possible with TSB and possibly Nationwide being the new accounts. Still liking Santander though

Thanks for all of your help, for a "new to my own finances" like myself (used to let ex handle it all) you've been a godsend. :beer:

badger09

Petula wrote: »

I had gone back only to find out how many DDs and the pay in requirement for each, but have now read T&Cs more thoroughly and have to say.... I've a headache. :rotfl:

For now, Barclays will remain but get as little business as possible with TSB and possibly Nationwide being the new accounts. Still liking Santander though

Thanks for all of your help, for a "new to my own finances" like myself (used to let ex handle it all) you've been a godsend. :beer:

When your headache clears please do come back if you need clarification, but we really are no substitute for the official T&Cs

Its good that you're taking control of your own finances. As things can happen (illness, death ) even in the happiest and most stable of relationships, both parties should have some control of their finances.
IMHO

AndyPK

Petula wrote: »

It doesn't seem that I would be benefitting so much if I were to continually remove £500 from the Santander acct. to meet the TSB acct's requirements. I would if there were a bit more padding in the account, but I am just at the £3k mark now.

Does this sound sensible enough or am I barmy? :rotfl:

You don't have to move £500 in and out the TSB account, to have the account, but you won't get the interest without doing that.

For example, if you have £500 in the account you would earn £1.66 a month (I'm sure someone will correct me if I have that wrong!). You may not consider it worth the trouble.

It would also ensure £500 went into the Santander account (going out and in) if your weekly wages are erratic.

Maybe when you have saved more, you will have more money to put into the TSB account and get interest and you could simply start doing the £500 in/out then