Switch or not to switch?

bluelottie

Hi

I have been with NatWest for 35 years and, while I appreciate the notion of account loyalty is fairly meaningless, I have always experienced excellent customer service and never been troubled with problems. However, the quick access ISA I set up a number of years ago is now paying negligible interest so I am switching my savings to Santander 123 current account. I understand I have to arrange for some money to be going in every month and a couple of direct debits - this isn't a problem but I'm wondering whether to bite the bullet and just switch my current account too. Is it worth keeping my current account with NatWest given how long I've been with them?

Archi_Bald

Your decision entirely. Having had an account for many years might help when you apply for a mortgage or loan, but has no other discernible benefits.

There has been mention on here of Natwest plans to launch a new current account later this year which will pay 3% cashback on household bills and cost £2 a month. This sounds similar to the 123 but is is unclear whether the account will also pay interest. So you may want to wait and see what it is they will offer. Although if it was me, I would have left Natwest for the 123 several years ago.

I would also make use of the 4% and 5% current accounts, as well as the 4, 5 and 6% regular savings ones.

http://www.bankaccountsavings.co.uk/
https://forums.moneysavingexpert.com/discussion/comment/6932895#Comment_6932895

puk999

You can open up another current account with Natwest, and use this account to switch, once you've moved over the required DDs to it of course.

From the Natwest site, click PERSONAL, Explore our range, Select Account, Apply Online Now. Select the option that you're an existing customer, and the process is very straightforward because your customer number will be used to fill out the details.

I've done this twice in the last year, with the last current account being alive for about 2 weeks before being switched away which made me feel a bit naughty, but hey ho

bluelottie

Thanks for the advice - have closed ISA and set up 123; holding fire on completely switching as Nat West have offered good mortgage deal