Why do these muppets need me to have a chequebook?

xylophone

So, going to the draw, pulling out the cheque, writing the cheque

Quick on the draw (er)...:D

[Deleted User]

Loughton_Monkey wrote: »

If you like, OP, I could send one to you as a museum piece.

Thanks, but I shredded one this morning. It celebrated its 21st birthday last May, in pristine condition not having been used even once. The account is still open even though the financial institution changed its name around 10 years ago. I gave it the last rites and shredded it. Relieved to see another unwanted pile of paper, and associated fire risk, gone.

Loughton_Monkey wrote: »

...buying granny bonds. It's not my fault the NS&I online application is (was) flawed.

My grandad bought them online using his debit card. It worked faultlessly, no hassle, no paper at all, no dinosaur chequebooks or snailmail to get lost stolen or delayed.

colsten

picks, you might have overlooked this:

colsten wrote: »

I am intrigued - why do you need more than £50K in instant access accounts?

colsten

Deleted_User wrote: »

Thanks, but I shredded one this morning. It celebrated its 21st birthday last May, in pristine condition not having been used even once. The account is still open even though the financial institution changed its name around 10 years ago. I gave it the last rites and shredded it. Relieved to see another unwanted pile of paper, and associated fire risk, gone.

Are you sure this really happened? You lived with this fire risk for 21 years? You didn't think you could reduce the fire risk by tearing out a cheque each for BM and ICICI to reduce said fire risk? Or just do away with the entire fire risk some 20 years ago?

May be this entire thread is just the combined effect of school holidays, crappy weather, rampant hormons and a lack of female company.

[Deleted User]

colsten wrote: »

You didn't think you could reduce the fire risk by tearing out a cheque each for BM and ICICI to reduce said fire risk?

No, since the financial institution recently consigned the chequebook facility to history.

colsten

Deleted_User wrote: »

No, since the financial institution recently consigned the chequebook facility to history.

So you did have a use for cheques until recently, after all? Enough reason to keep the fire hazard for 21 years? Just checking.

What about answers to the other Qs? Such as why you need more than £50K in instant access accounts?

hoc

People needing more than 50k instant access for house purchase is very common.

There is a difference in showing the way to somebody unaware of high paying current accounts, but the constant, insistent questioning of savings accounts including cash ISA when the person has repeatedly said he's done the current accounts. I just don't understand this.

tiptoe_mouse

hoc wrote: »

People needing more than 50k instant access for house purchase is very common.

There is a difference in showing the way to somebody unaware of high paying current accounts, but the constant, insistent questioning of savings accounts including cash ISA when the person has repeatedly said he's done the current accounts. I just don't understand this.

I'm guessing the reason people are emphasising this is to make the OP aware that you can, with a little work, have a number of these interest paying accounts and therefore have several grand earning 3%-5% interest. See this page:

http://www.moneysavingexpert.com/savings/savings-loophole

So let's imagine you want to open three Bank of Scotland, two Nationwide FlexDirect*, two Tesco Bank and two TSB Classic Plus* accounts to earn over 4% on up to £15,000. Here's one example of how you could play the system by moving just £1,000 about:

Day 1: Pay £1,000 from your main current account to the 1st Bank of Scotland account (to satisfy the £1,000 minimum pay-in per account).

Day 2: Pay £500 each from the Bank of Scotland current account to the 1st and 2nd TSB accounts (to satisfy the £500 minimum pay-in per account).

Day 3: Set up standing orders from the 1st and 2nd TSB accounts, move those two lots of £500 into the 1st Nationwide account, making a total of £1,000 to satisfy the minimum monthly pay-in.

Day 4: Set up a standing order from the 1st Nationwide account to move £1,000 into the 2nd Bank of Scotland account (to satisfy the £1,000 minimum monthly pay-in).

Day 5: Set up standing orders from the 2nd Bank of Scotland account to move £750 into the 1st Tesco account (to satisfy the £750 minimum monthly pay-in) and £250 into the 2nd Tesco account (don't worry it's not the full £750, you'll be putting in another £500 a bit later on day 8 to satisfy the £750 minimum monthly pay-in).

Day 6: Set up standing orders to move £750 from the 1st Tesco account to the 3rd Bank of Scotland account and £250 from the second Tesco account to the 3rd Bank of Scotland account (to satisfy the minimum monthly pay-in).
Day 7: Set up a standing order to move £1,000 from the 3rd Bank of Scotland account to the 2nd Nationwide account.

Day 8: Set up a standing order to move £500 from the 2nd Nationwide account to the 2nd Tesco account (it doesn't matter the £750 minimum monthly pay-in didn't go in all in one go. Any deposit made during the statement month all counts towards the minimum pay-in).

Day 9: Set up a standing order to move £500 from the 2nd Nationwide account to the 1st TSB account and £500 from the 2nd Tesco account to the 2nd TSB account.

Set up standing orders to go out at the beginning of the second month: Set up a standing order to move £500 from the 1st and 2nd TSB accounts to the 1st Bank of Scotland account.

Ongoing: Repeat these steps once per month to maintain the gain.
In total, you could earn over 4% on up to £30,000 of savings.That's a tasty sum you can max the interest on.

What if I've more than £30,000 to save? What can I do then? You could get even more clever. You could open the Santander 123* current account, which pays 3% on the whole balance if you've £3,000 - £20,000 in it.

However, the OP may consider this to much work.

HTH

tiptoe

edinburgher

TL DR version of whole thread: OP doesn't like cheques :beer:

p00hsticks

Deleted_User wrote: »

Debit cards display the Sort Code and Account number on the card.

Not necessarily - I've just had a look and although my Nationwide, Santander and Halifax debit cards all do, my Nat West one only has the sort code, no account number.