Martin Lewis in on ITV now telling 8million how to get multiple current a/c rewards

colsten

datlex wrote: »

What exactly will banks stop, standing orders between bank accounts? Or the rewards?

Here's a list to pick from, in no particular order:
* lower/no interest on credit balances
* no reward payments for accounts that have less than, say, 10 transactions a month
* no DDs to/from personal accounts
* no counting of deposits from personal accounts towards minimum monthly deposits
* and a whole lot of other restrictions that I won't mention, in order not to give ideas to the bankers that they didn't already have.

I agree, though, that they already do deploy DDs as a "deterrent", and it does work with some people.

datlex wrote: »

What may happen is the banks may increase the number of direct debits to 4, most people with will have at least 4 direct debits but probably not 8 or 12 to allow for multiple accounts.

futile exercise as those of us who really want to engage can have as many DDs as any banker might ask for

YorkshireBoy

datlex wrote: »

What exactly will banks stop, standing orders between bank accounts? Or the rewards? Banks already know people do standing orders between their own accounts for various reasons including financial planning. They can see money moving back and forth already. Not everyone gets paid a salary, some people get "paid" interest from investments or pensions. Also a housewife/husband may get "paid" from their wife/husband via a joint account.

They could tighten up in many ways...if prompted/spooked by something, ie a TV programme giving away more 'trade secrets'.

It's blatantly obvious what I'm doing, if they want to manually look into my accounts. They may not have time to look at several 1000s/100,000s of accounts, but could very easily run a couple of database queries such as...

1. Which or our customers have more than 2 current accounts with the bank/group, and/or

2. Analyse the CRA monthly feed looking for those customers who hold more than, say, 7 current accounts

...in order to target their, perhaps limited, resources.

What may happen is the banks may increase the number of direct debits to 4, most people with will have at least 4 direct debits but probably not 8 or 12 to allow for multiple accounts.

I wouldn't bet on it!

No_6

Sums it up nicely.




6

No_6

wrong post again


6

Katiehound

Herbalus wrote: »

I'm not too worried about the masses getting hold of this though. I've explained perfectly clearly how to average about 5.5% on £20k to some friends and they all look flabbergasted at the "effort" involved. .

yes, I have also explained to friends the way to make their 'rainy day' money work for them but they too can't be bothered and would rather put it in a cash ISA! Seems it's too much effort or requires some planning!

frank777

Power to the People!
We could ''Bank on Dave'' and get 5% AER on our savings - the managers won't like losing bonus payments and most of their current account holders?

''After the recession began in late 2008 to early 2009, David found that many of his customers, through no fault of their own, were struggling to obtain loans from their High Street Banks. These were loyal customers that he had done business with for many years, and whom he had complete faith in''

David decided that if the Banks weren’t willing to help ordinary people........ https://www.burnleysavingsandloans.co.uk/faqs/

Just a thought - DYOR :rotfl:

jimjames

frank777 wrote: »

Power to the People!
We could ''Bank on Dave'' and get 5% AER on our savings - the managers won't like losing bonus payments and most of their current account holders?

Why would I want to tie my money up for 2-3 years with the risk of capital loss to get 5% when I can have it as instant access and be FSCS protected?

SailorSam

I switched over when it started. When he first started doing the tv, he was good. But now it seems to be the same old thing over and over again.

colsten

frank777 wrote: »

We could ''Bank on Dave'' and get 5% AER on our savings

<snip>


David decided that if the Banks weren’t willing to help ordinary people........ https://www.burnleysavingsandloans.co.uk/faqs/

This must be the most incomprehensible website I have ever come across.

How do I get 5% on how much of my savings and when?

pavane

SailorSam wrote: »

I switched over when it started. When he first started doing the tv, he was good. But now it seems to be the same old thing over and over again.

no credit card balance transfer or energy switch. very disappointed.