Advice re bank accounts please

pollypenny

Oh, easy peasy!

My OH is nervous about banks, too. However, we, well I, opened a Santander 123 in May 2014. We use that as a savings account and to pay D/DS. We made enough in a just over year to pay for my new MacBook.

In February last year we transferred from Hsbc, after 50 years, to Nationwide. Lots of pluses in their Fkex Plus account, all of which we use and it costs us £5 a month, allowing for the interest we learn.

Every thing was transferred smoothly. Inward payments are guaranteed fir 13 months. We had letters from DWP, about state pensions, and from Prudential about my AVC. We rang the providers of our main pensions recently and they both confirmed that they have the new details.

Best thing we've done. HSBC don't care about ordinary customers.

agrinnall

Rather than worry about the process, which should be seamless, I would ask why it is that you want to switch at all? Many people switch to earn a bonus but that doesn't seem to be the case for you, is it because of poor service? If so, are you sure that moving to BOS would be any better? If it's specifically due to the service at your local RBS branch have you spoken to friends who use the BOS one to find out what they think of it?

mardatha

I think the RBS is going to fall to bits sooner rather than later and don't want our only source of income to be caught up in it

Biggles

mardatha wrote: »

I think the RBS is going to fall to bits sooner rather than later and don't want our only source of income to be caught up in it

There's no reason why it should more than any bank you might decide to change to, nor why it should affect your source of income if it did.

I'm with your husband, though not for the same reasons.

Savvy_Sue

mardatha wrote: »

I don't leave any money in the bank - we use cash for everything, apart from a couple of D/Ds.

I'm the reverse: everything that possibly can be is on a DD, and whereas I used to use cash for payments under c. £5, then £10, I now use my contactless card for even piddling little payments - at least in the larger stores, not so much in the corner shop!

Withdrawing cash is not as difficult as it used to be for us: a few years ago the nearest cashpoint to work was over a mile away, and to home it was just under a mile. But I would not want to have to rely on being able to withdraw cash regularly.

mardatha wrote: »

I just need an account for the pensions coming in. But you give me an idea - maybe open a second account just for me and see how it goes... That will stop him fussing at least TY.

I'll second the suggestion of Santander's 123 account.

And also the suggestion of NOT switching but just opening other accounts. We have multiple joint accounts, for various reasons and purposes, and I have a couple in my sole name for the high interest rates on smaller amounts!

Katiehound

If you look on the budgeting & banking thread you will see loads of suggestions (especially why Santander 123 might not be the best bet- hint- charges!)

If you have any money sitting idle then it makes sense for it to be earning a few extra beans! TSB classic plus (online)gets lots of votes 5% interest, savings a/c 5% and 5% cashback on contactless payments (max £5 per month.) and no DDs required. £500 payment per month required- does not have to stay!!

margaretclare

Switching banks is very easy and straightforward. Just go to your new bank and they'll do it all for you.

jennifernil

You don't even always have to go to the bank, you can open an account on line then instigate the switch.

If it is to be a joint account you may have to visit a branch or some will do it by phone. You can first open a sole account then make it joint.

The TSB Classic Plus is good as it will pay up to 5% on up to £2000. You have to go paperless to get the interest , but this does not stop you using a branch too.

BOS Classic with Vantage pays 3%, no need to be paperless.

Santander will charge you £5 per month, but you can get cashback on some DDs, but unlikely to cover the £5.

We have switched a couple of accounts, went totally smoothly.

A good thing is that should anyone send any money to the closed account within a certain period, it will be sent straight on to the new account.

pollypenny

We opened our Santander 123 on line with no problem, then we opened our Nationwide, ready to switch also on line. Both joint.

I also have two TSB accounts, each earning 5% on £2000 and Halifax earning its £5 a per month.

All easy to run online.

jennifernil

Yes, savings accounts rates are rubbish these days, even ISAs, we now have all our "savings" in interest bearing current accounts.

Started originally with the BOS 3%, but have since also opened the TSB 5% and the Lloyds 4%.

We have both sole and joint accounts with those 2, I remember we had to do the joint bit with Lloyds by phone, can't remember what we did with TSB.

I also have a Santander 123, not so good that they have bumped up the fee to £5. Even paying our CT (which includes water) , gas, electricity, and telephone/BB by DD to earn cashback I will only just cover the £60 per annum fee.

Our main joint account is with Halifax, plus we have a few others that get the £5 Reward, so we both switched in redundant former Lloyds TSB Vantages and got £100 each.

Also each opened an M&S account and switched in 2 more Lloyds TSB Vantages, which earned us £125 each.

And OH did a switch of an old Halifax account to HSBC earning a potential £240 as he also opened a Loyalty ISA.

It all helps!

I think we could maybe do something with Nationwide in the future if necessary, we already have FlexAccounts there, now used only for OH's pension from abroad.