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Another switching question.

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Hi guys/girls,

Since reading the post about LBG shutting someone's accounts it got me thinking.

I've been banking with Halifax since the introduction of the reward account, I had 2 but they recently down graded 1 to a current account. I do all my main banking with Halifax and have my mortgage with them.

I have had a Lloyds account ever since I can remember, but it stopped being my everyday account when I moved to Halifax for the reward account.

I have recently switched my spare Halifax account to HSBC to get the bonus.

I then opened another account with Halifax and Lloyds with the intention of switching to M&S and Yorkshire bank.

maybe it's just me being paranoid, but I'll be switching 3 accounts out of LBG (2 Halifax and 1 Lloyds) all with in a month, 2 of the accounts will of only been open 2 weeks.

Will it be noticed and possibly repercussions, or shall I just carry on and not do anymore switch's with LBG after this?

I hope that all makes sense?

Thanks

Comments

  • Dan83
    Dan83 Posts: 673 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    Anyone have an opinion?
  • eskbanker
    eskbanker Posts: 37,221 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I don't think anyone can say for sure, but I've only seen reports on here of a very small number of LBG accounts being closed and just because they were multiple account holders, correlation doesn't necessarily mean causation. I'd have thought there must be many thousands of people with multiple LBG accounts who remain unaffected, so in the absence of any definitive proof about reasons for closure I'd say the odds are substantially in your favour.

    And look on the bright side, if you've opened all these accounts with other banks then if LBG pulled the plug you'd have somewhere else to fall back to!
  • Dan83
    Dan83 Posts: 673 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    Am I right in thinking if they did pull the plug the would have honour my mortgage until my current deal runs out?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What would you lose if LBG pulled the carpet from under your feet? For example, I'd lose...

    £240 a year in Reward payments
    A home for £5,000 @ 4% AER
    A regular saver taking £400 a month and paying 4% AER
    A home for £15,000 @ 3% AER

    ...and I don't have any spare capacity for £20,000 in any of the other high interest current accounts, so I'd be looking at around 1.4% AER.

    All of which is why I abused other banks when I wanted donor accounts.

    And in answering, forget the Halifax mortgage because they won't call that in!
  • Dan83
    Dan83 Posts: 673 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    I'll keep the 2nd Halifax account, just as a 2nd account, maybe switch at a later date.

    I'll open a natwest account and use my Lloyds account and leave it at that, just to be on the safe side.
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