who DOESNT switch banks or have several accounts?

guestman

so even though this is a money saving forum, ive seen several people who simply cant be bothered switching banks for free money, and also who wont open several accounts to fill to gain the money from high interest paying accounts. are you one of these people? you must be on a seriously high income to dismiss this free money

takman

I would say the most likely reason someone on this forum wouldn't switch accounts is either; that they have no savings and can't see themselves saving any money in the near future, they poorly manage their finances so can't open new accounts or both.

The people who I know personally who don't switch accounts all seem to think "it's too much hassle" and "I don't have the time". Although they have the time to sit infront of the TV for an hour or more a day!.

marleyboy

I only have two accounts, one is a savings account. Have had them for about 10 Years but have no intentions of switching either of them as I am happy with them as they are.

spadoosh

I dont switch accounts.

I could get free money, but i could get free money walking the streets to pick up loose change. I could get free money by getting an extra job.

Whilst we dont earn too much we are in a good position financially.

The problem is with this site is it seems a bit counter intuitive. You see, if banks didnt offer all the rewards for switching it would mean they could offer products cheaper.

Or we all want bargains which means we buy stuff from the cheapest seller which generally means abroad and generally means we give away our wealth. Not to mention put ourselves in a worse position for future generations.

Businesses really shouldnt have to bribe people to use their products. They should offer something thats good enough to sell itself. If it cant, its not that needed.

I have savings and manage my money pretty well. The way things are going, i could be mortgage free before im 35 although the plan is to move and borrow for another 10 years.

edwink

marleyboy wrote: »

I only have two accounts, one is a savings account. Have had them for about 10 Years but have no intentions of switching either of them as I am happy with them as they are.

Exactly the same reason as us. We have had our accounts for 20 years.

takman

marleyboy wrote: »

I only have two accounts, one is a savings account. Have had them for about 10 Years but have no intentions of switching either of them as I am happy with them as they are.

edwink wrote: »

Exactly the same reason as us. We have had our accounts for 20 years.

I don't think anyone would recommend switching your existing accounts that you have had for a long time. Just open new accounts and switch them to get the switching bonues and interests.

You may be happy with them but why wouldn't you want to get the most interest you can get out of your savings?.

takman

spadoosh wrote: »

I dont switch accounts.

I could get free money, but i could get free money walking the streets to pick up loose change. I could get free money by getting an extra job.

Whilst we dont earn too much we are in a good position financially.

The problem is with this site is it seems a bit counter intuitive. You see, if banks didnt offer all the rewards for switching it would mean they could offer products cheaper.

Or we all want bargains which means we buy stuff from the cheapest seller which generally means abroad and generally means we give away our wealth. Not to mention put ourselves in a worse position for future generations.

Businesses really shouldnt have to bribe people to use their products. They should offer something thats good enough to sell itself. If it cant, its not that needed.

I have savings and manage my money pretty well. The way things are going, i could be mortgage free before im 35 although the plan is to move and borrow for another 10 years.

I don't agree with this statement. What products would the bank be able to offer cheaper?.
All banks offer bank accounts that are free to use. Credit cards offer 0% interest on purchases and 0% interest on balance transfers with a 0% fee.
Loans can be gotten for just over 3% APR and mortgages as low as 0.99%.

There really isn't much room for them to offer products much cheaper!.

You may think you manage your money well but if you don't have multiple current accounts or investments you will be getting around 2% interest on your savings as opposed to 5%+.

It's very little effort and time to get thousands of pounds extra a year. I fail to see why people wouldn't want to even consider it!.

System

It isn't 'free money' - there are always hoops to jump through.

There are obviously credit considerations with switching e.g. overdraft levels and credit checks.

Some people may need branch access and have a limited range in their locality.

You provide information and people make a choice depending on their situation.

guestman

spadoosh wrote: »

I dont switch accounts.

I could get free money, but i could get free money walking the streets to pick up loose change. I could get free money by getting an extra job.

Whilst we dont earn too much we are in a good position financially.

The problem is with this site is it seems a bit counter intuitive. You see, if banks didnt offer all the rewards for switching it would mean they could offer products cheaper.

Or we all want bargains which means we buy stuff from the cheapest seller which generally means abroad and generally means we give away our wealth. Not to mention put ourselves in a worse position for future generations.

Businesses really shouldnt have to bribe people to use their products. They should offer something thats good enough to sell itself. If it cant, its not that needed.

I have savings and manage my money pretty well. The way things are going, i could be mortgage free before im 35 although the plan is to move and borrow for another 10 years.

yes but could you get a job that pays £100 for 15 minutes work, or would you find £100 walking the streets in 15 minutes?

Heng_Leng wrote: »

It isn't 'free money' - there are always hoops to jump through.

There are obviously credit considerations with switching e.g. overdraft levels and credit checks.

Some people may need branch access and have a limited range in their locality.

You provide information and people make a choice depending on their situation.

if you need to visit a branch then you keep your account which is classed as you main account, most people only make donor accounts to switch, or to save in. heck, I have BOS , TSB & Lloyds and I never visit the branch as it only holds money in them, my main account is my Halifax which I hardly ever need to visit either. I think twice in 2.5 years

dunstonh

guestman wrote: »

so even though this is a money saving forum, ive seen several people who simply cant be bothered switching banks for free money, and also who wont open several accounts to fill to gain the money from high interest paying accounts. are you one of these people? you must be on a seriously high income to dismiss this free money

i have banked with my current account provider since 1988. I am happy with them and their product does what I want.

Why would I want to go through the hassle of moving bank accounts for a paltry £100?

It is too much hassle for too little short term gain.

guestman

dunstonh wrote: »

i have banked with my current account provider since 1988. I am happy with them and their product does what I want.

Why would I want to go through the hassle of moving bank accounts for a paltry £100?

It is too much hassle for too little short term gain.

because you don't move the account youve had since 1988, you make a donor account which you then use to switch with... while your 1988 accounts sits there untouched.


not sure why everybody thinks moving banks is hassle