who DOESNT switch banks or have several accounts?

marleyboy

takman wrote: »

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?.

No thanks. Am happy just as I am, I neither want nor need a new account, am perfectly happy sticking with my existing accounts.

Mysteek

I don't switch accounts (well not yet lol) but not because I either can't be bothered or am rich, its because I have a staff account and weighing up the long term advantages I get with that as against a short term gain (plus all the hassle), the staff account wins every time.

dunstonh

guestman wrote: »

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

Hassle. Who wants to go through that.

And inevitably, at least one direct debit will fail to be transferred.

takman

dunstonh wrote: »

Hassle. Who wants to go through that.

And inevitably, at least one direct debit will fail to be transferred.

Well it won't matter if one direct debit being paid into your Tesco Savings account or too your favourite charity doesn't get moved because you won't be moving your main account with your important direct debits.
You will be opening up a new bank account to take advantage of the switching reward and higher interest on your savings.

Plus I switch multiple account a year and have never had a problem.

takman

Mysteek wrote: »

I don't switch accounts (well not yet lol) but not because I either can't be bothered or am rich, its because I have a staff account and weighing up the long term advantages I get with that as against a short term gain (plus all the hassle), the staff account wins every time.

Like everyone has said you don't switch your main account you make a new account and switch that!. I switch multiple accounts a year and it's never been a hassle.

takman

marleyboy wrote: »

No thanks. Am happy just as I am, I neither want nor need a new account, am perfectly happy sticking with my existing accounts.

But why would you not want to get more interest on your savings or cash rewards from your bank?.

But thinking about it another way if there were not people like you who are happy to stay put then we wouldn't have such big rewards on offer for the ones who switch!. You are effectively subsiding the ones who do through loss of reward payments and interest so I can't argue with that!.

bigadaj

dunstonh wrote: »

Hassle. Who wants to go through that.

And inevitably, at least one direct debit will fail to be transferred.

Well you presumably just want the one bank to roll up to in the rolls to deposit the bags of cash.

Transfer of accounts is down to the banks which they should guarantee, we're generally not transferring critical accounts with direct debits that have huge importance anyway.

It depends on how much you value your time, if you are billing and receiving £200 an hour then it may well not be worth your time, personal choice as ever.

The interesting point for me is the split of people doing this. Many are those who are perfectly comfortable and for whom the incentive or additional interest is relatively incidental, a nice bonus from playing the banks at their own game.

Many who dismiss it may be struggling from one pay cheque to the next, and an extra few hundred pounds a year would make a big difference when on a low wage.

Personal choice as ever, just interesting from a psychological and economics perspective that the financial inventive is frequently adopted by those with the least relative incentive, might be a freakonomics case study.

EssexExile

I think it's just that we're all different & have different ways of making or saving money. I keep an eye on rates & move money now & then but I don't chase every few pounds. On the other hand I don't buy expensive clothes or have an expensive phone or the latest big telly so I save money there. This a money saving site but there's a section on overseas holidays, you could say save money by not going abroad. I just see it as doing what you want to do as efficiently as possible, some want to make every penny out of the banks, others put their efforts elsewhere.

edwink

marleyboy wrote: »

No thanks. Am happy just as I am, I neither want nor need a new account, am perfectly happy sticking with my existing accounts.

Exactly the same as us again.

Have more than enough to do anyway!!

takman

EssexExile wrote: »

I think it's just that we're all different & have different ways of making or saving money. I keep an eye on rates & move money now & then but I don't chase every few pounds. On the other hand I don't buy expensive clothes or have an expensive phone or the latest big telly so I save money there. This a money saving site but there's a section on overseas holidays, you could say save money by not going abroad. I just see it as doing what you want to do as efficiently as possible, some want to make every penny out of the banks, others put their efforts elsewhere.

Exactly it's all about doing everything as cost efficiently as possible. So why would someone not want to get the best rates on their savings and get reward payments from multiple accounts.

It really takes minimal effort and you get big rewards for the little time it takes.

I really don't think anyone is that busy that they can't spare a couple hours a month to get a few thousand's of pounds a year extra!.