who DOESNT switch banks or have several accounts?

YorkshireBoy

@takman

remember the fewer the people who 'can be bothered' the longer the offers will run.

If people don't want to 'play the system' for c£1,500 a couple, or £3,100 in a good year as we had last year, then that's their prerogative. We need to respect that.

I enjoyed making our £3,100 - plus the other £ks we've made over previous years - and hopefully others will have enjoyed doing whatever they were doing whilst I was administering our switches.

And finally, we'd probably have needed another £200K+ of savings to generate that level of income from interest...and then we'd have paid some tax on it!

takman

Rosemary7391 wrote: »

See my first sentence?

I have just opened my 7th Current Account (i have had more in the past that have now been closed). If they didn't want people like me to open accounts they wouldn't have approved my application. My other 6 active current accounts and all my closed accounts are clearly displayed on my credit report.

YorkshireBoy

takman wrote: »

I have just opened my 7th Current Account (i have had more in the past that have now been closed). If they didn't want people like me to open accounts they wouldn't have approved my application. My other 6 active current accounts and all my closed accounts are clearly displayed on my credit report.

The first sentence referred to was "I'd rather not play the system".

takman

YorkshireBoy wrote: »

@takman

remember the fewer the people who 'can be bothered' the longer the offers will run.

If people don't want to 'play the system' for c£1,500 a couple, or £3,100 in a good year as we had last year, then that's their prerogative. We need to respect that.

I enjoyed making our £3,100 - plus the other £ks we've made over previous years - and hopefully others will have enjoyed doing whatever they were doing whilst I was administering our switches.

And finally, we'd probably have needed another £200K+ of savings to generate that level of income from interest...and then we'd have paid some tax on it!

Yes your definitely right about that!.

But i'm always interested in the reasons why people won't have a go at it. I hate to see people missing out just because they have misconceptions on what is involved.

takman

YorkshireBoy wrote: »

The first sentence referred to was "I'd rather not play the system".

Yes i saw that and the point i was trying to make was that it's not really playing the system when it's something they could easily stop people doing if they refused applications based on the number of current accounts people have currently and have had in the past.

bigadaj

YorkshireBoy wrote: »

The first sentence referred to was "I'd rather not play the system".

That's all well and good but how much playing of a system do people do, for good or bad?

By that I mean how people auto renew insurance and get ripped off, have large sums languishing in bank accounts paying nothing, have investments with firms that still charge them an arm and a leg cause they've not checked or changed for years?

The big issue for me is at least having a second current account, not unknown for IT systems to crash and we've had enough threads about account suspensions and closures, without a back up account you could be pretty screwed!

djpailo

Are "donor accounts" just basic accounts people set up to switch?

Secondly, what banks do people prefer to use to set up donor accounts?

Rich1976

I don't play the system either. I have a joint account with my other half for our bills which we have held with Nationwide for 5 years and gives us free travel insurance which we like. We also have our own accounts. Mine is with First Direct as I like the service and their regular saver which I pay 250 each month into and their Isa which I pay 200 into.

I'm not interested in constantly moving money between various current accounts for a short term gain. Surely there's more to life than being that obsessed as some people on here clearly are?

I take a great interest in our personal finances but rather than short term quick wins I'm more keen on saving money by being on the best mortgage, utility, getting the best holiday deal and maybe more importantly reviewing our Isa and Pensions to make sure they are performing well which will hopefully allow us to retire by the time we get to 60.

All of this to me is far more essential and beneficial that constantly changing banks or recycling money between them.

originator

I play the system,very small fry though compared to many on here.Just the 6 accounts plus one 6% regular saver with FD.I live on state pension and this game gives it a boost of between 70 and 75 quid a month.For the small amount of time it takes once a month to manually bounce the money in and out on the same day it's a no brainer to me.
I recently started the stoozing game too(too much time on my hands?!!)

takman

djpailo wrote: »

Are "donor accounts" just basic accounts people set up to switch?

Secondly, what banks do people prefer to use to set up donor accounts?

I just opened a few accounts with Natwest because I have had accounts with them in the past so it was quick and easy to setup a few new current accounts.