who DOESNT switch banks or have several accounts?

takman

EssexExile wrote: »

There you go, the reason some do & some don't, some enjoy it, some don't.

I definetly don't think "not enjoying it" is a valid reason to ineffecient with your money!.

I'm sure most people don't enjoy switching insurance each year to get the cheapest price. But that doesn't mean they shouldn't do it!.

If someone doesn't enjoy it then they should think it's just a couple hours each month at a computer. They will then have more money to use doing something they really enjoy!.

Timpu

Sorry haven't read all the thread, apologies if duplicating.

Some don't switch/diversify accounts because it does not make financial sense to do so e.g. possess an offset mortgage. After ISAs and long term investments it can be more sensible to chip away the mortgage balance.

takman

Timpu wrote: »

Sorry haven't read all the thread, apologies if duplicating.

Some don't switch/diversify accounts because it does not make financial sense to do so e.g. possess an offset mortgage. After ISAs and long term investments it can be more sensible to chip away the mortgage balance.

With Mortgage rates at record lows then it is quite likely that a lot of the high interest accounts will be a higher rate than the mortgage.

But switching accounts to get a cash reward is something everyone can benefit from because it doesn't require the money to be kept their.

Missus_Hyde

I'm one who's been with the same bank since the year dot and wouldn't obviously switch our main bank a/c around.

However, I've dipped my toe in the water so to speak and done a small amount of switching with a donor a/c to Nationwide, which enabled both my husband and sister to get £100 each, so it worked quite well.

I don't think I could face switching money around 30 plus current a/c's every month like some folks do, though.

Rich1976

takman wrote: »

Almost all deals for high interest accounts last for a year just like your FD regular saver. So just like people do a comparison search for insurance each year to get the best price we also find new banks each year to get the highest interest and bonus payments.
You say that you review your ISA but ISA interest rates are so poor that you should be putting this into current accounts or investments.

The moving money between banks can all be done by standing order so it takes little effort.

If you want to retire on your savings then I'm surprised that you don't want to maximise the interest you are getting. It's not about being obsessed, just think the next time your sitting infront of the TV for an hour or two is that really more important than getting thousands of pounds extra a year by sitting at your computer for a couple of hours a month!.

I think you need to stop generalising what people should and shouldn't do. I spend plenty of time on my personal finances thank you that doesn't spend time in front of the Tv.

The Isa monitoring I was talking about is an investment Isa which has grown by far more than current accounts grow by.

Rich1976

enthusiasticsaver wrote: »

Everyone has different priorities and motivations. I do fill up high interest current accounts as much as possible and I have switched current accounts for switching bonuses but I don't like to make my finances any more complicated than they are. I aim to keep a percentage of my savings in stocks and shares ISAs but don't keep switching for better returns. Why would I do any different with my easily accessible funds. I am not seriously rich but we have enough to live on, a good savings buffer, a mortgage free home and retirement plans in place. I don't see why my finances should need to occupy my time any more than they do by constantly researching new accounts, switching bonuses etc when the chances are the banks will move the goalposts again a year or so. So long as my savings are keeping track with inflation there is a point when I say enough. There are other things to do,

Exactly I agree entirely.

Rich1976

enthusiasticsaver wrote: »

To a certain extent yes doing regular savings accounts is a good way of maximising interest and I have 4 this year, my absolute maximum I will keep track of. Bear in mind some of us do other stuff rather than sit in front of a TV. A day on the beach with my granddaughter or coffee in town with a friend or an afternoon in my garden with a good book, bike rides and spa days are my leisure activities of choice. My computer time is limited to rainy days with no plans

Indeed. And far more enjoyable.

Money isn't everything in this life and I would rather concentrate my available hours off work doing stuff I like and not constantly chasing rates and opening multiple accounts.

Rich1976

takman wrote: »

That's why I usually do all my finances late at night when I have nothing more important to do. But I do also enjoy doing it and it's like a game where the goal is to get as much return on my money as possible.

I think you need to find other ways to spend your time. If making as much money as you can is one of your main aims in life then good luck.

For most of us though life is about getting enjoyment and making the most of it rather than obsessing and playing a 'game' about getting a few extra quid here and there

Rich1976

Timpu wrote: »

Sorry haven't read all the thread, apologies if duplicating.

Some don't switch/diversify accounts because it does not make financial sense to do so e.g. possess an offset mortgage. After ISAs and long term investments it can be more sensible to chip away the mortgage balance.

Agreed which is what we are also doing and I am happy on the knowledge out mortgage will be paid when we get to 48 and we can then hopefully plough the current mortgage repayment monthly amount into our investment Isas to be able to retire early

marleyboy

Over62 wrote: »

If you're not interested in making money for free, why are you on this thread?

Because the thread was a question. Nowhere does it say PLEASE DON'T GO ON THIS THREAD UNLESS YOU WANT TO MAKE MONEY.

If this is some sort of sales pitch - its a disaster. I dont switch energy companies because I am happy as I am. If people are happy as they are, there really is no need for them to change or switch anything.