who DOESNT switch banks or have several accounts?

takman

Rich1976 wrote: »

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

No i never said it was my main aim in life!. I said doing finances is like playing a game where the goal of that game is to make as much money as possible. It takes hardly any time at all around a few hours a month and i get thousands of pounds extra a year in interest and bonus payments.

Rich1976 wrote: »

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.

Yes investments are definitely a good option and that's the only way to get 10%+ growth per year. But you could also top that up with a few hundred pounds extra by playing the "switching game".

But don't worry about me enjoying life all this extra money i'm making has meant that i have been able to go away at least 10 times this year staying in various places and doing many different activities. So i definitely get my get my fair share of enjoyment!

takman

marleyboy wrote: »

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.

It all depends on how rich a person is!. If someone is making hundreds of thousands of pounds a year then it won't be worth their time to save money by switching.

But if someone is on a low wage, in debt and happy not switching to get the best deals then they are definitely heading for a disaster!

EssexExile

Rich1976 wrote: »

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

I was just about to post something like that but in the past tense! We paid off our mortgage earlier, I retired at 50 & the wife soon after. For the last fifteen years we've been paid for doing nothing - bliss.

marleyboy

takman wrote: »

It all depends on how rich a person is!. If someone is making hundreds of thousands of pounds a year then it won't be worth their time to save money by switching.

But if someone is on a low wage, in debt and happy not switching to get the best deals then they are definitely heading for a disaster!

Some of us dont have any debts whatsoever and are happy with the way things stand for them. I'm certainly not rich, but am wealthy in my health, finances and family.

There are far more important things in life than spending my time switching accounts I never wanted in the first place.

Torry_Quine

What would I gain in switching? I never go overdrawn and only have a small amount into my account each month.

takman

Torry_Quine wrote: »

What would I gain in switching? I never go overdrawn and only have a small amount into my account each month.

You would gain multiple cash rewards for switching accounts of £100 + each time!.

marleyboy wrote: »

Some of us dont have any debts whatsoever and are happy with the way things stand for them. I'm certainly not rich, but am wealthy in my health, finances and family.

There are far more important things in life than spending my time switching accounts I never wanted in the first place.

That's fair enough but i will always sing the praises of switching and high interest accounts because it's something that quite a few people can benefit from and their are a lot of misconceptions of what is involved.



I can never understand the people who go to work for 35+ hours a week getting paid £7.20 an hour, but think spending an hour two to get £100 per switch is not worth their time!

verybigchris

takman wrote: »

I can never understand the people who go to work for 35+ hours a week getting paid £7.20 an hour, but think spending an hour two to get £100 per switch is not worth their time!

I can never understand the people who can spare countless hours on these forums (including reading these words right here), but think spending an hour two to get £100 per switch is not worth their time!

It's as if they're spending all their free time learning how to save money, and then don't have any time left to actually do it.

FWIW, I am also loyal to my bank, having held the same current account for my day-to-day banking for over 20 years. That hasn't stopped me opening many others (currently I think it's 7) to take advantage of switching offers, decent interest rates and linked products like regular savers. With online applications it just takes a couple of minutes to do.

Rich1976

Malcnascar wrote: »

I don't, and have no plans to switch to earn a few bob.I am not loyal to my bank and pick and choose which of their services I use. They are very good with their current account offering. I can do all I want on line, rarely need to ring, or visit a branch. In those areas of my life where I have switched "providers" insurances, utilities, mobile phones, supermarkets etc etc I have often faced apauling standards of service for little real gain.

Some choose iphones, I don't, but it's a choice thing, what works for you may or may not work for me. Taken to the extreme should we do a full financial assessment when choosing a life partner, mine is risk averse and I'm a risk taker. I must have cost her loads when making poor choices and she must have cost me loads by her decisions.

There is no one size fits all in handling money.

Agreed entirely. Most of the banks offering these 'good' deals I would never dream of using. I prefer to use companies that have a good level of service. First Direct and Nationwide have generally got it right more often than not. I would never use Lloyds. Friends at work use them and despise them. Natwest is the same. We did bank with Halifax once but a simple query turned into an absolute nightmare to resolve and was only sorted with a formal complaint.

We use Santander for their cash back credit card but again i would be reluctant to use them for anything else.

Customer service is important to me when choosing providers be it banks, pensions; utilities etc and if that means accepting a slightly smaller return or slightly higher charge for a decent level of service then that keeps me happy.

Rich1976

Torry_Quine wrote: »

What would I gain in switching? I never go overdrawn and only have a small amount into my account each month.

And me. We don't have a lot of cash savings. Maybe 4 months salary. So wouldn't earn thousands having it in a santander account. All our money is budgeted and accounted for. The money on our current accounts is used to pay the bills, standing orders go out each month to our regular savers and isa accounts as well as my pension and stocks and shares isa. What is left is our fun money for meals out, etc.

Sharon87

I do have multiple accounts, but don't gain much from my current accounts. I used to do Halifax Rewards, but since the DD rule came into it I've since stopped it. I used to do it, but always forgot when the direct debit came out and I'd end up in my overdraft - and therefore not getting the reward. It was too much hassle and cost me money as it's not my main account. I know I could set up a standing order from my main account, but the amount was different each month (it was a CC minimum payment) .

I also have some debts, so tend to save my credit searches for 0% credit card deals! Too many applications for a current account can damage my credit rating. 0% deals save me more money than the £100 switching bonus! I have got a recent current account that pays 3%, I'm basically using it as an easy access savings account!

I understand why some people don't want to switch accounts, it is hassle sometimes, even with the easy switching procedures. I'm actually going to close my Halifax account as I'm not doing anything with it, and if I want to 'switch' in the future I can. Also people with poor credit ratings will probably not get the best current accounts!