bank Transfer and savings

denwyn

Have been with Smile banking for about 14 years now, no problems at all and never ever considered changing banks. Been getting some earache from my kids telling me to change. I'm retired and have a monthly pension of £1300, which I manage on quite well, own own home no mortgage, I've been told TSB is best deal for me. Only question I have is I have three savings accounts with Smile, one is for holidays, one for Xmas, and the other general savings, i know the interest is rubbish, but i find them handy to budget my money. What happens to the money in these should I decide to do the switch to TSB. do I need to close them and move the money into my Smile current account, then open fresh savings accounts with TSB. Money is transferred into these monthly from my current account. I'm still not entirely convinced i should go through all this hassle to get £125, but it would stop my family pestering me.

grumbler

denwyn wrote: »

...Only question I have is I have three savings accounts with Smile, one is for holidays, one for Xmas, and the other general savings, i know the interest is rubbish, but i find them handy to budget my money. What happens to the money in these should I decide to do the switch to TSB. do I need to close them and move the money into my Smile current account, then open fresh savings accounts with TSB.

This depends on what sort of accounts they are. It's not uncommon for some savings accounts to be linked to the current account so that the only transactions possible are to and from the linked current account.

If they have sort codes, 8-digits account numbers and allow transfers to other banks, then, most likely, you can keep them.

PeacefulWaters

TSB will let you open multiple savings accounts with rubbish interest too.

Shakin_Steve

denwyn wrote: »

Have been with Smile banking for about 14 years now, no problems at all and never ever considered changing banks. Been getting some earache from my kids telling me to change. I'm retired and have a monthly pension of £1300, which I manage on quite well, own own home no mortgage, I've been told TSB is best deal for me. Only question I have is I have three savings accounts with Smile, one is for holidays, one for Xmas, and the other general savings, i know the interest is rubbish, but i find them handy to budget my money. What happens to the money in these should I decide to do the switch to TSB. do I need to close them and move the money into my Smile current account, then open fresh savings accounts with TSB. Money is transferred into these monthly from my current account. I'm still not entirely convinced i should go through all this hassle to get £125, but it would stop my family pestering me.

I would tell your family to mind their own business, but that's just me.

denwyn

Thanks for the advice, I've decided to stay with Smile Banking, all the messing in switching hardly seems worth it for £125. As you say I would only get same rubbish rates with TSB, so for me it's better the devil you know. My daughters were only offering advice, afraid I'm old school though, not that interested in switching at all, while three always moving banks, etc. Although I do move gas and electric accounts occasionally.