Multiple Accounts - when to consolidate?

Sea_Shell

New NS&I 3 year bond opened today...but joint, so that's only +1 on the account front.

Sea_Shell

Another issue of Virgin Reg Saver available....so that'll be another 2 to add to the tally!!!! - This is getting silly!!! - But we need every penny to work hard for us for a few more years.

Club Lloyds Reg savers just matured, but we'll be re-doing them, so that's a net 0 on accounts.

EachPenny

Sea_Shell wrote: »

I have family who are computer literate, active and probably use internet banking in their 80's, and others who wouldn't have a clue in their 50's!!, so, as has been said, it's very personal.

My friend's 96 year old F-in-L is still actively managing his money around his various accounts, albeit with help from the family to work the computer. He scans the news daily to see what new accounts have come on the market. Having a hobby like that to keep you interested in life is what keeps some people going.

I'm significantly younger , but have recently been looking at my accounts and wondering whether the time has come to close some - with 60+ it is getting to the point of diminishing returns, money from the worst paying is getting recycled into new regular savers and balances are dropping to £1 as a result.

I think the days of profiting from current accounts are nearly over, the regular savers will also have a limited life, so rather than having to make a decision to bring it all to an end and opt for simpler banking arrangements I think I'll end up arriving at that point through natural wastage - of accounts, and money to save in them. Hopefully not for a long time in the latter case.

Ken68

Am minus 3 so far, Sea Shell. Useful/unusual thread.
A younger relative has put £50K into Nationwide 5year ISA 1.65% fixed and with a monthly income. Making less money but less hassle.

Sea_Shell

Each Penny - Yes i'm hoping this will keep the old grey matter ticking over.

theburningcat

I think if you have a big pile of £ then you can just set up standing orders and forget about them. If there's any chance that a payment could be a few days late and complicate everything, meaning you actually have to stay on top of it all, then it's not worth it. I've recently consolidated for this reason.

I've also noticed that credit card cashback and switching bonuses could be much more lucrative than interest for me.

badger09

EachPenny wrote: »

My friend's 96 year old F-in-L is still actively managing his money around his various accounts, albeit with help from the family to work the computer. He scans the news daily to see what new accounts have come on the market. Having a hobby like that to keep you interested in life is what keeps some people going.

I'm significantly younger , but have recently been looking at my accounts and wondering whether the time has come to close some - with 60+ it is getting to the point of diminishing returns, money from the worst paying is getting recycled into new regular savers and balances are dropping to £1 as a result.

I think the days of profiting from current accounts are nearly over, the regular savers will also have a limited life, so rather than having to make a decision to bring it all to an end and opt for simpler banking arrangements I think I'll end up arriving at that point through natural wastage - of accounts, and money to save in them. Hopefully not for a long time in the latter case.

I too have decided to simplify my banking arrangements, mainly due to diminishing returns but also to avoid hassle for my executors:o.

I used to retain no longer needed current accounts in anticipation of further switching incentives, but now I'm gradually consolidating them by switching all into a couple of still useful ones.

I've also decided not to bother with any more regular savers, including the latest offerings from Chorley and Virgin. The existing high rate ones will be replaced, if still avaliable, when they mature but the others will just go through natural wastage.

It was fun while it lasted but I'm getting bored now:p

EachPenny

badger09 wrote: »

I too have decided to simplify my banking arrangements, mainly due to diminishing returns but also to avoid hassle for my executors:o.
...
It was fun while it lasted but I'm getting bored now:p

I've dealt with the executor hassle issue by having detailed notes of all the accounts (and utilities etc) printed out and kept in an appropriately labeled file on an obvious place on my desk. A bit morbid perhaps, but I see it as no different to taking out a life insurance policy to make things easier for family if the worst happens. Added to which, there is enough money so the executors can hand everything over to professionals to sort out so they don't have to do anything else

Surely you aren't getting bored of making a little extra money here and there?

iAMaLONDONER

Sea_Shell wrote: »

I think we'll probably ditch the TSB Reg Savers when they Mature (early May) as the new accounts are only offering 2%. Will probably stick the maturity amounts into our S&S ISA's and hope they are not "topped out" in the current market!!

So that'll be 2 less to worry about.

Will review each RS on it's merits as they mature, which we've got spaced out throughout the year, as most of those have reduced their rates for new accounts.

Yes, the TSB regular saver has a low rate. I long for when it was 5% for Classic Plus customers!

iAMaLONDONER

theburningcat wrote: »

I think if you have a big pile of £ then you can just set up standing orders and forget about them. If there's any chance that a payment could be a few days late and complicate everything, meaning you actually have to stay on top of it all, then it's not worth it. I've recently consolidated for this reason.

I've also noticed that credit card cashback and switching bonuses could be much more lucrative than interest for me.

Hard to get more than 0.5% cashback or 1% with AMEX nowadays