which bank now...

wallofbeans

Hi All,
I'm a little stuck as to what to do now with my current account. I've been with TSB since March this year but they have an irritating lack of online contact and no branches near me, that I want to move...

But, wanting to make as much as I can from interest etc. I'm struggling to figure out whether I should move and who I should move to...

I was with HSBC for years, then moved to First Direct, and now to TSB. I also have accounts with Santander, Nationwide, Bank of Scotland, Tesco and Lloyds.

I currently get £5 cashback a month from TSB and less than £4 in interest. Can I beat that elsewhere? There's the B account and Halifax or Co-Op but I seem to have been through everything else. Any advice?

Thanks...

mt99

I am in pretty much same situation as you. I have opened a B account and applied to switch my TSB classic plus.

However, I also logged onto TSB and applied for a second account (a Classic account). This takes 15 seconds and was up and running the next day.

Once my Classic Plus is switched, I will 'upgrade' the new classic ac to a classic plus and start getting the interest again.

I could, of course, have just switched the new classic account but I didn't realise it would be up and running so quickly and anyway it felt like taking the p... a bit too much to switch a day old account

binaryuniverse

Both B and Halifax bonuses will dwarf any interest the TSB account will get you.

However, why not have both? You can open a second TSB account (normal Classic account), move your direct debits to that, and switch from there, leaving your 3% account free to have whatever put in it to gain interest. It only needs a minimum of £500 paid in, per month to get the 3% (no direct debits).
Halifax doesn't pay interest, only rewards, which is the same amount if you have 50p in there or £50'000. And B's is so pitiful it's almost pointless leaving any money in there.

Take your pick from B or Halifax to switch to. Co-Op have no switch offer, at present.

wallofbeans

I just tried to open a second TSB account. Just Classic and not Classic Plus. But it doesn't seem quite as simple as I thought. They've just texted, asking me to call them. What has happened? I don't want to say, I'm just opening it to move to a B account so what do I say?

mt99

They didn't ask me to call - maybe it varies. A good response is you want a second acount to pay bills from, leaving the other account for your spending money

binaryuniverse

First time I opened a second account, with TSB, they just wanted to confirm some security details.
Hasn't happened in the other occasions I've opened an account.

wallofbeans

binaryuniverse wrote: »

Both B and Halifax bonuses will dwarf any interest the TSB account will get you.

However, why not have both? You can open a second TSB account (normal Classic account), move your direct debits to that, and switch from there, leaving your 3% account free to have whatever put in it to gain interest. It only needs a minimum of £500 paid in, per month to get the 3% (no direct debits).
Halifax doesn't pay interest, only rewards, which is the same amount if you have 50p in there or £50'000. And B's is so pitiful it's almost pointless leaving any money in there.

Take your pick from B or Halifax to switch to. Co-Op have no switch offer, at present.

B is the better option though, right? I'll make more money that way anyway. Although, perhaps Halifax easier to deal with as they have lots of branches. I'm in London and B only have one.

I wonder how they both are with online stuff? Do they both have banking apps? Can I contact them via the website, rather than having to sit on a phone line for half any hour in a queue?

soulsaver

wallofbeans wrote: »

I don't want to say, I'm just opening it to move to a B account so what do I say?

Tell them you wanted an extra ac to keep separate savings for a house deposit (car, bike, xmas, wedding, nose job....).

binaryuniverse

B offers the better bonus, for sure. I'd go for that before they pull it. Halifax's switch bonus tends to come back round often. Sometimes at £75, sometimes higher. So you can probably do that switch at a later date as well. Once you have the B bonus there is nothing to stop you switch that account out to another bonus offerer.

Note you can use Yorkshire Bank or Clydesdale branches, for your B account as well.

wallofbeans

binaryuniverse wrote: »

B offers the better bonus, for sure. I'd go for that before they pull it. Halifax's switch bonus tends to come back round often. Sometimes at £75, sometimes higher. So you can probably do that switch at a later date as well. Once you have the B bonus there is nothing to stop you switch that account out to another bonus offerer.

Note you can use Yorkshire Bank or Clydesdale branches, for your B account as well.

Thanks. Your're right, the Halifax deal will probably be around again sometime soon.

There are no Yorkshire or Clydesdale banks anywhere near me I don't think.

tempus_fugit

Yes, I'd go for the B account and then switch again after 2-3 months (once you have the bonus paid ).