Bank error in my favor? What to do?

[Deleted User]

The days of having a "local" Bank branch are limited.

That's a fact.

Since Banks would much prefer not to have physical branches at all, why would they favour those who still like to use those outlets?

takman

EachPenny wrote: »

Saffron Building Society Regular Saver @3.5% - can only be opened in branch unless you've been a customer for 6 months, then postal applications accepted, but not online.

Nottingham Building Society Special Regular Saver Issue 6 @2.5% - can only be operated in branch

Kent Reliance Regular savings account issue 3 @3% - can only be operated in branch

Just three examples from the current best-buy range.

With postal accounts, unless you get a freepost address/envelope then you have to factor in the cost of postage. Obviously this might be a lot cheaper than the cost of petrol and parking to go to a branch, but if you are going to the town/city where the branch is then the travel cost is already covered.

Most banks and building societies do put details of new accounts online on the day of launch, but quite often forum members have posted that "they were in branch and heard...." It isn't relevant to everybody, but for some of us it is helpful to have advance notice of new accounts because it allows time to withdraw funds from other places ready to deposit in the new account when it is launched.

Other forum members have reported that some bank branches (no names mentioned) will skip a lot of the formalities if they know the customer, whereas opening accounts by phone involves listening to the whole script. I have personal experience in one case of opening an account in branch in less time than I'd probably have been on hold waiting to speak to someone on the phone.

I agree it makes sense to do things online and by phone where it is quicker and cheaper, but visiting a branch isn't always a waste of time and there are some good accounts you cannot get otherwise.

Those rates are good compared to some accounts but are certainly not on any "best-buy" list considering First Direct, M&S, Nationwide and Santander all offer Regular Savers with a 5% Interest Rate which can all be opened and operated online and allow you to pay in a total of £1000 a month.

So you unless you have these 4 accounts first then you are effectively loosing interest by opening the accounts you have mentioned.
So I hope you havnt got caught up in the whole building society "culture" and ended up with poorer accounts.

EachPenny

takman wrote: »

So you unless you have these 4 accounts first then you are effectively loosing interest by opening the accounts you have mentioned.
So I hope you havnt got caught up in the whole building society "culture" and ended up with poorer accounts.

The last time I looked I had 34 regular saver accounts. So your concern is appreciated, but not necessary

takman

EachPenny wrote: »

The last time I looked I had 34 regular saver accounts. So your concern is appreciated, but not necessary

Good to hear!. So you must be drip feeding money from other accounts into these to get the best interest rate overall on your savings.

The only problem is that most building societies are only in certain parts of the country so you must live in a good location to be able to access so many of them on a regular basis.

AirlieBird

takman wrote: »

you will effectively loose money.

If your money is loose you better have a firm hold of it or you might lose it.

Incredible_1

ampersand wrote: »

#
...which is unnecessary, dunstonh, as comment and incorrect in fact.

NatWest Nmkt customers prize the staff in branch. I'm sorry if you do not have this option.

Love their app, too.

Discourteous comment is unexpected from you.

But he does have a point.
I have been through the doors of only one of "my" banks in the past five years, and that was a good few years ago. One of those is Natwest too. Times have changed and that's why there are fewer physical branches.

EachPenny

takman wrote: »

The only problem is that most building societies are only in certain parts of the country so you must live in a good location to be able to access so many of them on a regular basis.

Exactly. Some make branch opening/access a condition in order to limit the most beneficial accounts to people in the local area. Therefore adopting the approach you appear to be suggesting of never setting foot in a branch in person because it is a waste of time means potentially missing out on making more money.

Looking at the bigger picture, if everybody adopts the online only approach it will ultimately reduce diversity in banking, and with that some of the benefits to consumers will be lost. So while it makes sense to advise people to use online and phone banking where appropriate, advising people never to use branch banking will, ultimately, do all of us a disservice.

Anyway, we have strayed far from the original topic, so I'm going to go back to counting my regular saver accounts