Minimising amount of current/savings accounts to reduce faff.

Legacy_user

Are there MSErs that operate with just one savings account (be it a current account) or a small few? I’ve downsized my accounts to a small few now, for a few reasons, and have decided that I’m going to operate this way to have minimal faff and pack in the current account/regular saver merry go round. Do others here do this for ease, or because you just aren’t that bothered about interest?

enthusiasticsaver

I stopped the current account merry go round last year when a lot started to reduce interest and impose more conditions. I kept my Tesco current accounts as they still pay 3% and because I don't have to fund it or have direct debits come out from it. The new ones do I know but so far mine are still operating fine with no input from me. The only other ones I have are my personal current account and a joint current for household stuff with DH. Savings are just one internet saver with Tesco and the rest is invested. Our joint current account pays interest so we keep the maximum balance in there.

It is not that I am not bothered about interest but the interest differential and maximum amounts in the current accounts are too low for me to worry about now and for my DHs sake who hates all the moving money around every month I have kept our finances simple now we are retired.

short_butt_sweet

yes, i can't be bothered with most of that stuff.

Sea_Shell

I'm still very much on the Merry-go-round at the moment....but our plan is to simplify things over the next few years, as we move to drawdown of pensions. We'll live on this and keep our cash buffer in maybe a couple of places to gain the best interest.

Unless of course, some new products come onto the market with great rates (and a few hoops) then all bets are off.

Ken68

Have whittled down current accounts and as maturities seem to get to a point about next April, will bite the bullet and stop chasing for the best rates.
Maybe even stop internet banking and stick to local branches. It's an age thing.

colsten

Although I am growing a tad tired with the endless shifting of funds, I can't see myself reducing the number of accounts I have anytime soon. I'll keep the TSB and Tesco current accounts for interest, current accounts at HSBC + FD + MS + Nationwide + Lloyds + BOS + Halifax for their regular savers, and a bunch of other Regular Savers (KRBS, Scottish BS, Principality etc). Whilst I am at it, I also collate the the monthly bonus money at Barclays and at the Coop.

RichyRich

I ditched anything paying 1.5% when Marcus came out which means I exited Bank of Scotland. Tesco and TSB are staying put as they pay 3% and 5% respectively but I see little point in messing about with pay-ins and direct debits when I can get the same rate in a standard savings account with no such requirements. I will, however, be renewing my FD and Nationwide regular savings accounts because why miss out on 5%?

I'm all for simplification but not at the expense of making me poorer.

ChesterDog

Yes - for cash I have various NS&I accounts and one (interest paying) current account.

I played the merry-go-round for a while, but in the end felt it just wasn't worth the effort, and there's no need to be mindful of the FSCS limit with NS&I, the predominantly below-inflation return being the price I pay for security and simplicity. We always live well within our means so don't need to chase the very best returns on cash, especially while those are still small.

shangaijimmy

I'm in the process of simplyfying the merry go round. By New Years Day i'll be done! Mainly because if a bus gets me Mrs SJ will have a nightmare trying to untangle!

Ken68

Same here Shang....just spent the last year untangling the financial mess my late brother left. The solicitor/accountants have made a fortune.

trailingspouse

We've used our Nationwide 5% deal, and had Lloyds Vantage until they reduced the interest rates (we'll miss the free cinema tickets...) and now just have the Santander 123 account. Having crunched the numbers, the marginal gains of the other accounts aren't worth the effort - and also we don't really have enough direct debits for some of the new terms and conditions.

Before people jump on me and say I should have a Santander Lite and a Marcus account - our cashback more than covers the £5 per month charge, and I can't be bothered with the hassle of making sure there's enough money (not earning interest) in the Santander Lite to cover the direct debits to get the cashback.
If interest rates were higher, I would start to pay more attention, but at the moment my time is better spent on other things rather than shifting money around to perhaps gain an extra £40 or £50 a year (which is less than £1 a week!). In other words, I've done the cost/benefit analysis, and decided the return isn't worth the investment of my time.