The Top Easy Access Savings Discussion Area

Nick_C

Molehusband said:

Nick_C said:

Plenty of providers allow you to keep savings accounts open with a zero balance.  TSB, Lloyds, Nationwide, Tesco, Chip, Virgin Money ....

I repeat why is it necessary to keep lots of defunct accounts open when all you need is one single easy access account with the very same provider (in this case Cynergy) to hold your money?

Various reasons, depending on the provider.

Lloyds allow you to reuse a dormant account (sort code and account number) for a new product, which is convenient.

TSB don't have an online function to close an account - they used to ask you to write to them, it might now be possible to send a secure message.  It's easier to just leave the account open.

An account with no money in it keeps your continuous membership with Nationwide, which occasionally gives access to better interest rates for long standing members.

A dormant account with no money in it means you are an existing customer with access to online banking, allowing you to immediately open new accounts if good ones become available.

Molehusband

uptdale said:

Molehusband said:

Nick_C said:

Plenty of providers allow you to keep savings accounts open with a zero balance.  TSB, Lloyds, Nationwide, Tesco, Chip, Virgin Money ....

I repeat why is it necessary to keep lots of defunct accounts open when all you need is one single easy access account with the very same provider (in this case Cynergy) to hold your money?

I think AndyTh_2 gave 3 possible reasons in his reply about an hour ago.  (The third answer would only require one defunct account kept open.  The first two answers are tax reasons which will not be relevant to everyone.)

Interestingly enough I have on a number of occasions in this thread suggested to others that, even if they decide to withdraw from a provider who they consider offers appalling interest rates, it may still be worth keeping one account open with minimal balance. This will enable them to re-enter quickly if things change.
But regarding the matter I was commenting on, it's the apparent truckload of defunct accounts held with a single provider that puzzled me.

Molehusband

Nick_C said:

Molehusband said:

Nick_C said:

Plenty of providers allow you to keep savings accounts open with a zero balance.  TSB, Lloyds, Nationwide, Tesco, Chip, Virgin Money ....

I repeat why is it necessary to keep lots of defunct accounts open when all you need is one single easy access account with the very same provider (in this case Cynergy) to hold your money?

Various reasons, depending on the provider.

Lloyds allow you to reuse a dormant account (sort code and account number) for a new product, which is convenient.

TSB don't have an online function to close an account - they used to ask you to write to them, it might now be possible to send a secure message.  It's easier to just leave the account open.

An account with no money in it keeps your continuous membership with Nationwide, which occasionally gives access to better interest rates for long standing members.

A dormant account with no money in it means you are an existing customer with access to online banking, allowing you to immediately open new accounts if good ones become available.

I have said numerous times in this thread that I feel it can be useful to keep a single account open with minimal balance with any provider and I do the same thing. Key here being single account, but I was querying why someone apparently kept a truckload of defunct accounts open with the same provider.

UncleK

SJMALBA said:

Charter Savings Bank EA Issue 27 - 1.75% (5k min.)

https://chartersavingsbank.co.uk/Products/EasyAccess

Good luck with that. Very painful experience trying to open an account with them earlier in the year.

Nick_C

Molehusband said:I have said numerous times in this thread that I feel it can be useful to keep a single account open with minimal balance with any provider and I do the same thing. Key here being single account, but I was querying why someone apparently kept a truckload of defunct accounts open with the same provider.

You seem to have said several things numerous times, and I'm not sure that this is helping anybody.

But you also asked a couple of questions that I answered.

"How do you keep a savings account open with zero balance? The savings providers I use always demand a minimum balance be kept."

And 

"I repeat why is it necessary to keep lots of defunct accounts open when all you need is one single easy access account with the very same provider (in this case Cynergy) to hold your money?"

Your questions.  My answers above.

isasmurf

Molehusband said:

Nick_C said:

Molehusband said:

Nick_C said:

Plenty of providers allow you to keep savings accounts open with a zero balance.  TSB, Lloyds, Nationwide, Tesco, Chip, Virgin Money ....

I repeat why is it necessary to keep lots of defunct accounts open when all you need is one single easy access account with the very same provider (in this case Cynergy) to hold your money?

Various reasons, depending on the provider.

Lloyds allow you to reuse a dormant account (sort code and account number) for a new product, which is convenient.

TSB don't have an online function to close an account - they used to ask you to write to them, it might now be possible to send a secure message.  It's easier to just leave the account open.

An account with no money in it keeps your continuous membership with Nationwide, which occasionally gives access to better interest rates for long standing members.

A dormant account with no money in it means you are an existing customer with access to online banking, allowing you to immediately open new accounts if good ones become available.

I have said numerous times in this thread that I feel it can be useful to keep a single account open with minimal balance with any provider and I do the same thing. Key here being single account, but I was querying why someone apparently kept a truckload of defunct accounts open with the same provider.

The poster didn't say they had a truckload of defunct accounts open with a single bank.  They were referring to their experience over their whole time as a customer that they have received notifications of interest rate changes for accounts they had open at the time of that change

typistretired

I’m not complaining but this thread is a bit like my CCTV camera which pings when a bird flies across 

leaphaze

Molehusband said:

It has made me wonder if I might be penalised for opening a few ISAs without funding them.

If you're wondering about HMRC, they only know about funded ISA's so you should be OK.

Molehusband

isasmurf said:

Molehusband said:

Nick_C said:

Molehusband said:

Nick_C said:

Plenty of providers allow you to keep savings accounts open with a zero balance.  TSB, Lloyds, Nationwide, Tesco, Chip, Virgin Money ....

I repeat why is it necessary to keep lots of defunct accounts open when all you need is one single easy access account with the very same provider (in this case Cynergy) to hold your money?

Various reasons, depending on the provider.

Lloyds allow you to reuse a dormant account (sort code and account number) for a new product, which is convenient.

TSB don't have an online function to close an account - they used to ask you to write to them, it might now be possible to send a secure message.  It's easier to just leave the account open.

An account with no money in it keeps your continuous membership with Nationwide, which occasionally gives access to better interest rates for long standing members.

A dormant account with no money in it means you are an existing customer with access to online banking, allowing you to immediately open new accounts if good ones become available.

I have said numerous times in this thread that I feel it can be useful to keep a single account open with minimal balance with any provider and I do the same thing. Key here being single account, but I was querying why someone apparently kept a truckload of defunct accounts open with the same provider.

The poster didn't say they had a truckload of defunct accounts open with a single bank.  They were referring to their experience over their whole time as a customer that they have received notifications of interest rate changes for accounts they had open at the time of that change

You're mistaken. The discussion started because in the last day or two after several of us posted the fact that we are Cynergy customers. We were all astonished that, for the very first time ever, Cynergy had sent us an email about an interest rate change on one of our accounts. Then out of a crack this individual appeared saying that had over time they "had loads of Cynergy interest movement email notifications". We queried why none of us ever experienced this. This individual responded saying that, since they had a large number of open Cynergy accounts, they were regularly sent interest rate related emails by Cynergy.

I confirm again the discussion was purely about Cynergy and no other provider. If you still have doubts about what I've said, feel free to go back and search for the words
"loads of Cynergy interest movement email notifications" earlier in this thread.

Bobblehat

Molehusband said:

You're mistaken. The discussion started because in the last day or two after several of us posted the fact that we are Cynergy customers. We were all astonished that, for the very first time ever, Cynergy had sent us an email about an interest rate change on one of our accounts. Then out of a crack this individual appeared saying that had over time they "had loads of Cynergy interest movement email notifications". We queried why none of us ever experienced this. This individual responded saying that, since they had a large number of open Cynergy accounts, they were regularly sent interest rate related emails by Cynergy.

I confirm again the discussion was purely about Cynergy and no other provider. If you still have doubts about what I've said, feel free to go back and search for the words
"loads of Cynergy interest movement email notifications" earlier in this thread.

Seems like a fair summary of the situation .... to which we have still not had a definitive answer, only veiled hints, as to the nature of these "loads of Cynergy interest movement email notifications" ....and we probably never will get a detailed answer to this!