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It amazes me that so many people frantically race round every 5 minutes to switch their savings to the new kid on the block who is topping the interest charts ( for a few days usually). It is similar to those who switch current accounts every time there is a cash offer as an incentive. Re the former, I just haven't got the time or inclination, so I stick with 3 or 4 savings banks that are always consistently competitive ( though, to be fair, most of my assets are in properties and my shares portfolio);
Re the latter, I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of; having a Premier Select Account also has some bearing for me personally but does not interfere with the view I take which is aimed at everyone.4 -
Richard1212 said:It amazes me that so many people frantically race round every 5 minutes to switch their savings to the new kid on the block who is topping the interest charts ( for a few days usually). It is similar to those who switch current accounts every time there is a cash offer as an incentive. Re the former, I just haven't got the time or inclination, so I stick with 3 or 4 savings banks that are always consistently competitive ( though, to be fair, most of my assets are in properties and my shares portfolio);
Re the latter, I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of; having a Premier Select Account also has some bearing for me personally but does not interfere with the view I take which is aimed at everyone.29 -
Rates are part of a package for many savers, who might look at other things. Ethics may be important to some - green banking, social responsibility, women in finance initiatives etc.
We shouldn’t forget that shifting your money around is work. It may take ‘seconds’ when it’s easy, but if there’s any hassle or poor customer service, then time is money.For me accessibility is a huge consideration. One in 7 of the population has a disability (ONS stats). As a deaf customer, I look carefully at how good and responsive CS is, and what methods of contact there are that don’t involve the phone. It’s good to benefit from top rates, but not if I can only phone to sort things out - minor improvements in rate aren’t gains if they involve me in stressful phone interactions. I’ve had a fair few of those and you couldn’t remunerate me enough for the stress of trying to access my money when a significant sum is involved. So, for example, I wouldn’t touch Santander with a bargepole. Not if I have to ring up to unblock transactions, as is regularly reported on these boards.For me, this forum gives me a very good idea of which institutions are phone-heavy in their dealings or have a good or bad customer service rep - the good ones tend to be more adaptable or have a better and more responsive range of contact methods - eg secure messages they actually monitor! That helps inform my decisions, as does real life experience. Rates alone aren’t enough.6 -
Richard1212 said:I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of.13
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Richard1212 said:It amazes me that so many people frantically race round every 5 minutes to switch their savings to the new kid on the block who is topping the interest charts ( for a few days usually). It is similar to those who switch current accounts every time there is a cash offer as an incentive. Re the former, I just haven't got the time or inclination, so I stick with 3 or 4 savings banks that are always consistently competitive ( though, to be fair, most of my assets are in properties and my shares portfolio);
Re the latter, I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of; having a Premier Select Account also has some bearing for me personally but does not interfere with the view I take which is aimed at everyone.
Personally I have a lloyds account for DD, a few regular savers, a fixed bond account. My instant access cash does get moved around when my personal trigger point is reached. If someone doesn't mind 20 minutes moving cash around online for the more interest, I say fair play.5 -
I'm finding it takes more than the odd 20 minutes at this point in time. It's the busiest time of the year, a long Christmas break is almost on us, the post office and trains are on strike, many organisation are overwhelmed by account applications......it's not a good place to be. I have lots of problems with account opening.....here's a few examples:
* Kent Reliance......ISA transfer out delayed.
* Monmouthshire regular saver......held up
* HSBC new current account/ regular saver......been waiting ages for details.
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subjecttocontract said:I'm finding it takes more than the odd 20 minutes at this point in time. It's the busiest time of the year, a long Christmas break is almost on us, the post office and trains are on strike, many organisation are overwhelmed by account applications......it's not a good place to be. I have lots of problems with account opening.....here's a few examples:
* Kent Reliance......ISA transfer out delayed.
* Monmouthshire regular saver......held up
* HSBC new current account/ regular saver......been waiting ages for details.4 -
Richard1212 said:It amazes me that so many people frantically race round every 5 minutes to switch their savings to the new kid on the block who is topping the interest charts ( for a few days usually). It is similar to those who switch current accounts every time there is a cash offer as an incentive. Re the former, I just haven't got the time or inclination, so I stick with 3 or 4 savings banks that are always consistently competitive ( though, to be fair, most of my assets are in properties and my shares portfolio);
Re the latter, I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of; having a Premier Select Account also has some bearing for me personally but does not interfere with the view I take which is aimed at everyone.
As for "Good" banks, let me give you an example. My wife has a current account with First Direct, always rated as one of the best banks in MSE surveys. I've tried to get her to switch countless times for the bonus but she's 74 and doesn't want the hassle. She recently asked me to transfer £100 for her to our eldest grandson. I hadn't had access to her account for ages and was gobsmacked to see she had accrued over £19,000. Yes, £19,000 sitting in a current account earning precisely NOTHING. I did my nut with her and although she still refuses to switch banks I have at least got her to put £10,000 in a ZOPA 95 day notice account. Banks rely on people like her (AND YOU). If everybody kept moving their money about then ALL banks would have to up their game and the necessity to keep moving money would be reduced.
Incidentally, I've "earned" £1,965 through switching and as soon as I am eligible for another bonus I'll switch again. Takes next to no time and the easiest free money I've ever made.11 -
Richard1212 said:It amazes me that so many people frantically race round every 5 minutes to switch their savings to the new kid on the block who is topping the interest charts ( for a few days usually).Richard1212 said:……..It is similar to those who switch current accounts every time there is a cash offer as an incentive.
Re the latter, I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of; having a Premier Select Account also has some bearing for me personally but does not interfere with the view I take which is aimed at everyone.As with savings, it also doesn’t affect you in any way if someone else switches however many accounts, so why don’t you just read past posts which deal with matters you are not interested in.9 -
I must say I’m actually enjoying frantically racing around, switching and all that goes with it! My choice and I wouldn’t judge someone who thinks it’s a waste of time. Good for them they have enough spare cash to not bother!Tilly Tidying andPADing in 2024 £250.62
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Debt and Mortgage free from 20187
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