The Top Easy Access Savings Discussion Area

Section62

Richard1212 said:

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.

You appear to have overlooked the fact that having an account with "the best bank" and having current accounts you switch around, are not mutually exclusive.

Therefore "the most sensible thing to do" (if you aren't on the hunt for a mortgage or have credit history issues) is to do both - i.e. maintain your day-to-day banking with "the best bank" and have a number of other accounts used for switching and back up.

The point about back up is possibly the most important issue of all.  Having your current account with one bank risks being denied access to banking facilities in the event of an IT glitch or the bank deciding to suspend your account.  It doesn't matter how 'best' the bank is, nor how 'premier' you are as a customer, these glitches can affect anyone so having alternative options is a near necessity.  One of the penalties of "old fashioned loyalty" with one bank is the increased risk of (temporarily) losing 100% of your ability to transact in the modern world.

Wheres_My_Cashback

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.

Seeing as you mentioned old fashioned loyalty and the older generation, there's an old proverb which is applicable now as it's ever been. Look after the pennies........

Loyalty costs, not to the brand but to the general public. It's relied upon to keep those companies profitable at the expense of the general public. Banks are no different, they are simply businesses looking to make as much profit from the consumer, By sticking with those brands you perpetuate their money making at your OWN expense and it effectively makes a mug of those who stagnate and procrastinate. They simply get left behind, but if that suits the individual that's their call.

Initially your own portfolio would have time to sett up, but for someone who already has a 'portfolio' of financial institutional accounts, in most cases it will take seconds to open new accounts and transfer funds, particularly in the modern digital world, so it's neither onerous or difficult. Obviously there are the odd exception just as with everything in life and those exceptions are usually from those brands who don't move with the times and lose custom because of it.

When it comes to banking old school mentality costs only YOU !

razord

For those hoping Santander increase the limited edition eSaver... you need to remember that product only existed so Santander could get some press for their article in the national newspapers on how big banks are ripping off their customers "but not us!" as they launched the market leading product... for a week before they withdrew it and went back to ripping off their customers like every other big bank.

I think they have zero interest in being a market leader again, especially as after the last time they tried, their customer service basically stopped for 2 weeks due to all the issues with people signing up to it.

TheWoodler

ashby6567 said:

I'm profoundly deaf. I use Relay UK to make phone calls, problem solved. Yes, I understand it can be more time consuming than a standard voice call but the bottom line is, it works. Wow, things have vastly improved in my generation, it was a struggle without subtitled tv, mobile sms, email, text relay etc. Let's count our blessings.
And I have Santander accounts too, their online chat works well. 

Really interesting to discuss this with you. Glad to hear that Relay UK has been useful for you. I switched to using the app when my Uniphone died and it’s horrendous - calls left hanging, glitches in the app etc. Very little effort has been made to improve it.

 And if it takes longer than a normal call then of course you’re not getting the same level of service as everyone else. Chat is great, I agree, but not all firms will discuss account-specific issues via chat. 

I’m a similar vintage to you and agree that there’s a lot out there that want available until recently, but it doesn’t absolve financial institutions from their legal duty to provide accessible means of  contact. My late father was deafened by old age and he found it increasingly hard to cope with calls to banks and utilities. With branches closing hither and yon and unable to cope with managing his money online, this demographic is not well looked after and many could do better than they do. So rather than counting my blessings, I’m a disability activist and push financial institutions to do better. The recent Govt survey of disabled people only asked about people’s experience of finance in terms of benefits - as if benefits comprise the sum total of disabled people’s interactions with money! 

So I do factor in accessibility as well as rates, and why not? There’s some large institutions that should hang their heads in shame, small BS that are intelligent, flexible and adaptable, and others that are getting there. It’s worth noting that every firm has its accessibility pluses v minuses so it’s looking at what suits the individual best. Time is money and all that. 

So as not to derail the thread I’ll post another thread later, as it’s a useful topic to discuss. 

phillw

TheWoodler said:

That helps inform my decisions, as does real life experience. Rates alone aren’t enough. 

In my experience all the banks are as good/bad as each other. But I accept that there may be differences with your specific needs which affects how you rate them.

But that doesn't justify your rather insulting depiction of people who shift their money around

phillw

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.

Monmouthshire postal application was a step too far for me. I don't have access to a printer and i am not paying for stamps. There are plenty of accounts which can be opened online.

I did all the current account switches when it was easy, I haven't done one in ages. So I can't comment about that. I have current accounts at most banks these days, so its pretty easy to qualify for exclusive rates.

Mevlock

I can't imagine many people in this thread trying to open new accounts and transfer money every single time rates increase by a fraction of a percentage point.

That's just not what people are doing from what I can see.

It seems most are happy to stay where they are until increases make it worthwhile. Whilst also factoring in in ease of account opening and so on.

I just started doing this around 5 months ago. I went from Zopa to Santander and now to Covnentry BS. Each time it was a worthwhile jump in interest giving a boost to my savings. Each time it took only minutes to open and transfer the cash. I've stayed away from anywhere where it was a hassle opening an account. My time is more important to me.

I'd guess most people are like me. However we are highly reliant on the more dedicated here who let us know if a bank or BS is going to be hassle.

phillw

Band7 said:

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). 

Even if people did frantically race round every 5 minutes to switch their savings - for which there is no evidence - it has no impact on you whatsoever, so why do you feel  you should criticise people who do with their own money what they think is right for them? Nobody is taking up your time or money, or is preventing you from doing anything, so what’s your beef? You also appear to assume that people with cash savings have no investments in other asset classes and that they have the same risk profile as you have - which may or may not be the case but is equally none of your business. 

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.

Very few people on here seem to be switching their main current account. Instead, they have spare accounts that they put to good use when a bank wants to give away some cash. So whether their main current account is called Premier Select or Pauper’s Regular doesn’t matter, it does not need to play a role in the switching. 

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.

I don't even have a main current account. I have a Halifax that gets money in, which has been open 15 years. Then all my direct debits go out of various accounts based on what perks that gains.

I have some credit cards which get used for direct debits for switching that I put the odd transaction through.

TheWoodler

phillw said:

TheWoodler said:

That helps inform my decisions, as does real life experience. Rates alone aren’t enough. 

In my experience all the banks are as good/bad as each other. But I accept that there may be differences with your specific needs which affects how you rate them.

But that doesn't justify your rather insulting depiction of people who shift their money around

It was not me but other users upthread who were far more stringent about people shifting their money around - I merely contributed to the existing discussion with my point of view on factors influencing whether I go for a top-paying rate or not. I insulted no-one if you read my two posts on this topic today. 

subjecttocontract

I guess we all differ slightly when deciding what the criteria is for opening or moving accounts.
For me, I don't consider an account is open unless I am able to access the account and withdraw money.

I 'opened' an HSBC account online on the 6th December......i don't have an account number, sort code, debit card, pin or telephone banking id. Therefore I can't register for digital banking. HSBC may consider it open.......I don't as we are being held to ransom by the postal service.