Is it worth keeping these bank accounts open?

francismay

Jimmy_Neutron wrote: »

I have used up all the banking switching incentives. I have several accounts which I keep a tiny amount of money in but do I need these accounts as the interest rates are dire?

Two Bank of Scotland Vantage accounts
One Tesco current account (no direct debits required)
Three Tesco Internet Saver accounts

What is the purposed of Tesco Internet Saver accounts? The interest rate is like 0.55% way too low than ISA. and drop to 0.35% in October.


If for DD household bills, can try Halifax that give £2 or Co-operative current account £5.50

colsten

francismay wrote: »

What is the benefit/offers of having this account?

Santander offer more than one type of current account. The benefit of having even just their Everyday account (free of charge, no interest, no cashback) is has very recently been that you could make over £1,000 in Amazon vouchers with very little effort. I doubt this offer will be repeated but who knows.

The other accounts (123 and 123 Lite) offer cashback as well as exclusive access to a 2.5% AER Monthly Saver. The full 123 also offers interest, and whilst it isn't the top rate, some people choose to hold this account as a hub for funds going into and coming out of Regular Savers.

colsten

francismay wrote: »

If for DD household bills, can try Halifax that give £2 or Co-operative current account £5.50

It doesn't have to be either or - you could have these two accounts along side accounts that pay cashback or other rewards, and many people do just that. Although none of the accounts the OP lists offer cashback or rewards.

The Tesco current account the OP mentions also offers a Clubcard points deal. This may be of interest to the serious Clubcard points collector.

20SmthngSver

I kept my Tesco Current Account although I did empty on the rate cut. Mine is one of the earlier no conditions accounts, so no DDs or pay-in. I've kept it to buy petrol and food with as I get double points.

francismay

Jimmy_Neutron wrote: »

I have used up all the banking switching incentives. I have several accounts which I keep a tiny amount of money in but do I need these accounts as the interest rates are dire?

Two Bank of Scotland Vantage accounts
One Tesco current account (no direct debits required)
Three Tesco Internet Saver accounts

colsten wrote: »

Santander offer more than one type of current account. The benefit of having even just their Everyday account (free of charge, no interest, no cashback) is has very recently been that you could make over £1,000 in Amazon vouchers with very little effort. I doubt this offer will be repeated but who knows.

The other accounts (123 and 123 Lite) offer cashback as well as exclusive access to a 2.5% AER Monthly Saver. The full 123 also offers interest, and whilst it isn't the top rate, some people choose to hold this account as a hub for funds going into and coming out of Regular Savers.

Do you mean Santadder Refer A friend sharing £100 amazon voucher?
I cannot believe if they have promotion of giving £1,000 amazon voucher

swindiff

I got £1000 in Amazon vouchers no problem at all. Just meant switching 5 accounts each for the wife and me. There is one tale of a woman getting £10,000 worth of vouchers by switching 190 accounts.

francismay

swindiff wrote: »

I got £1000 in Amazon vouchers no problem at all. Just meant switching 5 accounts each for the wife and me. There is one tale of a woman getting £10,000 worth of vouchers by switching 190 accounts.

Oh, that is Sandanter Refer A Friend, each get £100 amazon voucher.

Similar like Nationwide Refer A friend.

swindiff

Yes, the offer has finished now though.

scoot65

Did you have to have a certain number of active Direct Debits set up on the account you were switching from?

That's my 'problem', I just don't have a large number of DD's

swindiff

No, the Santander offer required no Direct Debits. Just refer and Switch that was it.