Should I keep a High Street Bank Account

MattHun23

Hello All,

I currently Bank with Starling as my main account but I still hold a open Account with the Halifax Group.

Should I Keep the Halifax Account open for things such as getting a mortgage etc,

Having worked in Residential Conveyancing for a few years I know how important it is to show Money for Proof of Funds in such things as Savings Accoung which is something Starling Don’t offer right now as all Bank Statements from them just shoe what’s in your main account.

any advise on this?

jsmith9

yes most definately keep it open - it is aways wise to have a second in case something happens to your main account.

penners324

No need. Starling provide proper bank statements that are accepted by mortgage companies.
If savings are in a different account just send the statements from that account as well.

I moved in August, Starling as my main account, Marcus as my savings account. Statements from both were accepted by Halifax for a mortgage.

eDicky

Without an alternative bank account to provide continuity of financial activity, what would you do if Starling suddenly freeze your account or have an IT meltdown..? Either can happen at any time. It would be unwise to limit yourself to any single bank account.

penners324

Having a second account is not irrelevant to the op's point.
A good idea though 

realaledrinker

Quite a pertinent question for me as I have had a Starling account for 2 years but have never used it as my main account (Nationwide FlexPlus). I use it for my day to day spending, feeding it with £100, £200 or so every now and again.  I like the instant notifications, real time balance access, less so the budgeting frills which seem too vague to be of much use.

I've just read 'Banking on IT' by Anne Boden, CEO of Starling, which tells how she set the bank up and knocked down several preconceptions in the process.  Essential reading for any Fintech nerds on here, incidentally.  But I still want the ability to log on to my account via on line access which Starling, Monzo, Atom etc don't have.  Old school, maybe, but I am nearly 66! 

penners324

Starling have online access now. Went live in early December 

retiredinfrance

Having the disastrous experience of our UKHigh Street Bank closing our accounts, I am convinced that backup readily available is essential. Hold on to that account!

colsten

realaledrinker said:

But I still want the ability to log on to my account via on line access which Starling, Monzo, Atom etc don't have.  Old school, maybe, but I am nearly 66! 

I am well ahead if you age-wise, and a complete fan of app-based banking now. Alas, some of the traditional banks still don’t let me do everything in the app and force me to use online banking for some tasks (e.g. Santander, my main bank). I love my Starling account, and use their app in preference to their online banking, which they now offer. I have my apps on both, my iPhone (main device used) and my iPad, so I have some redundancy if I lose my phone. 

SJshah

IT wouldn't make a difference when getting a mortgage, in my experience it would be far easier having less accounts when applying for mortgages. I remember having to send 10 different current account and savings account statements for the past 3-6 months when applying since I didn't consolidate my deposit into one or two accounts.

I'd still keep one as a backup with some funds in it, in case you lose your debit card somewhere you can keep this as a spare one in a safe place until the other is replaced.