Looking for a new current account - but not a switch

janetmw

blue.peter said:

As others have said, switches can be beneficial, but aren't required. FWIW, I recently opened a Virgin M Plus and didn't switch to it from another account: it's an addition to my existing current accounts. This one gives 2% on a balance of up to £1,000 and the associated savings account gives 1.7% on a balance of up to £25,000. It's a good one if you have savings.

I have just done this and it was quite straightforward.

Setting up the account online you are not asked about any existing current accounts. There was a question about how much you are wanting to save ( monthly/yearly) but I just put a very small amount annually. This wasn't queried and certainly wasn't a commitment. The accounts, current and savings, were created with zero funds. I then did a transfer from my existing current account with no problems. 

Doshwaster

Rob5342 said:

You can open any account without switching. I'd suggest one of the modern app only banks like Starling, Monzo or Chase.

I'm very happy with Starling as my "secondary account". My pay and direct debit bills go from my main HSBC account but I use Starling for day to day spending.

daveyjp

We opened Starling accounts (single and joint) a few weeks ago purely for no Forex fees for holiday spends.

Easy to set up (took minutes online) and run the accounts.

SiliconChip

Martin_the_Unjust said:

Have a look at chase 

https://www.chase.co.uk/gb/en/

Before deciding on Chase I would strongly recommend that you first check that it's possible to download the app to your mobile phone - a significant proportion of phones will not permit it and I decided that I wasn't going to get enough benefit over other accounts to justify buying a new phone that might work (as far as I'm aware there is no definitive list, although there are a couple of threads on here that have attempted to establish some phones that definitely will work).

Martin_the_Unjust

SiliconChip said:

Martin_the_Unjust said:

Have a look at chase 

https://www.chase.co.uk/gb/en/

Before deciding on Chase I would strongly recommend that you first check that it's possible to download the app to your mobile phone - a significant proportion of phones will not permit it and I decided that I wasn't going to get enough benefit over other accounts to justify buying a new phone that might work (as far as I'm aware there is no definitive list, although there are a couple of threads on here that have attempted to establish some phones that definitely will work).

Fair point

Zanderman

moneyunwise said:

Thanks all. The sites do look like they are designed for switching but I guess that is what they are looking for as an incentive. So I will pick one.

What sites are these that you are looking at? 

It's far cheaper, as far as a bank is concerned, for you to simply open an account with them without having to switch - which is hassle and often involves them paying you to do it. Every bank, surely, has a website that simply sets out its range of current accounts  The switch argument is that they 'get' your business, but it may be a poor deal (for them) in many cases so it's clearly not a pre-requisite.

But to be fair I'm guessing though that you're looking at comparison sites - such as MSEs own page on bank accounts - that promote the idea of switches but, actually, may be unhelpful if you're simply wanting to open an account. 

Looking at MSE's own 'best bank account' page (https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/) it does seem obsessed with switching rather than what might actually be 'best'.  Which is, looking at it from the point of view of someone merely wanting a new account, not very helpful.

I'm a serial switcher myself but I would never judge a bank account as 'best' by whether there's a switch incentive. If I want a bank account for a particular purpose I'd choose the best one that fits the bill, rather than the one that offers most incentive.

trient

SiliconChip said:

Martin_the_Unjust said:

Have a look at chase 

https://www.chase.co.uk/gb/en/

Before deciding on Chase I would strongly recommend that you first check that it's possible to download the app to your mobile phone - a significant proportion of phones will not permit it and I decided that I wasn't going to get enough benefit over other accounts to justify buying a new phone that might work (as far as I'm aware there is no definitive list, although there are a couple of threads on here that have attempted to establish some phones that definitely will work).

They couldn't open the account in the first place as it's an app only process, so fair point but a redundant one