What makes you switch account?

george4064

For me, a 0.25% increase or more would make me switch my savings over to get the higher rate.

B0bbyEwing

kuratowski said:

For savings you're not planning to use in the next few weeks, it really makes sense to shop around; do so at least annually, even if it's not worth checking every day.

Is that not basically what I said?

"as and when"

FYI, my "as and when" is more than once a year but it's not daily. 

I also really think people need to appreciate that we're all individuals. Strikes me a little like extreme-vegans where they try to shove their angle down your throat & make out you're wrong for having a different view.

Neither side are wrong. People do what suits them & so long as they're not hurting anyone else then there's no real problem. 
People don't even have to understand someone else's POV, they just need to respect it.

kuratowski said:

Unless you have so much money already, you simply don't care about another 5%.

Makes me think about those people who say "your vote counts". 

No it doesn't. My vote isn't going to be the difference maker. Then you get - "well if we all acted like that"

Well no because we're not all going to act like that. Some people will vote & some wont. 

There is not just your version of this or that. I either have lots of money and don't care or I have no money so I "need" to check daily & change every time a new rate beats the previous rate.

There are alternative versions too. Such as mine - I don't have "so much money" but what I do have is a situation where I no longer want to chase rates daily. 


The funniest part about all of it is people trying to force their views. At no point am I trying to convince anyone to have my view. I'm saying it's right for me. I respect other peoples views as right for them.

Yet other people try to force their view as being right for everyone.

A bit like those extreme vegans.

B0bbyEwing

Daliah said:

It takes literally seconds to check for the best available offers. https://moneyfacts.co.uk/. Some people prefer to subscribe to newsletters, such as the MSE one, or the ones from Savingschampion or that Andy Money guy (name escapes now).

No it doesn't because you're not seeing the bigger picture.

I have to stop whatever else I'm doing, come online, check whatever is already in place, see how a switch will impact, make the application, switch over the money and then if I can no longer make direct payments from the savings account for example, I then have to make continuous manual payments that were all automated beforehand, so on & so forth.

It's the knock on effect - the bigger picture.

Daliah said:

Whichever way you do it, it certainly takes less time than posting multiple lengthy posts on MSE  .

Ahh that old chestnut. 

Yeah that reaction is a little old & boring now.

Daliah said:

For the avoidance of doubt: everybody can do whatever they feel is right for them. So you don't have to justify what you do any more than I have to justify what I do, even if our approaches appear to be diagonally opposite.

It doesn't matter if it takes us a while to get there, just so long as we get there. Some get there quickly, some slowly (& some not at all).

Eventually, you got there

orange-juice

Normally switch if the interest rate is a bit higher, and the bank i’d be switching to has a straightforward application process and an easy to use banking platform.

However, transferring large sums of money from either of my Virgin Money and Chase current accounts have both, triggered fraud alerts recently. The latter had to be resolved with a phone call. Major inconvenience. It’s all mostly in the Al Rayan 2.1% account, which I imagine will continue to be one of the higher interest rate paying saving accounts so will probably stick with it for the foreseeable.

Daliah

B0bbyEwing said:

A bit like those extreme vegans.

It seems the real issue is you don't like, or respect, vegans 🤣

MovingForwards

Current accounts I only change if the bank pees me off, not swapped in over 10 years. I've opened up additional current accounts with other banks, each has a purpose. Closed one as I didn't like the app.

Savings accounts I stick with who my current accounts are with and providing the interest rate is higher than what I've already got, I'll open a new account to filter money into.

Daliah

orange-juice said:

However, transferring large sums of money from either of my Virgin Money and Chase current accounts have both, triggered fraud alerts recently. The latter had to be resolved with a phone call. Major inconvenience. It’s all mostly in the Al Rayan 2.1% account, which I imagine will continue to be one of the higher interest rate paying saving accounts so will probably stick with it for the foreseeable.

All banks can, and do, randomly hold up payments. Al Rayan do, too.

masonic

For me, it depends. If it's easy (new account at bank I already have a relationship with), then I'd do it for an extra £10 a year. If it involves more effort, then perhaps £25-50 extra would be enough to sway me. I check rates at least weekly - less frequently than I check the news. Quite often, someone here tips me off before I find a particular deal for myself.

RG2015

masonic said:

For me, it depends. If it's easy (new account at bank I already have a relationship with), then I'd do it for an extra £10 a year. If it involves more effort, then perhaps £25-50 extra would be enough to sway me. I check rates at least weekly - less frequently than I check the news. Quite often, someone here tips me off before I find a particular deal for myself.

This sounds a bit like me, but I have a mix of instant and fixed term accounts.

If one of my current banks offers a good or great rate I will go for it. Mine are Virgin Money, Ford Money, Nationwide and NatWest. 

If a new bank offers a dramatic increase over the competition I will jump in. First was Marcus and then Chase. I have recently also gone for Atom’s 6 month and OakNorth’s 90 days to fill gaps in my  one a month maturing fix regime.

B0bbyEwing

orange-juice said:

 The latter had to be resolved with a phone call. 

Yeah this has me awarding banks negative points.
Not necessarily having to resolve fraud with a phone call (before certain people try to twist words there), because that's pretty serious so you want it sorted pronto. 

but just not offering an online messaging service - puts me right off. 

Everyone seems obsessed with phoning people for every little thing. Being on hold forever to sort the most minor of curiosities. 

Imagine, you want to know when a deal ends or you're not certain if your eligible for something or whatever. Something you can wait a few days on an answer for because it's no big deal. 
Nationwide, HSBC, Santander - I can fire off a message & just check back in some time for a reply. 

Others, you have to phone up & as someone who hates talking on the phone, that puts me off.