NatWest vs Lloyds Bank 21 December 2022 at 1:28PM in Budgeting & bank accounts 5 replies 443 views

ccdorset

Hi,

I'm currently trying to simplify my banking to help with budgeting. I have been a serial switcher for several years, but am finding it difficult to juggle multiple accounts as I have ADHD.

I think the time has come for me to simplify everything and start closing some of them down. I have an account with first direct that I will keep as my mortgage will be coming out of that one.

However my main account is with Lloyds Bank, but I'm unsure whether to stick with them or use my NatWest account.

I just wondered what people's views are on NatWest vs Lloyds Bank in general? It would be between the NatWest rewards account and Club Lloyds.

Thanks for your help. :-)

AmityNeon

I use both (or all three), but if I had to choose just one between Lloyds and NatWest, it would be NatWest Reward because of the monthly £3 net reward and access to their Digital Regular Saver (continuous balance).

Section62

ccdorset said:

....I have been a serial switcher for several years, but am finding it difficult to juggle multiple accounts as I have ADHD.

I think the time has come for me to simplify everything and start closing some of them down.

I can understand where you are coming from, but you don't need to close accounts down to simplify things.

For example you could ask to have the Club Lloyds account downgraded to a 'Classic', cancel/move any outgoing payments from it, draw the balance down to (say) £10 and then just leave it there.  If you like you could set up a standing order from one of your other accounts for a nominal sum to make sure the Lloyds account doesn't go dormant.

Otherwise there would be nothing you have to do to maintain the Lloyds account on a day-to-day basis.

Then if you find the NatWest account isn't suitable, or you have problems with them, you have the option of going back to Lloyds as a main account, without having to jump through the hoops of an application for a new current account.

In other words, you don't need to make the choice now, nor make it as final as it would be if you close the account.

ccdorset

Thank you both for your replies.

I think NatWest is probably the best option for me, but I do like the idea of keeping the Lloyds account open and downgrading to the Classic account.

I also have Chase, Starling and Virgin Money accounts as well, I think I will definitely get rid of the Virgin Money one, Starling might be good for budgeting I guess, but I'm thinking perhaps spending from the NatWest account would keep things simple.

pridehappy

Even though I've never had a full current account experience with NatWest, I'd recommend them a mile off. Lloyds Bank customer service is dreadful and nobody knows what they need to do, plus their current accounts are very expensive (although I believe NatWest is too). If you'd be willing to do a full switch, I'd say Nationwide FlexPlus/FlexDirect or Virgin Money M Plus/Club M. Good customer service and you get more out of your banking.

Katiehound

pridehappy said:

Even though I've never had a full current account experience with NatWest, I'd recommend them a mile off. Lloyds Bank customer service is dreadful and nobody knows what they need to do, plus their current accounts are very expensive (although I believe NatWest is too). If you'd be willing to do a full switch, I'd say Nationwide FlexPlus/FlexDirect or Virgin Money M Plus/Club M. Good customer service and you get more out of your banking.

I'm not sure where you are getting your info about Lloyds current accounts being expensive

You can have Club Lloyds for free- you just need to juggle £1.5k (soon to be £2k) going in (and out) each month. How is that expensive? it's free- access to a decent RS (2 actually), a bit of interest & a free magazine or cinema tickets. 
if you want a packaged Lloyds account that might be expensive. I don't have one of those.

my only recent experience of NatWest was fairly dire- resulted in two formal complaints. Local branch no longer has a 'resident' manager so no one seemed to be in charge. Put it like this the switch team & the branch staff completely contradicted each other. (I had a full current account with Nat West for many many years, but long ago.)