NOW OPEN: the MSE Forum 'Ask An Expert' event. This time we'd like your questions on TRAVEL & HOLIDAY DEALS. Post by Wed and deals expert MSE Oli will answer as many as he can.
Why do you bank with your bank?
edited 19 January at 11:31PM in Budgeting & bank accounts
63 replies 3.8K views
Latest MSE News and Guides
Energy Price Cap change
Martin Lewis on what it means for youMSE News
Best £1 you've ever spent?
Share your most impressive bargainsMSE Forum
New MSE Forum avatars available
Try 'em out nowMSE Forum
The question was
So, why do you bank with your bank? Sentimental reasons? A feature you like? Maybe it's the UI of their app?
I think I answered that question by saying why I bank with my bank
Lloyds for the monthly savers, £50 0% overdraft and the free magazine
Halifax for the regular saver and the £15/mth for making debit card payments to myself
TSB for the £5/mth for making debit card payments to myself
Natwest and RBS for the digital regular savers plus the £3/mth (post fee) for logging into the app and paying out 2 DDs
Santander for the free railcard and £1.5k 0% student overdraft
Bank of Scotland for the regular saver
Virgin money for the exclusive cash ISA and 2% interest on the current account so ideal for paying out cheques.
HSBC for the regular saver
Co-op for the refer a friend bonus
Amex, Tesco bank and Capital one credit cards for the direct debits they provide.
Hull and East Yorkshire credit union for the £25 bonus on their Christmas saver.
Metro bank for completeness seen as I've banked with pretty much every other bank so thought, why not? Now it gets used as a nominated account for some savings accounts.
7 of the above I've had switching incentives out of as well.
I have savings accounts with about a third to a half of Britain's building societies, largely because of decent paying savings accounts and the fact that many offer the best rates to existing customers and customers with however many year's continuous membership. Plus I have a few savings accounts because they let me make deposits by direct debit or debit card and another load because they offered decent interest rates but have fallen behind so now contain minimal balances in case the rate rises again.
Used to bank with Barclays for the rainy day saver but they closed my account just weeks after I opened it. I've had a card reader out of them though.
I am mainly driven by money when it comes to my banking choices so am not too fussed about sentimental reasons/app layout etc. At the end of the day I'll bank with whichever banks gives me an incentive to bank with them.
[Edited to add the 'not' in hugely outstanding! Which accidentally got edited out from my original ]
In the time it took you to remember all those details and type them out you could have switched an account and earned another £200. Very poor time management.
A good point, ive opened a Monzo account for a better mooch about and tempted to change salary into it (only takes a couple mins for me to update).
Just conscious that my existing lender would withdraw the pre approved lending limits as I know its heavily weighted on them seeing my income coming in every month and the rates are much cheaper than Monzo.
I dont need a loan now obviously but it's nice to see it there for if stuff royally hits the fan.
I have 4 other banks I use for switching rewards but I won't change my main bank it suites me for all my daily needs, all my main DDs go from there
I have one credit card and pay full amount at the end of the month
I only have to check 2 statements my bank and my credit card
I have 2 savings accounts paying 2.75% and 3.25% One Is with my bank the other a building society in the town. I know there are better but I am happy with these,
I don't need to chase interest rates, my very rich friend does that and it drives him nuts, he doesn't have a minutes peace, Stressed out because his big investments are sinking, Sits in a cold house because he only allows the heating on for 45 minutes twice a day. I have no doubt he will be gone before me despite him being 8 years younger.
Life is easy for me but it doesn't make me rich but I don't need to be