Why do you bank with your bank? 19 January at 11:30PM edited 19 January at 11:31PM in Budgeting & bank accounts 63 replies 3.8K views

Rob5342

MikeJXE said:

ZeroSum said:

MikeJXE said:

I bank with Santander 123 account, I'm advised on here it's not the best but I have been with them about 10 years and never had a problem.

I don't worry about missing a few pounds and I'm not rich but I am happy and money doesn't equal happiness

It's more that the full fat version charge extra fees for rubbish interest. 123 lite is a decent account, but it's no longer available to those who haven't already got one.

Personally, like many on here I don't have a 'main' account. I have different accounts for different things depending on what benefits they offer.

I don't need to change I'm 82 and don't want the hassle,

Switching is very simple these days and no hassle whatsoever. If you are happy with your current bank then fine, but don't let a fear of hassle stop you switching.

Zopa_Trooper

My main account (Pension goes in) is fluid, whoever paid the last switching bonus.

MikeJXE

phillw said:

MikeJXE said:
I don't need to change I'm 82 and don't want the hassle, I don't need loads of money either I can support myself with what I have without chasing interest rates 

Doesn't that make your decision kinda unhelpful for the OP who does want the hassle of switching banks?

You tell me 

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 

Bridlington1

Nationwide for the regular saver
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.

Zanderman

MikeJXE said:

phillw said:

MikeJXE said:
I don't need to change I'm 82 and don't want the hassle, I don't need loads of money either I can support myself with what I have without chasing interest rates 

Doesn't that make your decision kinda unhelpful for the OP who does want the hassle of switching banks?

You tell me 

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 

Yes, that certainly answered the OP's question, which was about why do you bank with your bank, not why don't you switch to another that others say may be better! 

Our reply (I and Mrs Z-man) to the OP would be that our 'main' active accounts are with Coop and Smile and Santander 123 Lite and Lloyds Club. Some of which are not hugely outstanding but they are what we're used to and they work for us. I know many would tell us those are not the best too.

We do have other accounts that we have opened and used for switches etc.  We wouldn't switch our main accounts though, as life's complicated enough. Switches are very easy to do (we've done dozens in recent years) but staying with familiar systems, for main accounts, is easier still.

I'd suggest OP doesn't switch main account (yet), but tries out one or two of the accounts recommended and, if those seem good, switch into the chosen one later. And to remember that the appeal of a particular account will wax and wane - the 123, once a very popular account, isn't as good as it was, Chase, currently popular for the 1% cashback, may discontinue that cashback next month. They all change, sometimes quite rapidly.

[Edited to add the 'not' in hugely outstanding! Which accidentally got edited out from my original ]

fourmarks

To Bridlington.

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.

WillPS

The short answer is 'because they provide a usable service and cash or other perks on a monthly basis'. If and when either of those criteria drop to below a level I consider worthwhile I stop using that bank (as I have done with Nationwide and HSBC in recent years, and also Barclays although they've done enough to win me back for now).

 

fourmarks said:

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.

Many of us have already taken every switching incentive available to us (for now) and so have time to waste helping others do the same on here.

Perksy5

Bridlington1 said:

Nationwide for the regular saver
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.

I thought I was busy with my 3 or 4 accounts but wow how do you stay on top of all that? No real favourites from any of those?

Zanderman said:

MikeJXE said:

phillw said:

MikeJXE said:
I don't need to change I'm 82 and don't want the hassle, I don't need loads of money either I can support myself with what I have without chasing interest rates 

Doesn't that make your decision kinda unhelpful for the OP who does want the hassle of switching banks?

You tell me 

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 

Yes, that certainly answered the OP's question, which was about why do you bank with your bank, not why don't you switch to another that others say may be better! 

Our reply (I and Mrs Z-man) to the OP would be that our 'main' active accounts are with Coop and Smile and Santander 123 Lite and Lloyds Club. Some of which are hugely outstanding but they are what we're used to and they work for us. I know many would tell us those are not the best too.

We do have other accounts that we have opened and used for switches etc.  We wouldn't switch our main accounts though, as life's complicated enough. Switches are very easy to do (we've done dozens in recent years) but staying with familiar systems, for main accounts, is easier still.

I'd suggest OP doesn't switch main account (yet), but tries out one or two of the accounts recommended and, if those seem good, switch into the chosen one later. And to remember that the appeal of a particular account will wax and wane - the 123, once a very popular account, isn't as good as it was, Chase, currently popular for the 1% cashback, may discontinue that cashback next month. They all change, sometimes quite rapidly.

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.

MikeJXE

Rob5342 said:

MikeJXE said:

ZeroSum said:

MikeJXE said:

I bank with Santander 123 account, I'm advised on here it's not the best but I have been with them about 10 years and never had a problem.

I don't worry about missing a few pounds and I'm not rich but I am happy and money doesn't equal happiness

It's more that the full fat version charge extra fees for rubbish interest. 123 lite is a decent account, but it's no longer available to those who haven't already got one.

Personally, like many on here I don't have a 'main' account. I have different accounts for different things depending on what benefits they offer.

I don't need to change I'm 82 and don't want the hassle,

Switching is very simple these days and no' hassle whatsoever. Don't stay with your bank for that reason if you can see a better account.

Yes I know it is easy to switch but you don't know how good or bad that bank is until you switched to them 

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 

Ebe_Scrooge

mgdavid said:

I've been with Barclays for my main accounts since the 1960s. I stay with them because they've never effed anything up, they provide simple mainstream banking services with no gimmicks, and I've never paid them a penny in charges.

I'm exactly the same.  I'm with Santander - started out with a current account with Abbey National (how long ago was that ??) when I was about 16 I think, and just stayed with them ever since for exactly the same reasons as you've given.  I've actually got several accounts with them now - main current account, various different savings accounts.  I'm sure I could earn more interest or take advantage of switching bonuses etc., but to be honest I just want a simple no-frills service.