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Why do you bank with your bank?
edited 19 January at 11:31PM in Budgeting & bank accounts
63 replies 3.8K views
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My Dad was with the National Provincial, which merged with the Westminster bank over 50 years ago. I have been with NatWest for just under 50 years.
Curiously the intended name of the National Provincial Bank in 1828 was the Royal Bank which is how the RBS in Scotland is now being rebranded (still under the NatWest Group banner).
NatWest for me still offers the best banking system and functions.
That said I have 10 other current accounts for different offerings such as cashback (123) and top interest rates. Santander, Barclays, Lloyds, First Direct, HSBC, Virgin Money, Chase, RBS and Nationwide all have top rates.
The other is TSB which is now redundant awaiting a switch.
Our current bank we chose because we were travelling abroad for a month and foreign transactions paid via Starling incurred no Forex charges. However we were so impressed by them we closed our Santander and now use Starling as our main current account. I like the pots features and budgeting information. I also like the way they notify us whenever a transaction goes through. Some of the features we could get through other bank accounts too though.
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Save £12k in 2023 Challenge #8 £12,000/£7800
The 365 day 1p Challenge 2023 #1 £667.95.00/£260.00
The 365 £1 a day Challenge for Christmas 2023 #43 £1000/£700
LLoyds will soon need funding of £2000 a month to avoid the fee
Halifax OK 3 payments of £500 requires £1500 x3 times funding
TSB Making those 30 payments to get you £5 Taking that you likely to spend 5 min per transaction times 30 = 2.5 Hrs per month
Plus it only last 6 months. That's why i named mine Mickey Mouse
Nat West and RBS require funding of £1250 per mth its only recently they have increased the total you can saver to £5000
Santander Same's a good deal
Bank of Scotland requires £1500 funding interest rate on current account poor. Regular saver good
Virgin ISA rate OK No more than one current account is worth holding for Interest on a £1000 dep
HSBC Requires Funding of £1500 per month Regular saver 5% why not use First Direct Regular Saver 7%
Co-op Refer a friend no longer available
I already have about 2 dozen regular savers including H&R at 4.75%.
I just send £1.5k of my easy access savings bouncing through my accounts to meet the monthly funding requirements
TSB payments takes me about 30 seconds per transaction so 15 mins per account or £20/hr if it was paid work. Once the 6 months is over you can upgrade the account into a spend and save plus account, then downgrade it again to restart the 6 month cashback period.
Natwest/RBS can be topped up using round ups, which don't count towards the maximum monthly limit.
Bank of Scotland vantage is used as a spare account for switching purposes so has 2 DDs going out of it each month. It doesn't cost me anything to have vantage enables so decided, why not?
I never normally keep anything in the VM current account but if I am opening a savings account by post I send a cheque, so Virgin's 2% interest is better than a normal current account if funds are waiting fo the cheque to clear.
HSBC doesn't require any funding. I don't use fist direct because I am waiting until I become eligible for their next switching offer.
Co-op refused to pay me the switching incentive for my last switch so have taken them to the FOS.