Why do you bank with your bank?

Rob5342

There's no n

penners324 said:

Starling- great app, notifications (especially the 1s the day before DDs are going out), pots (Inc have DDs come from them).

Monzo do pots you can have have direct debits taken from too. It's amazing that so few banks offer it, it seems like such a basic feature that woould benefit anyone that had regular bills.

RG2015

Rob5342 said:

There's no n

penners324 said:

Starling- great app, notifications (especially the 1s the day before DDs are going out), pots (Inc have DDs come from them).

Monzo do pots you can have have direct debits taken from too. It's amazing that so few banks offer it, it seems like such a basic feature that woould benefit anyone that had regular bills.

Anyone with regular bills would benefit from pots? How exactly?

I can see all of my receipts and payments from a transaction list without sticking things in pots.

huw01

I bank with Santander and have their Select 123 current account. I have never had an issue with them. 
Internet banking site is easy to use and I like their app, nice and simple and does what it needs to. 
Santander Select gives me fee free ATM withdrawals from Santander ATM's abroad. As I visit Spain a few times each year this is really good as Spanish banks charge a fee for using their machines, so even with a Chase, Monzo or Starling card you cannot avoid being leveid a withdrawal charge by a Spanish bank for using their ATMs.
Also have their zero credit card for fee free spending abroad (I think this may no longer be available for new applications)
I have a regular saver with them and I also opened their e-esaver with the 2.7% interest recently
Everything is one place and easily usable within the app

I also have a Starling account for using to withdraw in ATMs when abroad but not in Spain and although everyone does big them up with their app I actually prefer the Santander app.

I am also one that doesn't really get the point of pots, you know how much your bills are roughly each month so my personal opinion is that it is complicating something that doesn't need to be complicated, but that is my opinion and if it helps others then that is great

MikeJXE

huw01 said:

I bank with Santander and have their Select 123 current account. I have never had an issue with them. 
Internet banking site is easy to use and I like their app, nice and simple and does what it needs to. 
Santander Select gives me fee free ATM withdrawals from Santander ATM's abroad. As I visit Spain a few times each year this is really good as Spanish banks charge a fee for using their machines, so even with a Chase, Monzo or Starling card you cannot avoid being leveid a withdrawal charge by a Spanish bank for using their ATMs.
Also have their zero credit card for fee free spending abroad (I think this may no longer be available for new applications)
I have a regular saver with them and I also opened their e-esaver with the 2.7% interest recently
Everything is one place and easily usable within the app

I also have a Starling account for using to withdraw in ATMs when abroad but not in Spain and although everyone does big them up with their app I actually prefer the Santander app.

I am also one that doesn't really get the point of pots, you know how much your bills are roughly each month so my personal opinion is that it is complicating something that doesn't need to be complicated, but that is my opinion and if it helps others then that is great

I totally agree with you. I have had Santander 123 for years and have no intention of changing my current account, I too have the esaver 2.75% plus my local Coventry limited edition at 3.25%

My pension goes into my Santander and all my direct debits come out I don't remember having to phone them for anything 

I use their app on my phone and the website on my iPad and Macbook, seamless 

AmityNeon

Rob5342 said:

penners324 said:

Starling- great app, notifications (especially the 1s the day before DDs are going out), pots (Inc have DDs come from them).

Monzo do pots you can have have direct debits taken from too. It's amazing that so few banks offer it, it seems like such a basic feature that woould benefit anyone that had regular bills.

Pots don’t offer cashback, rewards or interest on credit balances. I’d much prefer more accounts offering financial incentives over budgeting tools (of which there are a plethora and you only need one).

GibbsRule_No3.

Re Starling bank, can someone tell me if you need to have a DD coming out to join them? I cannot see from their website. I like the idea of using a Starling account when I go to the US in a few months time but I don’t really want the bother of swapping a DD from my main account.  I’d use Starling for the rest of the year as a saving account for Christmas or holiday fund.  Then I can forget the money in it until needed.

flaneurs_lobster

GibbsRule_No3. said:

Re Starling bank, can someone tell me if you need to have a DD coming out to join them? I cannot see from their website. I like the idea of using a Starling account when I go to the US in a few months time but I don’t really want the bother of swapping a DD from my main account.  I’d use Starling for the rest of the year as a saving account for Christmas or holiday fund.  Then I can forget the money in it until needed.

No, you don't need a DD to join them (why would you think that you do?).

Might consider Chase as an alternative, better savings rate and good US atm coverage/fee-free currency exchange.

HampshireH

Ive been considering a move to chase from my HSBC account for day to day expenses. Been with HSBC 20 years+ but it's always been my constant. But the cashback on Chase is very appealing.

Currently have accounts with virgin (plus saver) I leave 1k in the account and building up the saver having switched from nationwide after their incentive rate dropped and NatWest for bills.

GibbsRule_No3.

flaneurs_lobster said:

GibbsRule_No3. said:

Re Starling bank, can someone tell me if you need to have a DD coming out to join them? I cannot see from their website. I like the idea of using a Starling account when I go to the US in a few months time but I don’t really want the bother of swapping a DD from my main account.  I’d use Starling for the rest of the year as a saving account for Christmas or holiday fund.  Then I can forget the money in it until needed.

No, you don't need a DD to join them (why would you think that you do?).

Might consider Chase as an alternative, better savings rate and good US atm coverage/fee-free currency exchange.

I thought most banks make their money from people having DDs with them.  It seemed to be what is needed when switching banks, so I wondered if at least one or two were needed when opening a new account without the switching option.  I had been with a bank for years and only just took the step to switching recently for the welcome offer of £200.  I was surprised how easy it was and when I saw the Starling option for using overseas, decided to take another positive step and get another account for using on holiday in the US this year. I probably wished I’d seen about Chase before I looked at Starling if you think they would be better to use in the US.  I guess I can always decline Starling if they offer me an account.  I like the idea of using a different account, from my main account, when away.  Less hacking option, perhaps, especially if it only has spending money in.  

I also wonder if I will be declined anyway, since I have only just switched banks.

Band7

GibbsRule_No3. said:

flaneurs_lobster said:

GibbsRule_No3. said:

Re Starling bank, can someone tell me if you need to have a DD coming out to join them? I cannot see from their website. I like the idea of using a Starling account when I go to the US in a few months time but I don’t really want the bother of swapping a DD from my main account.  I’d use Starling for the rest of the year as a saving account for Christmas or holiday fund.  Then I can forget the money in it until needed.

No, you don't need a DD to join them (why would you think that you do?).

Might consider Chase as an alternative, better savings rate and good US atm coverage/fee-free currency exchange.

I thought most banks make their money from people having DDs with them.  It seemed to be what is needed when switching banks, so I wondered if at least one or two were needed when opening a new account without the switching option.  I had been with a bank for years and only just took the step to switching recently for the welcome offer of £200.  I was surprised how easy it was and when I saw the Starling option for using overseas, decided to take another positive step and get another account for using on holiday in the US this year. I probably wished I’d seen about Chase before I looked at Starling if you think they would be better to use in the US.  I guess I can always decline Starling if they offer me an account.  I like the idea of using a different account, from my main account, when away.  Less hacking option, perhaps, especially if it only has spending money in.  

I also wonder if I will be declined anyway, since I have only just switched banks.

You don't have to decline / close the Starling account just because you also want a Chase account. Just have both. It's a good idea to have more than one card when travelling, anyway.

As to how banks make money: unlikely they are getting rich from DDs. Much more likely it is loans, overdrafts and mortgages. The reason some (not all) banks only pay a switching bonus if a couple of DDs are switched is to fend off switching tarts (although a fully-fledged switching tart will not have a problem getting the requisite DDs). 

Chase don't do a credit check, so wouldn't even know that you recently applied for another account, and certainly wouldn't know that you switched even if they did a credit check, as this information is not recorded on your credit files. The only issue people encounter with Chase is that the Chase app might not be supported on their phone.