Thinking of switching, what's stopping you? 🙂

lr1277

I moved banks in the 90's before there was a switching service. For job related reasons and because I didn't like the service I was getting from a bank or wanted a better service.

I have been with my current bank for over 20 years. They have looked after me and provide good customer service.

The 2nd reason is that I have accounts with a stock broker and a CFD broker and that is where I get my money from. I have to provide bank statements in order to switch both the account that is paying money into these brokers and taking money out of these brokers. Not sure why I have to provide a statement twice to the same broker but that is the way it seems to be. It is not as simple as going to your employer or pension provider and saying please send my money to this new account. So too much hassle for me.

Also talking of customer service, with all the banks cutting down on branches and staff (both in branch and at their customer serivce centres) I have no desire to move to a bank that provides less customer service than I receive now.

Before anyone says it, when money is paid to me, yes it will be forwarded but like I said I like my current bank and don't want the hassle. And I don't trust the forwarding service when the money comes from a broker.

Oh and as I don't have a regular job, not sure I would pass any credit check. At least I wasn't offered the Newday John Lewis card last year and I am guessing this is the reason.

Or it could be I don't like change, which I am fine with.

Lou76

Well, hasn't this wee post taken a turn of events, I wasn't expecting. 😳

If it's any defence; I now have current accounts with every bank I used for switching, I opened additional accounts for the switching bonuses.

My problem is, I now can't decide who to keep.  Each of them have things I like/dislike...🤯

Bridlington1

Lou76 said:

Well, hasn't this wee post taken a turn of events, I wasn't expecting. 😳

If it's any defence; I now have current accounts with every bank I used for switching, I opened additional accounts for the switching bonuses.

My problem is, I now can't decide who to keep.  Each of them have things I like/dislike...🤯

Why not keep all of them? If each one offers something you like you may as well get the benefit of them all and it won't be doing you any harm keeping them open, plus you can link them up to YouGov finance for a fiver per account (except Co-op bank).

I've currently got 23 current accounts and don't plan on closing any anytime soon unless a switching offer I am eligible for emerges, though admittedly 2 of those are sat there with 2 DDs waiting for another switching offer to emerge.

As a bonus switch you could always switch an account to Bank of Scotland to get the 3 month 0% overdraft if you haven't already. You can grab this once every 12 months so a nice little stoozing opportunity for you there. No DD/min deposits requirements, just switch an account you aren't using, max out the overdraft and relax.

RG2015

Lou76 said:

Well, hasn't this wee post taken a turn of events, I wasn't expecting. 😳

If it's any defence; I now have current accounts with every bank I used for switching, I opened additional accounts for the switching bonuses.

My problem is, I now can't decide who to keep.  Each of them have things I like/dislike...🤯

I have also found an amazing difference between different banks. If only one bank could do everything well.

I have banked with NatWest for almost 50 years and am very comfortable with their basic banking services. Their search facility is excellent and gives you 7 years. The app transaction search is also good but I only found it by chance. However I don't like their abysmal face recognition software and their unpredictable notifications.

Atom bank have excellent face recognition although they are only a savings bank.

Lloyds have an excellent notification process and they are very quick as were Halifax before I switched away.

Barclays online banking has never allowed me to transact on my new bank account so I do everything on the app.

Nationwide have the most difficult website that I have ever seen. It seems to take ages to get what I need at it is completely illogical.

Santander often take direct debits in the evening before they are due. Then they tell me the DDs will take me into my overdraft.

Virgin Money are all over the place with three distinct websites that don't interact with each other.

There are plenty more anomalies and bugbears but each new account allows me to build up my personal knowledge.

If I ever find a better bank than NatWest I will move all of my main banking. But since I started this 6 or 7 years ago none have come close.

Band7

Lou76 said:

 
My problem is, I now can't decide who to keep.  Each of them have things I like/dislike...🤯

If you have a fair number of accounts, they might be worth some extra money

RG2015

Band7 said:

Lou76 said:

 
My problem is, I now can't decide who to keep.  Each of them have things I like/dislike...🤯

If you have a fair number of accounts, they might be worth some extra money

Okay, this comment may surprise you given my ramblings yesterday.

I have never considered that an unused or redundant bank account could have a value.

Old dogs and new ways of thinking. 

Edit. Okay, I missed your link to the yougov bribe thread which clearly gives it more context.

However, merely in terms of a potential switch incentive, a redundant bank account could have a value.

oldagetraveller1

"Atom bank have excellent face recognition although they are only a savings bank."

I am pleased it works for you. My mug is always a "spoof" if I even get passed the initial image registration! Their voice log in doesn't function for me either, only the p.i.n. log in.

lr1277

I do wonder about switching accounts and the account being frozen.

This is one of many threads I have seen on the subject:

https://forums.moneysavingexpert.com/discussion/6421386/santander-woes 

From this board, accounts can be frozen after you have held the account for 10 minutes to over 10 years.

Whilst there is incentive to switch, surely as potential customers we should be told by each bank the number of accounts they have frozen in a given period? And not general headings like AML issues.

I realise banks will never publish their algorithms for freezing accounts, but they should be able to publish the numbers of frozen accounts under specific categories.

This Which article lists potential reasons for freezing accounts:

https://www.which.co.uk/news/article/why-banks-are-freezing-accounts-and-what-to-do-if-it-happens-to-you-aPXrh7F1YCx1 

If banks could publish numbers according to this list, this will give potential customers more information on whether to switch to that bank taking into account any incentive.

Just a thought.

flaneurs_lobster

lr1277 said:

If banks could publish numbers according to this list, this will give potential customers more information on whether to switch to that bank taking into account any incentive.

Just a thought.

Why would they want to publish these numbers? 

They would be pretty meaningless unless shown as a proportion of their total active current accounts. And even then, unless it was qualified by a stack of additional data it's just a number.

And anyone looking to wash a few thousand hooky quids would be looking at the league table to find the "safest" laundromat.

lr1277

flaneurs_lobster said:

lr1277 said:

If banks could publish numbers according to this list, this will give potential customers more information on whether to switch to that bank taking into account any incentive.

Just a thought.

Why would they want to publish these numbers? 

They would be pretty meaningless unless shown as a proportion of their total active current accounts. And even then, unless it was qualified by a stack of additional data it's just a number.

And anyone looking to wash a few thousand hooky quids would be looking at the league table to find the "safest" laundromat.

All fair points, some of which I had considered before posting but decided to post anyways.

Looking at this from a frozen accounts point of view, it seem unfair that accounts can be frozen for an indeterminate amount of time. But I suppose if the time was determinable, then bad actors may find a way around that restriction.

Not everybody can open a 2nd account at a different instituion. That is assuming the first bank has not put some kind of fraud marker against that person.

Yes, we should all open accounts before anything happens, but not everybody is in a position to do that.

I seem to have taken this thread off track so I am out.