How much does your bank balance impact how the bank treat you?

subjecttocontract

Reading these posts has left me feeling quite proud........never, ever have I been contacted by any bank suggesting I could get a better rate invested elsewhere. Seems I must be doing something right !

wmb194

Ocelot said:

GeoffTF said:

Aminatidi said:

I don't know if Lloyds think "he's got £20K in a savings account with us so we can see he's sensible"...

It is more likely that they think "he's got £20K in a savings account with us so we can see he's a sucker". Actually, I do not expect that they think about you at all.

Lloyds sometimes message me to say I could be getting a better rate (I have 15k or so earning 0.9% in an emergency fund).

I also find when I have over 100k in my current account (not for long, usually after a bond expires) a window pops up asking me to invest with their people.

I also had 50k in an Atom account after a fixed rate expired, earning 0.1%, and they emailed me saying I could get a better rate if I moved my money.

I suspect these are just automated algorithms.

Have you upgraded your current account to Club? If so, it has some better paying Club savings accounts e.g., one that pays 4% AER on three withdrawals per account year before the rate drops and might suit for an emergency fund.

https://www.lloydsbank.com/savings/club-lloyds-advantage-saver.html

subjecttocontract

I'd feel quite embarrassed if a bank contacted me and was able to show I could do better elsewhere. At that point I'd have to recognise either, I'm not doing a good job at managing my money or I need help.

ZeroSum

Savings & credit are not linked.

About 18 years back, due to change in jobs I needed to buy a car. So looked at using the opportunity to jump into stooping. Halifax (my bank) had a decent 0% card, so popped into the branch and went through the application process. Unfortunately computer said no. At the time I had about £15k in savings with them, and all they would offer me was a credit builder card with a poxy £500 limit. The reason was that I had no debt, and bizarrely you need debt to get debt.

Fast forward a few years, new house, new mortgage. I had another go at the stooze game & this time it was accepted. Currently I don't keep any more than a couple of hundred float in current accounts, but have over £30k credit card 'debt' and all the cash is stashed in online banks that without current accounts. My current accounts & credit cards are largely with high street banks.

PosterBoy77

I know from experience that some banks seem to take umbridge at someone moving money to them, but not keeping it there. Barclays is the worst. I had account with them for years and several credit cards too. Last year I received a letter from them saying if I did not use my Premier account more, they would start charging me. Anyway I had remortgaged a property and moved the remortgage money through the account several times to different savings accounts by cheque. Anyway they called me a few weeks later asking me why I was suddenly moving large sums of money. I told them and they seemed satisfied. However a few weeks later they closed all my accounts and barclaycards without notice.

A truly dreadful bank. Other banks have asked questions and have asked me to provide proof of funds and have been no problem thereafter.

If someone banks with Barclays, do not transfer any larger sums in and out of an account with them. 

Section62

mikael said:

Anyway they called me a few weeks later asking me why I was suddenly moving large sums of money. I told them and they seemed satisfied. However a few weeks later they closed all my accounts and barclaycards without notice.

A truly dreadful bank. Other banks have asked questions and have asked me to provide proof of funds and have been no problem thereafter.

If someone banks with Barclays, do not transfer any larger sums in and out of an account with them. 

If you willingly volunteered the information you were cycling the same (large) sum through the account multiple times then it isn't surprising Barclays did what they did.  Banks don't like 'odd' behaviour.  The lack of notice suggests they suspected some form of fraud, perhaps they simply didn't believe your story.

GeoffTF

mikael said:

...and moved the remortgage money through the account several times to different savings accounts...

What does that mean? What did you actually do, in what timescale and for what purpose?

Middle_of_the_Road

GeoffTF said:

mikael said:

...and moved the remortgage money through the account several times to different savings accounts...

What does that mean? What did you actually do, in what timescale and for what purpose?

Seems quite clear to me. 

Had money from re-mortgage in Barclays account.
Wrote a cheque for same money to fund a savings account.
When a better savings rate became available, money from savings account was returned to Barclays.
Another cheque written to new savings provider.
Repeated as necessary.
Barclays asked why is this happening.
Barclays didn't like or believe response and closed accounts.

dunstonh

Middle_of_the_Road said:

GeoffTF said:

mikael said:

...and moved the remortgage money through the account several times to different savings accounts...

What does that mean? What did you actually do, in what timescale and for what purpose?

Seems quite clear to me. 

Had money from re-mortgage in Barclays account.
Wrote a cheque for same money to fund a savings account.
When a better savings rate became available, money from savings account was returned to Barclays.
Another cheque written to new savings provider.
Repeated as necessary.
Barclays asked why is this happening.
Barclays didn't like or believe response and closed accounts.

Depending on the timescale, that could look like crossfiring.  Not very common nowadays but banks used to close accounts for crossfiring.

Aminatidi

You do hear some horror stories and it's easy to think it's normal.

I moved £20K out of Hargreaves Lansdown into the bank and then made a payment of £20K to IWeb.

Should be totally obvious to the bank where the money is coming from but it still made me a little cautious.