Which Bank

Dfarkas0

I am currently with Lloyds and have just opened an account with Barclays, i have monzo , revolut and Chase, 

I always use Lloyds but bored, money i have savings in there and Barclays has only been open for a week or so.

I don't use revolut and chase although i am interested in their 5.1% savings.

Do i switch to Lloyds to Barclays and savings from Monzo to Chase?

I'm unsure as to what to do.

Dfarkas0

monzo i have savings, not money, apologies

CliveOfIndia

Dfarkas0 said:

I always use Lloyds but bored

How can you get bored of a bank?  It's just a service provider, it's not intended to provide excitement   

Dfarkas0 said:

Do i switch to Lloyds to Barclays and savings from Monzo to Chase?

I'm unsure as to what to do.

What is it that you're trying to achieve?  If it's just to get the best savings rate in an easy-access account, then just go for the one that pays the most interest.  Or is there other functionality that you're looking for (such as fee-free foreign ATM withdrawals, for example) ?

Mark_d

Not sure why you want or need five current accounts.  Maybe just stick with Chase?

You could keep savings in Chase (4.2%) or with Trading212 (5.2%).

In my opinion it is easier to keep a good handle on your finances if you have fewer accounts.  How much extra interest do you earn by having lots of accounts?  How much of this extra earning would be lost if you failed to spot an extra subscription going out from one account - perhaps a subscription you meant to cancel but it slipped your mind.

Dfarkas0

Thank you for your responses, i meant bored as in the app, i find barclays app is better and easier than lloyds, i have been with chase an dused them abroad so might stick with them, are they ok to use as an everyday account?

Monzo are ok and ive earned interest on savings however chase are offering higher.

I just find my finances are safer with banks with more customers, or am i looking at this wrong?

Id rather have a n account with a bank with millions of customers than say a bank with 500k? if that makes sense.

steven141

Chase is owned by JP Morgan and is one of if not the biggest bank in the US so I think that you are pretty safe.

Go with whatever app you prefer and is what you want. I can’t really talk as I have 7 current accounts and multiple savings accounts plus 3 credit cards

CliveOfIndia

Dfarkas0 said:

I just find my finances are safer with banks with more customers, or am i looking at this wrong?

As long as the bank is authorised by the PRA ( which any legitimate bank operating in the UK will be), then your savings up to £85K are protected under FSCS regulations.  The number of customers has no bearing on how "safe" it is.

Regarding Chase specifically, yes they're a relative newcomer to the UK retail market.  But they're one of the biggest and oldest banks in the US (I'd hazard a guess that they're one of the biggest and oldest in the world, maybe?), so you don't need to be concerned on that score.

(Although of course, anything can happen - who would ever have predicted the collapse of Lehman's or Barings ?)

Rob5342

It depends what you want from them really. Personally I'd say Monzo or Starling for current accounts as their apps are so much better than the old fashioned banks, and savings in whatever account you can find that has the best interest.

As long as the banks are covered by the FSCS and you hold less than £85,000 with in total then in the long term your money is safe no matter how big or small the bank is. There is a short term risk as it may take a week or two to get your money back, and that would be bigger with smaller banks, but if you spread your money across a few places and have a credit card as well then you should be able to cope with most situations. 

Nasqueron

CliveOfIndia said:

Dfarkas0 said:

I just find my finances are safer with banks with more customers, or am i looking at this wrong?

As long as the bank is authorised by the PRA ( which any legitimate bank operating in the UK will be), then your savings up to £85K are protected under FSCS regulations.  The number of customers has no bearing on how "safe" it is.

Regarding Chase specifically, yes they're a relative newcomer to the UK retail market.  But they're one of the biggest and oldest banks in the US (I'd hazard a guess that they're one of the biggest and oldest in the world, maybe?), so you don't need to be concerned on that score.

(Although of course, anything can happen - who would ever have predicted the collapse of Lehman's or Barings ?)

Chase is the biggest bank in the US (as part of JP Morgan Chase) and biggest bank in the world by market capitalisation. It is indeed one of the oldest, form in 1799 as Bank of the Manhattan Company though only the 3rd oldest still operating bank in the US (The Bank of New York and State Street Corporation beat it by 7 and 15 years respectively). They are the 29th oldest still operating bank (albeit some are national ones like BoE)

penners324

Monzo now has about 8 million customers.
Chase is closer to 65 million customers 

Starling is good and have 3.5% on their current account. 

WillPS

Mark_d said:

Not sure why you want or need five current accounts.  Maybe just stick with Chase?

Terrible advice, IMHO. What happens if one's only bank decides/needs to freeze or unbank them?

I typically advise you have at least 2 routes to securing funds via separate banking groups, and making sure you have both a Visa and Mastercard ready to pay with in case one of their networks goes down.