Which Bank

Bridlington1

Mark_d said:

Not sure why you want or need five current accounts.

Here's my reasons

NatWest Reward- £3/mth (net) for paying out 2 DDs to myself and logging into the app each month plus access to a 6.17% regular saver

NatWest select- has 2 DDs on it ready for use as a donor account for future switching offers

RBS Reward- £3/mth (net) for paying out 2 DDs to myself and logging into the app each month plus access to a 6.17% regular saver

Santander Edge- access to 7% Edge Saver

First Direct- access to 7% regular saver

Co-op- access to 7% regular saver

Nationwide- access to a competitive regular saver and for the last 2 years has given me £100 for my ``loyalty".

The list goes on.

My advice is to just use all of those who are offering something you want, i.e. keep your savings with those who offer the best savings rates, pay DDs out from those who give you cashback for doing so etc.

jameseonline

I'm confused you say you are bored of Lloyds yet their Club Lloyds saver is 6.25% on a max of £400 a month.

I'm in with most well known banks/building societies etc, mainly for savings accounts (mainly regular savers)

I'm guessing you are mainly after savings?, I'd say get in with as many providers as possible, so use the top regular savings accounts on MSE as a guide, aim for the highest rates, also might be worth putting a £1 in with Skipton, £10 (or do their £50 a month small saver) with Saffron, £100 in with Cambridge, £1 with Coventry etc easy access accounts in order to build up loyalty & get better accounts in future.

More you are in with the easier it is to jump on any new accounts that come up.

Also not a good idea to get several new current accounts in a short time.

I've taken about 4 years to build up my collection of current accounts, not much left for me to get now, think it's just Metro & then app based providers tbh.

Also look out for switch offers & also use Quidco/TopCashback on top of those to maximise things.

steven141

jameseonline said:

I'm confused you say you are bored of Lloyds yet their Club Lloyds saver is 6.25% on a max of £400 a month.

I'm in with most well known banks/building societies etc, mainly for savings accounts (mainly regular savers)

I'm guessing you are mainly after savings?, I'd say get in with as many providers as possible, so use the top regular savings accounts on MSE as a guide, aim for the highest rates, also might be worth putting a £1 in with Skipton, £10 (or do their £50 a month small saver) with Saffron, £100 in with Cambridge, £1 with Coventry etc easy access accounts in order to build up loyalty & get better accounts in future.

More you are in with the easier it is to jump on any new accounts that come up.

Also not a good idea to get several new current accounts in a short time.

I've taken about 4 years to build up my collection of current accounts, not much left for me to get now, think it's just Metro & then app based providers tbh.

Also look out for switch offers & also use Quidco/TopCashback on top of those to maximise things.

I have 7 bank accounts and always wondered how that would look on a mortgage application. I use all accounts for a specific purpose but could it be seen as “playing the system” and they reject my application? 

jameseonline

steven141 said:

jameseonline said:

I'm confused you say you are bored of Lloyds yet their Club Lloyds saver is 6.25% on a max of £400 a month.

I'm in with most well known banks/building societies etc, mainly for savings accounts (mainly regular savers)

I'm guessing you are mainly after savings?, I'd say get in with as many providers as possible, so use the top regular savings accounts on MSE as a guide, aim for the highest rates, also might be worth putting a £1 in with Skipton, £10 (or do their £50 a month small saver) with Saffron, £100 in with Cambridge, £1 with Coventry etc easy access accounts in order to build up loyalty & get better accounts in future.

More you are in with the easier it is to jump on any new accounts that come up.

Also not a good idea to get several new current accounts in a short time.

I've taken about 4 years to build up my collection of current accounts, not much left for me to get now, think it's just Metro & then app based providers tbh.

Also look out for switch offers & also use Quidco/TopCashback on top of those to maximise things.

I have 7 bank accounts and always wondered how that would look on a mortgage application. I use all accounts for a specific purpose but could it be seen as “playing the system” and they reject my application? 

I don't do mortgages just current accounts and savings accounts so can't really comment on that, not sure what you mean by playing the system as long as you meet criteria for having accounts not committing fraud etc can't imagine any/many issues

steven141

jameseonline said:

steven141 said:

jameseonline said:

I'm confused you say you are bored of Lloyds yet their Club Lloyds saver is 6.25% on a max of £400 a month.

I'm in with most well known banks/building societies etc, mainly for savings accounts (mainly regular savers)

I'm guessing you are mainly after savings?, I'd say get in with as many providers as possible, so use the top regular savings accounts on MSE as a guide, aim for the highest rates, also might be worth putting a £1 in with Skipton, £10 (or do their £50 a month small saver) with Saffron, £100 in with Cambridge, £1 with Coventry etc easy access accounts in order to build up loyalty & get better accounts in future.

More you are in with the easier it is to jump on any new accounts that come up.

Also not a good idea to get several new current accounts in a short time.

I've taken about 4 years to build up my collection of current accounts, not much left for me to get now, think it's just Metro & then app based providers tbh.

Also look out for switch offers & also use Quidco/TopCashback on top of those to maximise things.

I have 7 bank accounts and always wondered how that would look on a mortgage application. I use all accounts for a specific purpose but could it be seen as “playing the system” and they reject my application? 

I don't do mortgages just current accounts and savings accounts so can't really comment on that, not sure what you mean by playing the system as long as you meet criteria for having accounts not committing fraud etc can't imagine any/many issues

I just wasn’t sure what banks think of serial switchers that’s all. 

flaneurs_lobster

I'd pick the bank with the prettiest debit card. 

Zanderman

steven141 said:

jameseonline said:

I'm confused you say you are bored of Lloyds yet their Club Lloyds saver is 6.25% on a max of £400 a month.

I'm in with most well known banks/building societies etc, mainly for savings accounts (mainly regular savers)

I'm guessing you are mainly after savings?, I'd say get in with as many providers as possible, so use the top regular savings accounts on MSE as a guide, aim for the highest rates, also might be worth putting a £1 in with Skipton, £10 (or do their £50 a month small saver) with Saffron, £100 in with Cambridge, £1 with Coventry etc easy access accounts in order to build up loyalty & get better accounts in future.

More you are in with the easier it is to jump on any new accounts that come up.

Also not a good idea to get several new current accounts in a short time.

I've taken about 4 years to build up my collection of current accounts, not much left for me to get now, think it's just Metro & then app based providers tbh.

Also look out for switch offers & also use Quidco/TopCashback on top of those to maximise things.

I have 7 bank accounts and always wondered how that would look on a mortgage application. I use all accounts for a specific purpose but could it be seen as “playing the system” and they reject my application? 

Not having done a mortgage application for some years I don't know how much info they ask for when making one - but would ask, in this context, do they need to know you have 7 bank accounts? Do they ask how many you have? Or just where your main account is held?

If not there's no need for them to know as it isn't (unless they ask) their business.

The credit report they get may also not give that detail (i.e. how many accounts you have), only your creditworthiness.

And even if they do ask, why would it be assumed you were 'playing the system'. Having multiple accounts doesn't imply that at all. But you go on to say:

steven141 said:
I just wasn’t sure what banks think of serial switchers that’s all. 

Having multiple accounts doesn't mean you're labelled as a serial switcher, as the existence of the accounts is not a record of switching history, just a list of the accounts you have at the present time. Switching history isn't given.

So whatever they think of serial switchers is probably irrelevant, as they won't have any info on whether you are one or not.

Dfarkas0

Thanks all, I've read you can have as many bank accounts as you want and it doesn't affect any credit score, i think ill go with chase who offered me the 5.1% and go to Barclays as my main current account.

The other accounts i don't use but i still have an account, maybe i just close the others.

I've always used Lloyds but Barclays app is so much better, that's why i opened a Barclays.

Monzo isn't bad, i just cant decide whether to stay with the or go to chase.

I've also read i shouldn't use chase as an everyday account, only for savings.

Katiehound

Dfarkas0 said:

 

The other accounts i don't use but i still have an account, maybe i just close the others.

No need to close them- you could keep them open with a minimal amount and then use them for switching to earn a few bonuses. (Always checking you meet the T&Cs of the switch deal.)

Hope Barclays are rewarding you in some way, I haven't had an account with them since they downgraded the Blue rewards.

Personally I would be bored if I only had 2 current accounts. The ones I have have to work hard to stay 'in the loop!'

Dfarkas0

thanks all, very helpful, ill keep my Lloyds open but not use it, ill now mainly use Barclays and also transfer savings to Chase.

ill put my other debit cards in a draw, which ill maybe come back to in the near future, i think ive decided on barlays as my main current account and chase for savings