I dont get it!

lister3010

So, i don't get it!. i have a Barclays account, savings account and Barclaycard, i don't have any additional items with the bank, just my accounts ( not travel insurance etc.). 
i pay off my Barclaycard every month and don't have an overdraft. 
What am i missing? Should i change to a different bank if i don't use any of the features? should i change just for the cash injection. 
what are my benefits for changing. 

I don't get it!
Help please.

Emmia

What benefits are you seeking to obtain? Cashback? Better interest rates? Fee free FX?

Switching bonus?

EarthBoy

If you're happy with Barclays, and they provide everything you need.lister3010 said:

Should i change to a different bank if i don't use any of the features? should i change just for the cash injection. 
what are my benefits for changing. 

All banks will have some features that a lot of customers don't use.  If you're happy with Barclays, and they provide everything you need, then stay with Barclays.  If you want other features that Barclays don't provide, look around to find a different bank which does have them.  

Don't switch solely for the cash bonus; make sure the new bank has all the features you need, first.  You can always do what many of us already do; leave your main account with Barclays/your present bank, and open a second account and switch that one for the bonus instead.

WillPS

You can have the cash bonuses for switching without changing your main bank account. As a bonus, if you do a 'round up' of all the offers available over a year then you'll have a pretty good view of the experience using each, and then at that point you can switch your main Barclays account over to one of your others if you wish.

DullGreyGuy

lister3010 said:

So, i don't get it!. i have a Barclays account, savings account and Barclaycard, i don't have any additional items with the bank, just my accounts ( not travel insurance etc.). 
i pay off my Barclaycard every month and don't have an overdraft. 
What am i missing? Should i change to a different bank if i don't use any of the features? should i change just for the cash injection. 
what are my benefits for changing. 

I don't get it!
Help please.

Depends, what are you hoping to achieve?

There is no strict "switching" credit cards but you can get an additional card and either retain or cancel your existing one. People may choose another brand to get cashback, airmiles, free FX etc, depends what you value.

Switching current accounts does exist and most will do it for introductory bonuses but you dont have to give up your Barclays account, you could set up a sacrificial account with the prescribed number of DDs and use that to qualify for the switching bonus. If your not interested in the switching bonus I suspect most people are pushed from their old bank (ie they dont like them any more) than pulled to the new bank. Again others may open a supplemental account for various benefits (eg cost free FX)

wmb194

Apart from its 5% Rainy Day account Barclays' savings accounts are usually easily beaten elsewhere.

hugheskevi

To give you an idea of what you might be missing, here is my banking products set-up with the reasons for each product (interest rates are sometimes different now to when I opened accounts):

Natwest Premier Reward Account - Get paid £8 per month for having the current account
Chase instant access saving account - Get 5.1% interest with instant transfers. The service is great, and Chase are consistently close to the leading interest rate for savings.
Natwest 0% purchases card - Get 19 months 0% interest on purchases, using the money elsewhere, eg, in savings account getting interest, during that time.
Moneybox 5.16% cash ISA

I can easily open new additional current accounts with Chase to transfer to other providers for typical £150-£200 sign-up bonuses. Between my wife and I we have switched 6 accounts this year, so about £1,000 from that.

I use various nil-fee, 0% balance transfer credit cards (Santander, Natwest, Barclaycard combined with a nil-fee money transfer credit card from Halifax) to have a pot of money building interest - across myself and my wife that is currently £51,000 earning interest at 5.1%+, so about £2,600 p/a

So that is about £4,000 p/a income from all the above for very little work.

Both my wife and I hold Premium Bonds for the tax advantage, as well as Stocks and Shares ISAs and pensions, again for tax advantages.

jameseonline

wmb194 said:

Apart from its 5% Rainy Day account Barclays' savings accounts are usually easily beaten elsewhere.

5% can be beaten though