New main bank account - Santander/Lloyds/Nationwide

Mugen_fd2

Hello,

Newbie here. I've been looking to switch my Barclays main account into a different one that may be more generous for cashbacks on spending and decent savings rate.
Barclays doesn't have any benefits other than apple tv, which is not essential for me and rainy saver account rates could be matched elswhere.

So I was looking at Santander Edge, Club Lloyds and Nationwide Flex Direct. 
Leaning towards Santander. With my salary coming into account I will have no problem to maintain either of them and benefits of utility bills/supermarket cashback I value more than travel insurance or brakedown cover(I drive honda). Saving account that comes with edge will get me same rate as barclays after 12 month, so little holds me with barclays at the moment after 15 years with the bank.

I have starling bank card to use when I travel abroad.

Any advise on the above or any other suggestions from the forum MS experts will be appreciated. 

Mugen_fd2

Switch bonus offer that some banks run at the moment doesn't make a difference for me, as I'm looking to switch long term. 

Wyndham

Mugen_fd2 said:

Switch bonus offer that some banks run at the moment doesn't make a difference for me, as I'm looking to switch long term. 

Nothing to stop you getting some free cash though, even if it's only a one off.

It sounds like you've already done some analysis on which account might be best for you, so it's basically deciding what is most important and picking one.

I assume you've read this: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

grumpy_codger

Mugen_fd2 said:

So I was looking at Santander Edge, Club Lloyds and Nationwide Flex Direct. 
Leaning towards Santander. With my salary coming into account I will have no problem to maintain either of them and benefits of utility bills/supermarket cashback I value more than travel insurance or brakedown cover(I drive honda).

Does any of the above really offer breakdown cover? Do you mean Flex Direct actually? What attracts you in Club Lloyds?

IMO, it's better not to try finding everything you need in one account.

1% cashback on everything is easier to get with Chase.

Lloyds Club is good for a regular saver and some rewards if you need them. We have two for free cinema tickets.

Santander Edge is good if cashback on bills exceeds £3 monthly fee, but otherwise you can have both Edge and Edge Saver without paying £3 (see this recent thread, ignore the title - Regular saver from Santander Edge account )

Saving account that comes with edge will get me same rate as barclays after 12 month, so little holds me with barclays at the moment after 15 years with the bank.

What exactly does Barclays offer for 12 months?

Mugen_fd2

Wyndham said:

Mugen_fd2 said:

Switch bonus offer that some banks run at the moment doesn't make a difference for me, as I'm looking to switch long term. 

Nothing to stop you getting some free cash though, even if it's only a one off.

It sounds like you've already done some analysis on which account might be best for you, so it's basically deciding what is most important and picking one.

I assume you've read this: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

Don't want to jump from one account to other because of £175 and don't see the ponit of having many cards/accounts.

I did, but there's no ideal one. 

grumpy_codger said:

Mugen_fd2 said:

So I was looking at Santander Edge, Club Lloyds and Nationwide Flex Direct. 
Leaning towards Santander. With my salary coming into account I will have no problem to maintain either of them and benefits of utility bills/supermarket cashback I value more than travel insurance or brakedown cover(I drive honda).

Does any of the above really offer breakdown cover? Do you mean Flex Direct actually? What's attracts you in Club Lloyds?

IMO, it's better not to try finding everything you need in one account.

1% cashback on everything is easier to get with Chase.

Lloyds Club is good for a regular saver and some rewards if you need them. We have two for free cinema tickets.

Santander Edge is good if cashback on bills exceeds £3 monthly fee, but otherwise you can have both Edge and Edge Saver without paying £3 (see this recent thread, ignore the title - Regular saver from Santander Edge account 

I think I mixed up with Club Silver/Flex Plus regarding brake cover, sorry. 
I did consider Chase, but it doesn't have other bank with counter services if I need to deposit cash etc. 

Another option would be to get Santander edge with saver and chase as a backup where Santander cashback doesn't qualify?  

grumpy_codger

What exactly does Barclays offer for 12 months?

Sorry, I mean after 12 month Edge Saver with reduce rate to what Barclays rainy day saver has now. Meaning I lose nothing long term from switching. 

grumpy_codger

Mugen_fd2 said:

grumpy_codger said:

Mugen_fd2 said:

So I was looking at Santander Edge, Club Lloyds and Nationwide Flex Direct. 
Leaning towards Santander. With my salary coming into account I will have no problem to maintain either of them and benefits of utility bills/supermarket cashback I value more than travel insurance or brakedown cover(I drive honda).

Does any of the above really offer breakdown cover? Do you mean Flex Direct actually? What's attracts you in Club Lloyds?

IMO, it's better not to try finding everything you need in one account.

1% cashback on everything is easier to get with Chase.

Lloyds Club is good for a regular saver and some rewards if you need them. We have two for free cinema tickets.

Santander Edge is good if cashback on bills exceeds £3 monthly fee, but otherwise you can have both Edge and Edge Saver without paying £3 (see this recent thread, ignore the title - Regular saver from Santander Edge account 

I think I mixed up with Club Silver/Flex Plus regarding brake cover, sorry. 
I did consider Chase, but it doesn't have other bank with counter services if I need to deposit cash etc. 

That's why I said it makes sense to have and use more than one account. And you already have two, using one specifically for spending abroad.

Another option would be to get Santander edge with saver and chase as a backup where Santander cashback doesn't qualify?  

IMO, it's easier just to use Chase everywhere.

Sorry, I mean after 12 month Edge Saver with reduce rate to what Barclays rainy day saver has now. Meaning I lose nothing long term from switching.

Don't look that far ahead. Nothing is 'long-term' except fixed rates. So far we were able to renew (close and open a new one) Edge Saver at least once. And Barclays are dropping their rate to 4.61%. Edge Saver rate is 'variable' too.

Mugen_fd2

Thank you for advice.

From what I have read to quality for Chase cashback after 12 months I will need to transfer £1500 each month into account and back?

grumpy_codger

Yes, but if you use it for spending, you transfer smaller amount back.

wmb194

Mugen_fd2 said:

Wyndham said:

Mugen_fd2 said:

Switch bonus offer that some banks run at the moment doesn't make a difference for me, as I'm looking to switch long term. 

Nothing to stop you getting some free cash though, even if it's only a one off.

It sounds like you've already done some analysis on which account might be best for you, so it's basically deciding what is most important and picking one.

I assume you've read this: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

Don't want to jump from one account to other because of £175 and don't see the ponit of having many cards/accounts.

For resiliency e.g., technical issues and temporary freezing or forced closure of accounts it's a good idea to have at least two current accounts with separate banking groups.

Mugen_fd2

Looks like Chase cashback t&c will be changing from 7th of April and it will be similar to Santander bank cashback?

steven141

I can recommend Lloyds for the app and Club Lloyds account benefits. It's the best out of the 3 but Santander Edge and Nationwide FlexDirect are both good accounts also.