How do you track your bank interest rates to make sure you're getting the best deal?

badger09

Albermarle said:

There gets a point where for most people ( even on MSE), where the effort involved becomes too much for the small amount gained.

For example if you have £10K in a current account, then opening an easy access savings account paying 4% means you get £400 for a modest effort.
If you then move it to one paying 4.5% , you only gain £50 .
If you then head for the latest fintech type table topper offering 4.75% which includes a bonus valid for 3 months and then you have to look to move it again, you only gain £8.
In which case maybe Life is too short to be bothered.
Plus although opening new accounts is normally easy, sometimes there are issues with ID etc .
Also if they are not ISAs you have to keep on top of all interest earned to check your tax.

Couldn’t agree more. 

I used to move money around for a few extra ££  and open every Regular Saver very enthusiastically, but I’ve now reached the point where the BIB applies. Also reached an age where I need to simplify my finances to make life easier for my Executors. 

ThePirates

badger09 said:

I used to move money around for a few extra ££  and open every Regular Saver very enthusiastically, but I’ve now reached the point where the BIB applies. Also reached an age where I need to simplify my finances to make life easier for my Executors. 

BIB?

Bottled in Bond? 

I thought we were talking about money not whisky 😉

deinoflex

ThePirates said:

badger09 said:

I used to move money around for a few extra ££  and open every Regular Saver very enthusiastically, but I’ve now reached the point where the BIB applies. Also reached an age where I need to simplify my finances to make life easier for my Executors. 

BIB?

Bottled in Bond? 

I thought we were talking about money not whisky 😉

it means 'bit in bold' - "Life is too short to be bothered."

Frequentlyhere

Like masonic I have 20-30 accounts open at any one time and don't find it particularly onerous. I personally live my financial life by spreadsheet and just note details and any emailed changes there.


I'll switch for fractions of a percent amongst all of the modern decent banks out there, but my patience threshold is exceeded dealing with those tiny/obscure banks with outdated websites still involving manual intervention from customer services etc. So I now do more closely vet any new banks being taken on, though mostly these days they're the financial challengers with whizzy apps anyway.

allegro120

Frequentlyhere said:

Like masonic I have 20-30 accounts open at any one time and don't find it particularly onerous. I personally live my financial life by spreadsheet and just note details and any emailed changes there.


I'll switch for fractions of a percent amongst all of the modern decent banks out there, but my patience threshold is exceeded dealing with those tiny/obscure banks with outdated websites still involving manual intervention from customer services etc. So I now do more closely vet any new banks being taken on, though mostly these days they're the financial challengers with whizzy apps anyway.

I have 173, this doesn't include dormant accounts I don't need but can't be bothered closing them.  I wouldn't be able to manage this without a spreadsheet.

Kim_13

I’m probably not into three figures (17 active RSs, 4 active Current Accounts, 4 active (being either current year or having a balance that merits keeping up to date) ISAs and a Skipton Member Bonus Saver that is my current Easy Access. Maybe the same again in membership preserving accounts and/or in case they become competitive accounts. I generally do close accounts that I will never use again, so long as the provider doesn’t make it onerous to do so. 

I could do with a spring clean at Coventry actually, but couldn’t find an option to close in app - anyone know if they’re easily closed using the website?

Bridlington1

allegro120 said:

Frequentlyhere said:

Like masonic I have 20-30 accounts open at any one time and don't find it particularly onerous. I personally live my financial life by spreadsheet and just note details and any emailed changes there.


I'll switch for fractions of a percent amongst all of the modern decent banks out there, but my patience threshold is exceeded dealing with those tiny/obscure banks with outdated websites still involving manual intervention from customer services etc. So I now do more closely vet any new banks being taken on, though mostly these days they're the financial challengers with whizzy apps anyway.

I have 173, this doesn't include dormant accounts I don't need but can't be bothered closing them.  I wouldn't be able to manage this without a spreadsheet.

Like yourself I've over 100 accounts (not quite as many as you though but not too far off). I take the view that if I have a reason to have them, I keep them, if not I'll axe them.

I recently culled a load of old accounts that have minimum balances, Buckinghamshire BS regular saver went to free up the £10 but I opened an EA account with £1 to preserve membership just on the off-chance.

I got rid of all but one of my Darlington BS regular savers as the others paid well under 4% and didn't look as though they'll be competitive in the future. I cleared out some of my YBS so I'm now down to 3 YBS accounts (oldest internet saver, £50 RS and the Christmas 2025 RS, though the latter may get chopped as well in a couple of months), Skipton went the same way, I'm down to 4 accounts.

I had to refresh my Santander Edge Saver very recently as the bonus rate on my 7% version came to an end so I got rid of 2 limited edition eSavers that were once competitive but have had their rates cut, never to be competitive again whilst I was at it.

Kim_13 said:

I could do with a spring clean at Coventry actually, but couldn’t find an option to close in app - anyone know if they’re easily closed using the website?

They're very quick to close in online banking in my experience. Just go to payments and there's a button to close the account, just need to select which account you want the money paying to and the reason and they close it in seconds.

Baldeagle095

Currently earning 5.62% across a variety of accounts (Fixed Term, ISA's Reg Savers etc). All dutifully recorded on Moneypoint & a spreadsheet. Only takes 5 minutes a day. Not a problem.

clairec666

Baldeagle095 said:

Currently earning 5.62% across a variety of accounts (Fixed Term, ISA's Reg Savers etc). All dutifully recorded on Moneypoint & a spreadsheet. Only takes 5 minutes a day. Not a problem.

If like me you enjoy tinkering around with spreadsheets, it doesn't seem like a chore. It's something I do to chill out on my commute. I'll switch for a better rate even if it only earns me an extra £10 in interest over the year. I don't have accounts with every bank and building society out there, otherwise the admin would get excessive. Just the 15 regular savers for me, and I thought that was a lot until I joined this forum!

Sarahspangles

We list our accounts in spreadsheets. We’ve opted out of paper statements, and it makes sense to have a record. The key information is maturity date, interest rate and actual interest received. The latter is for cross-checking against HMRC’s figures that are used for income tax.

I update the balances once a month, and if there’s been an BoE interest rate change I would update the rates too. We don’t ’shop around’ every month but there are three or four points a year when I spend a bit longer. I use the MSE tables to find the best rates to replace accounts that are about to mature, and I check if there are better easy access/ISA account rates. 

One of the review points is end of tax year, the others are when clusters of accounts mature. Those dates align because they relate to when we had lump sums from pension/inheritance to invest. With hindsight that’s not a bad thing because it defines ‘review points’. I couldn’t be bothered every month.