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  • FIRST POST
    • MSE Luke
    • By MSE Luke 21st Jan 16, 11:55 AM
    • 274Posts
    • 78Thanks
    MSE Luke
    MSE News: 11% drop in current account switches
    • #1
    • 21st Jan 16, 11:55 AM
    MSE News: 11% drop in current account switches 21st Jan 16 at 11:55 AM
    The number of current account switches in 2015 is down 11% compared with 2014, so if you're not gaining from your bank account, you should switch now...
    Read the full story:
    '11% drop in current account switches'

    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.
Page 1
    • jimjames
    • By jimjames 21st Jan 16, 12:05 PM
    • 13,228 Posts
    • 12,282 Thanks
    jimjames
    • #2
    • 21st Jan 16, 12:05 PM
    • #2
    • 21st Jan 16, 12:05 PM
    Considering how many of us on MSE switch it must mean there was a massive drop amongst the rest of the population. I switched 5 accounts last year.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • fromtheshires
    • By fromtheshires 21st Jan 16, 12:12 PM
    • 296 Posts
    • 245 Thanks
    fromtheshires
    • #3
    • 21st Jan 16, 12:12 PM
    • #3
    • 21st Jan 16, 12:12 PM
    Considering how many of us on MSE switch it must mean there was a massive drop amongst the rest of the population. I switched 5 accounts last year.
    Originally posted by jimjames
    Indeed. I think most people will only switch if they get bad service at their current bank and aren't rate / offer tarts like we. Lets be honest though, more people switching means less incentive to pull people away from their current bank means less tasty offers for those of us who can be bothered to switch.
    • Superscrooge
    • By Superscrooge 21st Jan 16, 12:23 PM
    • 1,099 Posts
    • 818 Thanks
    Superscrooge
    • #4
    • 21st Jan 16, 12:23 PM
    • #4
    • 21st Jan 16, 12:23 PM
    Indeed. I think most people will only switch if they get bad service at their current bank and aren't rate / offer tarts like we. Lets be honest though, more people switching means less incentive to pull people away from their current bank means less tasty offers for those of us who can be bothered to switch.
    Originally posted by fromtheshires
    If the only people to switch are those chasing the tasty switching offers, who are not interested in a long term relationship with a bank. Then the banks might reduce the switching incentives as they will have nothing to gain from offering them.
    • michaels
    • By michaels 21st Jan 16, 6:58 PM
    • 22,421 Posts
    • 103,212 Thanks
    michaels
    • #5
    • 21st Jan 16, 6:58 PM
    • #5
    • 21st Jan 16, 6:58 PM
    Fewer people switched bank this year - presumably cos we all switched to nab the incentives last year and the banks are short-sited enough not to allow repeats on new customer bonuses
    Cool heads and compromise
    • Pincher
    • By Pincher 22nd Jan 16, 7:30 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #6
    • 22nd Jan 16, 7:30 AM
    • #6
    • 22nd Jan 16, 7:30 AM
    who are not interested in a long term relationship with a bank.
    Originally posted by Superscrooge
    I can't even get the same First Direct call centre person twice, and even the HSBC Premier Relationship Managers seem to move on faster than my call up frequency.

    Alas, the relationship is like a table dance, except you have to wait ten minutes holding the phone before the dance starts.
    • jimjames
    • By jimjames 22nd Jan 16, 12:47 PM
    • 13,228 Posts
    • 12,282 Thanks
    jimjames
    • #7
    • 22nd Jan 16, 12:47 PM
    • #7
    • 22nd Jan 16, 12:47 PM
    My take on this is
    it aint broke so why fix it
    Originally posted by Malcnascar
    Maybe like many others you don't know it's broken?


    Being paid £150 - 220 to open an account is a good incentive for some to find out. Getting 5% interest is good for others.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • Dird
    • By Dird 24th Jan 16, 10:09 AM
    • 2,617 Posts
    • 1,561 Thanks
    Dird
    • #8
    • 24th Jan 16, 10:09 AM
    • #8
    • 24th Jan 16, 10:09 AM
    Considering how many of us on MSE switch it must mean there was a massive drop amongst the rest of the population. I switched 5 accounts last year.
    Originally posted by jimjames
    Maybe, maybe not. Was 2014 the year YorkshireBoy etc got busy? If so I blame him for last year's drop in stats :P
    Mortgage (Nov 15): £79,950 | Cashback sites: £900 | Current accounts: 16
    Mortgage (Sep 17): £75,229 | £30k in 2016: £30,300 (101%) | £25k in 2017: £16,996 (67.9%)
    • will-he-payitoff
    • By will-he-payitoff 24th Jan 16, 10:43 AM
    • 703 Posts
    • 193 Thanks
    will-he-payitoff
    • #9
    • 24th Jan 16, 10:43 AM
    • #9
    • 24th Jan 16, 10:43 AM
    Good, hope the banks come up with better offers to tempt people to switch.
    • meer53
    • By meer53 24th Jan 16, 1:26 PM
    • 9,456 Posts
    • 13,830 Thanks
    meer53
    I can't even get the same First Direct call centre person twice, and even the HSBC Premier Relationship Managers seem to move on faster than my call up frequency.

    Alas, the relationship is like a table dance, except you have to wait ten minutes holding the phone before the dance starts.
    Originally posted by Pincher
    I don't understand the need to have a relationship with your bank ?
    • fromtheshires
    • By fromtheshires 24th Jan 16, 4:05 PM
    • 296 Posts
    • 245 Thanks
    fromtheshires
    I don't understand the need to have a relationship with your bank ?
    Originally posted by meer53
    Your selected quote you have taken and queried was in rebuttal to super scrooges comment about switchers not wanting relationships with banks. There is no need to have a relationship with any institution but they like you to feel you have a relationship with them to keep you there.
    • YorkshireBoy
    • By YorkshireBoy 24th Jan 16, 4:21 PM
    • 30,620 Posts
    • 18,631 Thanks
    YorkshireBoy
    Maybe, maybe not. Was 2014 the year YorkshireBoy etc got busy? If so I blame him for last year's drop in stats :P
    Originally posted by Dird
    Whilst I initiated some in late 2014, most were done in early 2015 (and all were paid in 2015), so in my defence I was doing my bit to bolster 2015's figures...but was let down by the rest of the adult population!
    • davidgmmafan
    • By davidgmmafan 25th Jan 16, 8:55 PM
    • 1,446 Posts
    • 522 Thanks
    davidgmmafan
    I don't think it was ever a chorse to switch and I actually dislike this new all 'easy' approach. Frankly I don't mint swapping everything over myself and leaving my old account open in case all doesn't go according to plan. Now they have to do it all for me and close my old account to get the incentive.

    Not seeing the progress really.

    In coverage of this story elsewhere I did have a little chuckle when some industry represntative suggested that perhaps the drop in numbers was to do with banks doing more to retain customers...
    Mixed Martial Arts is the greatest sport known to mankind and anyone who says it is 'a bar room brawl' has never trained in it and has no idea what they are talking about.
    • MatthewAinsworth
    • By MatthewAinsworth 25th Jan 16, 8:59 PM
    • 3,138 Posts
    • 1,246 Thanks
    MatthewAinsworth
    Fear of damaging my credit rating stops me...
    • fromtheshires
    • By fromtheshires 25th Jan 16, 9:11 PM
    • 296 Posts
    • 245 Thanks
    fromtheshires
    Fear of damaging my credit rating stops me...
    Originally posted by MatthewAinsworth
    You don't have to switch as often as most of us do, but if you have a normal account with x bank, switching it to y bank won't do any damage really. If you were making lots of credit applications (c/cards o/draft requests and loan requests etc) in a short space of time, that will potentially damage you credit file as it will have lots of searches on it but every now and then won't do you want harm assuming you can get mainstream bank accounts.
    • GingerFurball
    • By GingerFurball 26th Jan 16, 7:28 PM
    • 950 Posts
    • 894 Thanks
    GingerFurball
    I haven't used the switching service because each of my 4 main current accounts serves its own purpose. I've got a 5th dormant one but it doesn't have any Direct Debits set up to claim any switching bonus.

    Besides, I'm not a fan of the old account being closed.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
    Debt free by Xmas 2015: £1250/£1250 (100.00%)
    • myth123
    • By myth123 26th Jan 16, 7:42 PM
    • 293 Posts
    • 900 Thanks
    myth123
    I've done fewer switches since Yorkshire Bank stopped paying out £150 on multiple account switches
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