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The MoneySavingIdiot switches bank after 20 years - here are five things he learned
MSE_Kelvin
Posts: 424 MSE Staff
It's been a while, but I'm back with more tales of mending my MoneyWasting ways. If you're new to MoneySavingIdiot, here's how it works - as a writer at MSE I help people save money, yet I suck at practising what we preach. So I'm sharing my attempts to change that in the hope of encouraging other non-natural MoneySavers. Previously, I've tackled train delays, overseas travel, credit scores and reclaiming cash from old emails. This week: switching bank.
Read the full blog: The MoneySavingIdiot switches bank after 20 years - here are five things he learned
Read the full blog: The MoneySavingIdiot switches bank after 20 years - here are five things he learned
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Comments
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The same idiot that wrote about improving his “credit score”?
I’ll pass...0 -
Got as far as the first one and totally disagreed - of course I would switch for the one that offered the best perk0
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I completely disagree with you. The article was aimed at those who might switch their main day-to-day current account and any perk is a nice bonus if the account is what you want anyway. Switching just for a perk can be short-sighted because of what you might end up with. It was not aimed at those who scavenge for free money with no intention of using the new account in the way it was intended.Got as far as the first one and totally disagreed - of course I would switch for the one that offered the best perkThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Why is it short sighted, just keep switching for all the perks and then settle on the one that suits you. Ditto energy suppliers.0
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That might be your preferred action, but as an article aimed at the general public I think it might not be responsible to suggest they do a serial switch! In any case, some of the switching perks are in the form of cashback each month (Barclays, TSB) so the account would need to stay open and be fed with funds and have direct debits set up to qualify. That course of action is not for the faint-hearted.Why is it short sighted, just keep switching for all the perks and then settle on the one that suits you. Ditto energy suppliers.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
We all know your anti-switching per your previous threads.
WWJD!?0 -
Not at all. I have switched a few times over the years, but the lure of a reward is not really a factor in my decision. I am quite happy to switch to something better though. In fact I have just switched my day-to-day current account to my existing Metro Bank account. No rewards whatsoever. I am anti serial-switching for rewards which is a completely different matter.We all know your anti-switching per your previous threads.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Got as far as the first one and totally disagreed - of course I would switch for the one that offered the best perk
The best perk is relative - for someone in debt, a 12 month 0% OD could be worth a lot more to them than to someone who has no need to use it. Basically pick the account that is the best one for your circumstances.
As for the rest, I don't really agree with point 3 - some promotional rate linked savings accounts will have issues if you switch your current account away. Whilst the money isn't lost to the ether, it could cost you in terms of lost interest if the rate gets lowered or the savings moved to an inferior product.0 -
I wouldn't have prepared a report like this, except under pain of death/sacking/expulsion/[insert own penalty]. Poor research, lack of preparedness - is it advice or an attempt at humour?
It bestows little credit on the poster or - more importantly, in my opinion - MSE.0 -
If one of your DDs is to The Postcode Lottery you might miss a month due to the switch. This happened to me during my switches in 2017 & 2018.0
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