Switching Banks

[boatbuilder]

It seems that the 'powers that be' are trying to get us to switch our banks more and more. This is the latest report from the BBC website:

New adverts to encourage bank switching

Have you switched your bank during the last three years, and if so for what reason? Or are you satisfied with you existing bank and if so how long have you been with them?

I myself have been with the same bank (Co-operative Bank) for over 32 years and have no complaints about them, despite all the adverse publicity they have had in recent years. I have always found them to be very fair and they have an excellent friendly customer service centre based in Lancashire, so why would i want to change? I can't think of any reason to do so and as they pay ME to bank with THEM if I meet certain banking criteria, which I do, I see no reason to make a change.

[funkychick]

I ve been with the same bank for forty years I don't like all this chopping and changing I forget enough without having to remember which bank I m with

[boatbuilder]

I opened my first account in the 1960's with the National Provincial Bank although I wasn't paid into the bank then. I changed to Barclays in 1970 when I started a new job where I was paid into the bank so changed to the same bank as the company used for convenience. When I next changed jobs in the mid-80's the CWS (Co-op) who I worked for then required you to bank with the Co-op Bank so have been with them ever since. As you say, FC, I see no need for the chopping and changing - it's not like energy where you can make substantial savings by doing so.

[funkychick]

I don't do that either BB all too much trouble, once you change the one you left will bring up some promotion and that will be cheaper and then another and another I can't spend my life chasing around its just like when you change queues in the post office or airport queue you can bet your bottom dollar the one you just left will start moving and your new one will get stuck

[SL-Dave]

Best solution is to have accounts with all the major banks. There are no fees for the basic account, and there is no law or requirement to 'switch' from one to another. This means you can simply use whichever bank you wish, depending on what interest rates they are paying at the time.

[boatbuilder]

Why bother with all the aggro in having to have accounts with umpteen banks (unless of course you are 'filthy rich')? The pressure on people to switch banks has, in the main, been down to the publicity that has been given to the vast differences in bank overdraft charges, etc. I don't think interest rates comes into it unless you are talking about savings accounts, and if you have sufficient volumes of money then there are certainly far better ways to invest it with better returns than in savings accounts. This pressure to switch is directed mainly towards the current accounts that people are using every day.

[nikkai]

Not sure but you may have a little trouble getting a current account in each of the big banks as well as the smaller ones, they all seem to ask the same question ** "have you any other bank account" ** unless you lie you may find that they then request you transfer your custom to the account your trying to set up.
Then the government MAY want to know why you need to have so many (money laundering comes to the front)
Just my look on things...

[frankiesays]

I've been with Barclays since I was 15 nearly 60 years ago. They charged me an unfair amount for going overdrawn (as most other banks did) so I claimed it all back. They charged me for a useless PPI scheme (as did most other banks) so I claimed that back too. They fiddled the LIBOR along with most other banks but got away without having to compensate their customers. They missold me a packaged bank account (as did most other banks) but they declined to pay me back. It is for the latter reason I am now considering changing as my 50-odd years with them doesn't earn me any more respect from them than somebody who joined yesterday - less in fact. However, they are all as bad as each other as far as I can see. Many of the online only banks are offering £100 incentive to change and are getting good customer service results but what happens when you need to pay a cheque in and how often do you have to call them? I'm inclined to think I may as well stay where I am although I now begrudge giving Barclays my custom.

[funkychick]

I tried along time ago to change to an online bank and they wouldn't accept me because my credit was TOO GOOD. They like people who will default and have to pay their charges

[boatbuilder]

I've been with Barclays since I was 15 nearly 60 years ago.

Gosh! You've suddenly aged frankie. That would mean you're almost 75 now.
I'm glad I don't live in Lancashire any more if that's what it does to you.

[SL-Dave]

I've recently joined a new startup online bank, Atom. They claim to be better than all the rest, and can afford better rates by not having a branch infrastructure. So far they only have savings accounts, but are planning on offering current accounts soon. I'm waiting and seeing...

[boatbuilder]

I tried along time ago to change to an online bank and they wouldn't accept me because my credit was TOO GOOD. They like people who will default and have to pay their charges

I've heard of people being 'refused' when applying for credit if they have never had credit before as they haven't been able to acquire a credit rating, but never refused a bank account.

[frankiesays]

I've been with Barclays since I was 15 nearly 60 years ago.

Gosh! You've suddenly aged frankie. That would mean you're almost 75 now.
I'm glad I don't live in Lancashire any more if that's what it does to you.

Oops. Sometimes feel it but hopefully don't look it. Should have said 50 years ago.