Banks and Building Societies

Shuffling money between accounts to get various perks can be somewhat tedious. Even then, in the great scheme of things it's probably only a tenner or so, it seems a lot of hassle for not a lot.

We very rarely need to go into a bank. There is a Barclays branch in town, but I can't remember the last time I used it. And I believe it's all "hi-tech" now with banks of self service machines. 

I needed quite a large amount cash earlier this year (to pay someone) so I went to a smaller branch seven miles away and my husband was able to drop me off, drive once round the block and pick me up (riding shotgun for my bulging wallet).

We never receive cash so never have to pay any in. I use the ATM in the supermarket to withdraw what we need.

All the business (and personal) banking is done online and if we need any help with the business account I email our manager and he comes out to see us. The bank also has a business centre on the outskirts of town where I can take in documents etc instead of posting.

All in all we're happy with the service we get.

More of a problem are all of the passwords / identifiers that enable you to handle the accounts online. Even worse when I had all my mums to service as well.

Even more annoying is the fact that you need to go in regularly on both types of access or risk getting locked out. For Nat West I generally use the  App on my phone, so did not use the main website access for a while. You can't set up new payees on the App though, so had to use the main site. However, because I had not used it for a while, they had locked me out and I had to get it reopened. Similarly  for the App, I usually sort most of the banking, so OH had not used her App for a while and was locked out. This required setting up the App from scratch again.

I admit to being an interest rate tart out for necessity because of the poor rates 😉. I have always enjoyed checking out best accounts but my interest has declined over the last few years with very poor interest rates. But I keep a list of account numbers, who they're with how much is in there and interest paid. Updated annually into very clear legibility just in case 😲. We have £500 which is in no man's land that bounces between current accounts to ensure that we meet the income requirement to get the benefits - these are current accounts and apart from the current account we use for transactions all cards are locked away 😆. Interest on current accounts is paid monthly and shifted to another account to continue earning interest. Santander give cashbook on household bills so one account there can pay £30 a month after charges. Not to be sneezed at. This is where the beauty of online banking comes into its own, couldn' be bothered if it was all phyical withdrawals and paying in ☺.

We maitain cash ISA's for their tax free status just in case, but those rates are so poor. You  can usually earn double the amount they offer we haven't opened new ones since interest was taxed at source, but continue to shift existing ISA'S to best paying accounts when necessary.

I agree with Brue about years to come and complications and am ever mindful of it. OH leaves the detail to me and does at least know where we have accounts if not which ones 😂😂.

I think the banks rely on loyal customers, similarly insurance companies, to make easy money. IMHO naturally 😉

Yes, that's why I've stayed with the same bank for 11 years!

That's another reason why I have not opened any new accounts, including having to remember new pin numbers! 

Fortunately, I have never been locked out because I log in either through the App or website on a daily basis for both business and personal accounts. I also use the App to get fast balance.

How many accounts can you "open" when only useing one bank

I use two banks: Tesco Bank and HSBC. I have current accounts, savings accounts, cash isa and 3 credit card accounts.

And you do not "shuffle " accounts to get better deals?

I use any deals offered in balance or money transfers from existing credit card accounts and I pay money from my HSBC current account to my Tesco Bank current account to make funds available for fuel and shopping through my Tesco debit card which earns me double points.