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Thread: Bank account switching

  1. #71
    Join Date
    Jun 2007
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    1,155

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    Had a discussion with a TSB adviser on Saturday. They said that as a challenger bank, the 555 account has been created purely to gain market share. The target is 6% market share. The adviser expects the offers to last at least as long as it takes to get near to that target. He didn't give exact figures but said they are nowhere near that target at present.

    So could be another Santander scenario, once they get the share the benefits would be cut or charged for etc.

    He did say however that lots of Santander customers have been in and opened accounts recently! Some to switch but a number of them are setting it up and putting in the full whack to get the 5% interest then standing order the funding requirement backwards and forwards each month between Santander and TSB. He positively recommended doing so!

  2. #72
    Join Date
    Nov 2011
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    my transfer to Halifax completed by scheduled day 8th oct.

    Not got the 125 yet, but hoping that is because its been a weekend...

    Planning to make this account a keeper, have moved a RNLI charity D/D over, and will move my mortgage D/D over after I have paid the one due in October. That will satisfy the 750 funding requirement, and I wont need to keep moving money about.
    Away from the numbers

  3. #73
    Join Date
    Apr 2007
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    15,323

    Default Bank account switching

    I'm lucky in that I'm paid 4 weekly, so most of the time I have money sitting in my main account waiting to pay the bills from 1st of month. So easy enough to transfer money in and back out.

    The 125 went in two days after the switch completed.
    Those who think they know it all are very annoying to those of us who actually do.

  4. #74
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    2 days after my completion would have been 10th which was a Saturday, so hopefully that is reason. Just a bit paranoid because I moved an account that had only been open a couple of weeks, so it had no cash in or d/ds set up etc.

    Time to leave for work , catch up later.
    Away from the numbers

  5. #75
    Join Date
    Apr 2007
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    we are also paid every 4 weeks which at least means you have the exact same amount going in every 4 weeks.
    It does though mean that you are always out of synch with bill paying on the 1st of the month.

    when our salary comes in it the excess goes straight into what nationwide laughingly call a loyalty saver account - the interest on this has dropped to a pitiful 1.2%. now
    on the 28th of the month the bills money gets transferred back into the current account in readiness for bill paying day

    Gradually over the last year I've either been topping up OHs ISA or putting money into the regular saver and whittling down the loyalty saver to nearly nothing.
    so next month the regular saver will become the glass bottle on the kitchen shelf where money will be shuffled from the current account and back like the tide - at least it pays 2.5% interest so at least the bills money will be earning something significant on the days/weeks its waiting to be paid out.
    Achieved Gold award for my 50th blood donations in12/11. Now 07/03 just given my 62nd blood donations

  6. #76
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    Apr 2007
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    That's a good idea and I should get more organised. On average there's over 2k sitting in the current account half of the time, which could be earning a few pennies elsewhere!
    Those who think they know it all are very annoying to those of us who actually do.

  7. #77
    Join Date
    Apr 2007
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    Co op bank. One email approving application 29 Sept, form received and sent back same day a few days later re joint authorisation. Nothing since. Shades of M&S again.
    Those who think they know it all are very annoying to those of us who actually do.

  8. #78
    Join Date
    Nov 2011
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    Checked and my 125 is safely in Halifax rewards

    Have swapped a couple of D/Ds over and will sort standing orders out to fund it in and back out again to get the free fivers.

    Time to have a think about next target..

    I decided against switching my mortgage D/D after speaking to Barclays mortgage customer service and getting the impression that English wasn't first language and too much potential for confusion....

    Did Car insurance d/d instead, which was a piece of cake ( cheers AA bloke )
    Last edited by highlander33; 13th October 2015 at 17:11.
    Away from the numbers

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