I have been with the same bank for 51 years (yes I know) and have never paid any bank charges, ever. So I get a letter saying that if I switch to a "Reward" account then I will get £9 a month reward from paying my standing orders and what's more the "new" account will only cost me £2 a month. So £7 a month sounds good for doing nothing sounds good? Now I am of the school of thought that says that if someone makes me a financial offer then they have already worked out that it's for their benefit.
So what's the catch? I guess that over time the £2 a month will start to rise and the "Rewards" will come down and that will be the end of free banking. Any thoughts (apart from it's time to switch banks anyway)? 3 x FL1 2 manual + 1 auto
5 x FL2 4 manual + 1 auto
Now Discovery Sport P250 MHEV SE

Switch to who - they are all doing similar deals like this now.

Barclays charge me £3 per month and then give me back £8......

Spot on Dorset, my Nationwide account charges for the "FREE" add ons has just gone up per month and interest rate has gone down (if that is possible). FL2 MY10 TD4 GS traded in at 2 years
FL2 MY13 TD4 GS Current

I bank with nat west and use the reward and slowly the amount is stacking up just need to keep an eye on it so to make sure it still pays

i had the same with Halifax... take the ultimate reward account and get loads of benefits for £10 a month with £5 back if had DD paid out with a minimum of £750 going in p/m

its now £15 a month with less benefits and no cash back as I no longer pay DD out that account.

but their system wont allow me to downgrade that account to a non-fee one, and then upgrade my other account to an ultimate reward. Even the branch cant work it out.

I am still using a free bank account as like dorset I think this is the banks way of slowly moving us all away from free banking. If you have the time it's possible to open a paid account and reap the rewards while they are there but as most are finding out, after a while the monthly charge goes up and the rewards go down. Perhaps the best option is to keep a free current account open and use that as your fall back for when the paid for account starts to cost you money

Good advice dennij I am in that camp. FL2 MY10 TD4 GS traded in at 2 years
FL2 MY13 TD4 GS Current

I would be as well.... except ive just had to take advantage of the mobile phone insurance twice in the last months so it might be worth keeping it on for a bit

Why do I need mobile phone insurance ? It cost me 98 pence (and new on PAYG).  FL2 MY10 TD4 GS traded in at 2 years
FL2 MY13 TD4 GS Current

whilst I don't use my phone to anywhere near its capabilities it is my mobile phone/home phone/laptop/diary/calculator and few more things all rolled into one. So a cheap simple phone with a battery lasting 10 months on one charge wont tick the boxes for me

I have a Nat West Rewards account. Charges so far this year at £2 a month are £18 but I have had £80 back, so that is a profit of £62. You can also buy things with Rewards from shops/firms on the scheme that on the face of it look good value but for me I prefer good old fashioned £££s. I also have a free current account at another bank.

On the subject of good old fashioned £££s and that dreadful Christmas rip-off season that has already started in the shops with cheap and nasty Christmas junk now filling the "back to school" shelves, how many people queue up to buy store gift vouchers as Christmas presents? Can't think why anyone would be so daft as to do that because they can only be spent in that store when you can give Bank of England gift vouchers that can be spent in any store and are widely available from any cash machine and any bank.

J

I just have a basic Halifax account, they used to pay £5 a month which covered exactly my mobile phone bill each month, they then reduced it to just over £3 and its taxed. . . . bit naff that as I do not pay tax, they should not assume I do at my old age and low pension I sometimes have a Yorkshiremans mentality, I want a tax refund, the tax man has said nowt, and its virtually impossible to get a human connection with Halifax. £6 in tax a year is still a lot to me

when I shop on the net i try and go through kidstart, this gives a cashback to an account for the kids, then when there is enough in there Ive been buying them gold by the gramme. changing in future saving a bit longer and buying 2 gramme of gold at a time - better value.

I buy quite a lot of farm related stuff through screwfix and amazon so the cashbask is quite good

2% amazon . screwfix has now dropped to .6%

ultimate target
https://www.bullionbypost.co.uk/gold-bars/...-gold-bar/ At work
At home

"I can't always believe facts I read on the web" - Charles Dickens

winner by default of the tractor vs caravan race

Yes I find moving them around under the bed quite hard work.  FL2 MY10 TD4 GS traded in at 2 years
FL2 MY13 TD4 GS Current

lob a few under each bed corner if the legs break

currently using one as a doorstop on the coal house door At work
At home

"I can't always believe facts I read on the web" - Charles Dickens

winner by default of the tractor vs caravan race