[GAZZA B]

Just received a letter this morning, saying its going to start charging me for my account, but I was one of the people who applied for and got free banking for life. Can they do this? They have tried in the past and failed. What should I do?

[dazmond]

Suck it up or change bank.....

The problem is it'll be a ballache as no doubt most of your customers pay into it. I changed my bank a few years ago and it took a good 6 months for some customers to stop paying into my old bank even though it was closed(it bounced back) despite notifying all of them by letter/text and new slips.

[The Jester of Wibbly]

Yea, had the same email, although I was paying £7.50 for my account which was still a bargain for a business bank.   They have put it up to £9.99. month which I've been expecting for a while as they have never increased their prices for over a decade.  It's still very good value.   

They have now added a charge for paying in cheques, think it's 70p per cheque.  But I stopped taking cheques years ago.

Suck it up, like we expect our customers to do when we increase prices.

A Lifetime Product only really refers to the period during which the product is on the market which is embedded into their terms somewhere.

If you want free banking just use your personal account.

[AuRavelling79]

Just received a letter this morning, saying its going to start charging me for my account, but I was one of the people who applied for and got free banking for life. Can they do this? They have tried in the past and failed. What should I do?

You say that they tried in the past and failed. What did you do for them to fail? Can't you do it again?

[AuRavelling79]

Also ...

My  business account with HSBC was charging £8 a month until June. I have been notified it's now F-o-C.

Also - the few cheques - less than five a month - I receive I pay into my joint personal account via mobile phone. So that's free instead of 50p.

[NBwcs]

Just received a letter this morning, saying its going to start charging me for my account, but I was one of the people who applied for and got free banking for life. Can they do this? They have tried in the past and failed. What should I do?

Me too, very annoying. As Daz says though, there is free business banking out there but changing your custards over will be a nightmare. And any new bank you change to might do the same in the near future and then you'll be doing it again. They did this a few years back but there was such a big outcry from their customers that they reversed it, cant see them backing down twice. I'll send them an email registering my feelings anyway, At least if everyone does so they will feel the weight of opinion. I have about 20 custards left who pay by cheque (mostly elderly) so it wont go down well but guess its time to stop the cheques.

[The Jester of Wibbly]

Just an idea about cheques.  You could always give them the option after telling them you'll be stopping them, that they could always put the cheque in your personal name,  then pay into your personal account.

[Scottish Cleaning Service]

I'm with TSB and I have been paying £5 a month for years. If I leave £10k in the account then they will wave the fee. Not sure what will happen after the takeover.

[The Jester of Wibbly]

I'm with TSB and I have been paying £5 a month for years. If I leave £10k in the account then they will wave the fee. Not sure what will happen after the takeover.

I bet they do.  £10k should be earning you £30 in interest a month rather than saving £5 in fees 🤣

[KS Cleaning]

As long as they aren’t going to charge you per transaction better to just suck it up. Let’s say it’s around £10 per month ( tax deductible ) it’s not gonna ‘ break the bank ‘ so to speak😉

[dazmond]

I keep as little as possible in my First Direct main bank (that customers pay into)around £1000-£1500 as no interest is paid but no charges either. Just enough to cover my normal bills,direct debits,etc then transfer the rest into my ISA easy access account. It was close to 5% interest but has gone down to around 4.5% now but it's still OK. I also deposit £300 a month into first direct saver account(7% interest) for 12 months every year for money towards holidays...

All my tax/NI money is in my ISA ready to transfer when I have to.

[JandS]

The odd cheque I get is just deposited via the app on my phone.....et confirmation then throw cheque away.

[KS Cleaning]

I keep as little as possible in my First Direct main bank (that customers pay into)around £1000-£1500 as no interest is paid but no charges either. Just enough to cover my normal bills,direct debits,etc then transfer the rest into my ISA easy access account. It was close to 5% interest but has gone down to around 4.5% now but it's still OK. I also deposit £300 a month into first direct saver account(7% interest) for 12 months every year for money towards holidays...

All my tax/NI money is in my ISA ready to transfer when I have to.

Is this 7% interest saver account still available for new customers?

[dazmond]

I keep as little as possible in my First Direct main bank (that customers pay into)around £1000-£1500 as no interest is paid but no charges either. Just enough to cover my normal bills,direct debits,etc then transfer the rest into my ISA easy access account. It was close to 5% interest but has gone down to around 4.5% now but it's still OK. I also deposit £300 a month into first direct saver account(7% interest) for 12 months every year for money towards holidays...

All my tax/NI money is in my ISA ready to transfer when I have to.

Is this 7% interest saver account still available for new customers?

It's available to all first direct current account customers. Only problem is that £300 per month is the maximum you can deposit but it's still handy.

[simon w]

I've got a Team Meeting with Lloyds financial advisor this afternoon, will stop work at 1pm and take the meeting sat in my van 

This is to discuss my monthly rental incomes which I don't spend/withdraw making very little interest in the account I set up for my tenants to pay into. I'm looking to just keep their deposits in this account with the monthly rent payments going into something that earns far better interest, I reckon they'll suggest some ISA but we'll wait and see.

[AuRavelling79]

I've got a Team Meeting with Lloyds financial advisor this afternoon, will stop work at 1pm and take the meeting sat in my van 

This is to discuss my monthly rental incomes which I don't spend/withdraw making very little interest in the account I set up for my tenants to pay into. I'm looking to just keep their deposits in this account with the monthly rent payments going into something that earns far better interest, I reckon they'll suggest some ISA but we'll wait and see.

Do you completely self manage your property portfolio or do you use an agent for anything?

[simon w]

I've got a Team Meeting with Lloyds financial advisor this afternoon, will stop work at 1pm and take the meeting sat in my van 

This is to discuss my monthly rental incomes which I don't spend/withdraw making very little interest in the account I set up for my tenants to pay into. I'm looking to just keep their deposits in this account with the monthly rent payments going into something that earns far better interest, I reckon they'll suggest some ISA but we'll wait and see.

Do you completely self manage your property portfolio or do you use an agent for anything?

Not really much to manage once everything is in place. I use Maggs and Allen to find the tennants and Star Legal for a tenancy contract which is five years, until today the rent hasn't been earning a great deal of interest, but I had an hour team meeting with a Lloyds finance advisor today and happy that this income will now be working better for me, I don't ever draw on it so it's a long term nest egg for my old age, I'm a long way off retirement age atm so want that investment to grow without too much risk.

[KS Cleaning]

I keep as little as possible in my First Direct main bank (that customers pay into)around £1000-£1500 as no interest is paid but no charges either. Just enough to cover my normal bills,direct debits,etc then transfer the rest into my ISA easy access account. It was close to 5% interest but has gone down to around 4.5% now but it's still OK. I also deposit £300 a month into first direct saver account(7% interest) for 12 months every year for money towards holidays...

All my tax/NI money is in my ISA ready to transfer when I have to.

Is this 7% interest saver account still available for new customers?

It's available to all first direct current account customers. Only problem is that £300 per month is the maximum you can deposit but it's still handy.

Ah right, thought there must be a catch somewhere! I’ve just sold my Porsche Macan so I have a tidy sum to invest….. I better hurry up before I squander it😆

[KS Cleaning]

I've got a Team Meeting with Lloyds financial advisor this afternoon, will stop work at 1pm and take the meeting sat in my van 

This is to discuss my monthly rental incomes which I don't spend/withdraw making very little interest in the account I set up for my tenants to pay into. I'm looking to just keep their deposits in this account with the monthly rent payments going into something that earns far better interest, I reckon they'll suggest some ISA but we'll wait and see.

Do you completely self manage your property portfolio or do you use an agent for anything?

Not really much to manage once everything is in place. I use Maggs and Allen to find the tennants and Star Legal for a tenancy contract which is five years, until today the rent hasn't been earning a great deal of interest, but I had an hour team meeting with a Lloyds finance advisor today and happy that this income will now be working better for me, I don't ever draw on it so it's a long term nest egg for my old age, I'm a long way off retirement age atm so want that investment to grow without too much risk.

I hope your tenancy agreement’s are better than the ones used in Scotland. I lost a lot of money last year to a rogue tenant and getting them evicted was a lengthy process. Once they were evicted I sold the property. I have 1 more property rental and if and when the tenant leaves, that one will be sold too. Landlords don’t have enough rights here!

[simon w]

I've got a Team Meeting with Lloyds financial advisor this afternoon, will stop work at 1pm and take the meeting sat in my van 

This is to discuss my monthly rental incomes which I don't spend/withdraw making very little interest in the account I set up for my tenants to pay into. I'm looking to just keep their deposits in this account with the monthly rent payments going into something that earns far better interest, I reckon they'll suggest some ISA but we'll wait and see.

Do you completely self manage your property portfolio or do you use an agent for anything?

Not really much to manage once everything is in place. I use Maggs and Allen to find the tennants and Star Legal for a tenancy contract which is five years, until today the rent hasn't been earning a great deal of interest, but I had an hour team meeting with a Lloyds finance advisor today and happy that this income will now be working better for me, I don't ever draw on it so it's a long term nest egg for my old age, I'm a long way off retirement age atm so want that investment to grow without too much risk.

I hope your tenancy agreement’s are better than the ones used in Scotland. I lost a lot of money last year to a rogue tenant and getting them evicted was a lengthy process. Once they were evicted I sold the property. I have 1 more property rental and if and when the tenant leaves, that one will be sold too. Landlords don’t have enough rights here!

The properties are commercial/retail and that's why I spent a lot initially using a well known letting agent to select the tenants and solicitors who specialise in drawing up a contract thats fair and legal for both parties (tennants use their own solicitor) There was huge interest in the properties as they are in a good part of town with plenty of footfall , I was able to cherry pick who I wanted and took my time choosing them. So far so good. 

On the advice of the finance advisor today I've opened four new savings accounts and distributed different amounts into each account which will earn more interest than what I was doing previously. I'll leave it alone now and review it in a year or so .