Would you pay for your bank account


Before you answer think about other services you use. You’re probably paying or them right so if you’re going to answer no why?

I’m not talking about an account that offers free phone insurance and other stuff, just the core banking services. Starling offer a great service and it’s exceptional value for money…

I have absolutely no idea how much money it costs to run a bank but it all has to be paid for. Shouldn’t we as customers pay for it? Very few countries offer a free banking service.

Would I? Yes but…what then happens to those on a low income?

@anne was on the radio talking about charges this morning as the FCA announced a cap on charges could be on the way http://www.bbc.co.uk/programmes/b08z93zm and some banks are already scrapping charges http://www.moneysavingexpert.com/news/banking/2017/07/lloyds-banking-group-overhauls-overdraft-fees

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No, especially for those that earn below the average salary. I think a lot of people simply have their salary paid into their account and then take money out for bills/spending when needed. So would I want to pay for a bank to simply store my money? No definitely not. I’d be happy to forgo interest on my balance to stop them charging me per month(interest rates are so terrible it’s pointless at the moment)

I don’t know how banks work in great detail but I can imagine there are much better ways for them to make money than for me to pay e.g £20 per month just to store my money. I know personally if Starling/Monzo or any other bank I use started to charge me for storing my money with them, i’d definitely close my account as there will always be banks that won’t charge simply to get customers to move to them.


We already all pay for our accounts - currently the costs of ‘free’ accounts are recovered via other charges and investments such as overdraft fee’s etc. Most other countries charge for customers for their current accounts and overall the fee’s are higher across other developed countries for banking services than in the UK.


I’d pay for it if it offered advanced budgeting like YNAB etc.


I hope, with the aid of this forum and the enterprise and commitment of Starling, that we’ll get all the key features built into our account.

I reckon Starling, meanwhile, will want to be different enough and ground-breaking enough to attract a loyal customer base on its merits, not for a bag of add-ons - so-called Premium features.


What about those who don’t have overdrafts or use any of the “perks”. Do they essentially get a free account?


I believe banks do still make money when you use your card from interchange fees and potentially other areas. However, depending on how much you spend the amounts are fairly small.


Equally the banks balance these costs across all customers and know the percentage of customers who are likely to go overdrawn and be charged vs those who likely won’t.


I’m not interested in paying a fee. My account is a place where I park my money and pay bills. For me it’s not an essential service that I want to pay for.

Do I trust the Government enough to provide reassurance to me that banks won’t take advantage if they abolished free banking? No.

Successive Governments have had a car crash approach to services and ideas and don’t really think beyond the next headline. I’ll example directory enquiries, no charges for credit/debit card use etc. The Government deregulated trains, now look what happens, we pay thru the nose compared to European still overcrowded and poor compared to lots of Euro countries. The Southern Rail fiasco, the Government still fails to intervene and sort it out or issue meaningful fines, while the train company still charges top whack.

Do they honestly think companies are going to suck up these fees and not pass back to the customer?

If I paid for my bank account would my legacy bank suddenly be any better? No, I would just pay for bad service and be even more angry. The Government wouldn’t be setting minimum standards and if banks failed would they pay fixed compensation? Again no, or if they did it would be so bureaucratic it would be near impossible.

I’d be like Ken Dodd and start putting my money under the mattress if I had to pay for a bank account!!! He seemed fine doing it.


I know we want Starling to not follow too much the examples of Legacy banks but if they did introduce fees I would hope it would be something like how Nationwide do it.

So - the ‘standard’ basic account (what we’ve currently got) is free.

You can then pay a monthly fee which will then give you extras for example deals on insurance or like Natwest who give you cashback on bills paid by Direct Debit.

I know there’s been a big debate on fees for ATM use oversees now that Monzo have announced they’re introducing them. Maybe Starling should introduce a limit on this on the ‘standard’ account - but have a higher/no limit available on the ‘premium’ one?

This could also link into the discussion we’ve been having with paying cash in. So at the moment there’s the option to pay in through Natwest but there’s other solutions (Post Office, PayPoint) that could be setup - but might have a higher charge.

So, if they did, for example, setup to pay in via PayPoint you could have the ‘standard’ no fee account charge a fixed fee per deposit (50p?). Or, if you are going to be doing it regularly, have the ‘Premium’ account option setup so there is no charge.

The other ‘legacy’ service that the premium account could offer would be a cheque book and cheque guarantee card.


No, at least I don’t want a bundled account. I would rather pay for the services I need.


Yes. As someone with little left to spend after essential or compulsory bills it is important to keep an eye on balance and outgoings and there is a need to have services like SEPA payments at a decent price. I therefore pay Monese for their excellent account. But I would not pay a big legacy bank for their current offerings.


there is no such thing. They were abolished a few years ago


Yes - but that’s what you’d get. The ‘standard’ account that you’ve currently got is still what you’d have. You’d just have an option, if you wanted, for a Premium Bundle account with the added extras included?


As - as I’ve not actually had a cheque book since 2006, I didn’t realise they’d been scrapped!


and it is a shame cheques weren’t killed off with them.


I wouldn’t pay to access my own money, so much competition about there wouldn’t be a need to. Since free banking was introduced years ago nearly every bank offers free banking, the only ones that tend not to are added extras. I get my added extras separately cheaper than a bank can offer. Charging isn’t going to encourage people to join a bank, yes when people are with a bank they might see extra benefits and go fee paying, but I think for the majority of customers free is what they want.


If banking starts costing me a monthly fee, I’ll go like Ken Dodd, and stick it under the mattress, it never did him any harm!!


I don’t see why there needs to be a bundled account if these services will be provided though the marketplace…


I wouldn’t pay a bank to essentially store my money. There is enough free choice that if they charged it would be simple enough to move via CASS. For what it’s worth I’d rather Starling focused on providing a few things excellently then loads and do it to a mediocre standard.