'Stranglehold of the big High Street banking brands'

So, despite being fairly easy to predict, Tesco Bank have left the current account space. The BBC personal finance commentator noted the below…

‘That was rare for Tesco Bank customers (being a primary account) , so it is scrapping these accounts. Digital challenger banks are trying hard to clear the same hurdle, in an attempt to finally break the stranglehold of the big High Street banking brands.’

Is one then contributing to said stranglehold by, for instance, having their salary paid into a High St Bank? Even if for instance, they do all of their spend with a fintech?

What do we reckon folks?


The simple answer is probably “yes”. I moved everything to Starling from Nationwide, so I don’t have any money paid into any other account. The only thing I’ve kept open is my FlexPlus for the insurance benefits. I don’t use it as a current account though.

I know everyone has their own ways of managing their money, but I don’t see the need for multiple accounts for salary, spends, bills, etc.


I agree, although I do have 4 accounts.

I however discount one joint account (this is the High st’er) , as contrary to what you said, I do think there is a purpose in a secondary account for shared bills - as the alternative is one person having all the visibility…the idea of spending out of that account on top of this gives me a headache! The card does get used now and again, but only in place of a direct debit. I am paid in there at the moment though as its easier to meet pay in criteria, which also doesn’t make a lot of sense for keeping things seperate :sweat_smile:

Why the other 3? All fintechs, 2 are E money so annoyingly I can’t use them for things like Freetrade or Wealthify debits/credits. I don’t use Dozens like a current account, so that would be a great one to use for the above purpose (esp given the wealth link) but oh well. I currently use/have kept Monzo for that, and not a lot else.

I spend from Revolut, as I think they’ve got the best app experience.

At some point I need to move my salary and or consolidate :thinking:


You’re right - I do actually have a joint account with my wife (with Starling). I meant more along the lines of an individual using multiple accounts for different things. It’s not right or wrong, just not for me. If having separate accounts helps people to budget or track their money, then fair play :slight_smile:


Hmm, I suppose the more I’m thinking and talking about it…I only really use one personal account to spend!

The Dozens current account is more like a savers conduit & Monzo just accounts for a couple of wealth based apps being awkward

I did try using two personal account for different spending requirements, but it became messy asap…

I guess wherever the salary goes, there’s a transfer to another place necessary

I’m thinking out loud :joy:


Agree, spend is for credit cards. Current account is for bills, salary etc

Then you pay the credit off from that too, while netting points and getting a bit extra cash flow :slight_smile:


How much cash flow are we walking in a month?

I don’t think I’d free up much more than £5 by putting all my spending through an Amex outside promotional periods

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I regularly sit on £100-200 extra in my bank from spending done between statements

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How so? Either you Amex is better than mine or you spend a lot more

It’s possible I spend a tad more through my AmEx