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Bulldog Drummond
Posted: 12 February 2021 14:41:17(UTC)
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AJW;152198 wrote:
Bulldog Drummond;152041 wrote:
countrymum;152038 wrote:
Bulldog Drummond;152037 wrote:
Coutts is dreadful, avoid at all costs.
HB is more in the mass affluent category and unlike Coutts is not looking to suck your money into hopeless investments. It's just an excellent bank.


Oh that's easy to do, I don't have nearly enough cash for Coutts.
Probably don't even qualify for "mass affluent" HB
Just was recognising the fact that journalists frequently tend to draw in what they believe to be a comparable when trying to describe a non-standard offering.


You might be surprised. If you don't mid paying £25/month for a current account HB will probably take you. Most people won't do that and would rather just whinge about useless high street bank service.


You'd have to have some substantial cash savings to justify £25/month for a current account, when free accounts generally go an adequate job.


£25 is what I pay ii for a utility platform service and I pay Zen £30 for internet, so I'm not too bothered by the fee. What you are getting is not so much the current account but added value from customer service. Amex operates on a similar basis. For most people a free account will be fine, until there is a problem, see OP's original post
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Rob B on 12/02/2021(UTC)
Rob B
Posted: 12 February 2021 15:25:02(UTC)
#33

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Firstly I really appreciate all your comments and experiences - thank you. Certainly some positives for First Direct and Starling with some thumbs up for Lloyds, Monzo and HB...

I'm not entirely put off by FD despite their HSBC association. It is what it is. HB and their personal touch isn't really my style. However, as Bulldog says, you probably get what you pay for so don't complain if free banking is poor. But it almost feels like applying for a mortgage as a first time buyer. Not for me.

I'm going to investigate Starling and Monzo at the weekend and I might have a sneaky look at FD.

I never use an overdraft, have zero balance on all credit cards and no loans. Just a mortgage that's small for today's standards. My banking needs really are quite simple.
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Jesse M on 12/02/2021(UTC)
Historyman
Posted: 12 February 2021 15:45:46(UTC)
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I’ve found Metro Bank to be efficient and accessible.
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Rob B on 12/02/2021(UTC)
Bulldog Drummond
Posted: 12 February 2021 16:05:49(UTC)
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Rob B;152214 wrote:
Firstly I really appreciate all your comments and experiences - thank you. Certainly some positives for First Direct and Starling with some thumbs up for Lloyds, Monzo and HB...

I'm not entirely put off by FD despite their HSBC association. It is what it is. HB and their personal touch isn't really my style. However, as Bulldog says, you probably get what you pay for so don't complain if free banking is poor. But it almost feels like applying for a mortgage as a first time buyer. Not for me.

I'm going to investigate Starling and Monzo at the weekend and I might have a sneaky look at FD.

I never use an overdraft, have zero balance on all credit cards and no loans. Just a mortgage that's small for today's standards. My banking needs really are quite simple.


To be frank with such straightforward needs I would have thought that any bank would be okay. I have experimented with Starling and Monzo and both are okay if you don't mind using an app. I found Starling more professional and reliable. For forex I use Transferwise. But any free bank will do a perfectly reasonable job..... until things go wrong or you have a complicated issue.
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Jesse M on 12/02/2021(UTC), Rob B on 12/02/2021(UTC)
Aminatidi
Posted: 12 February 2021 16:20:23(UTC)
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Bulldog Drummond;152221 wrote:
Rob B;152214 wrote:
Firstly I really appreciate all your comments and experiences - thank you. Certainly some positives for First Direct and Starling with some thumbs up for Lloyds, Monzo and HB...

I'm not entirely put off by FD despite their HSBC association. It is what it is. HB and their personal touch isn't really my style. However, as Bulldog says, you probably get what you pay for so don't complain if free banking is poor. But it almost feels like applying for a mortgage as a first time buyer. Not for me.

I'm going to investigate Starling and Monzo at the weekend and I might have a sneaky look at FD.

I never use an overdraft, have zero balance on all credit cards and no loans. Just a mortgage that's small for today's standards. My banking needs really are quite simple.


To be frank with such straightforward needs I would have thought that any bank would be okay. I have experimented with Starling and Monzo and both are okay if you don't mind using an app. I found Starling more professional and reliable. For forex I use Transferwise. But any free bank will do a perfectly reasonable job..... until things go wrong or you have a complicated issue.


Starling now have online banking through their website which has me tempted to take a closer look.

What do people do with multiple bank account?!

Thing is the bit I've bolded is what I think when I read most of these threads.

Speaking personally I've used the same bank (normal high street one) for about 30 years now and I can count on one hand how many times I've had to contact them with an issue.

If I ever found myself sitting waiting for an interview at the likes of HB I can't help but think I'd be sat there like a naughty schoolboy saying "I'm boring as hell I just want to feel loved" when they ask my why I think I need their service :)
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Bulldog Drummond on 12/02/2021(UTC), Dave123 Jones on 12/02/2021(UTC), Rob B on 12/02/2021(UTC)
Tyrion Lannister
Posted: 12 February 2021 16:48:47(UTC)
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Jesse M;152176 wrote:
Another here for First Direct, been with them since they launched.

Most things completed online, mobile app and when I have had to call them (e.g. my card got hacked through a web purchase a few months ago) dealt with immediately.

In fact they even called me on two occasions over the years where they saw something suspicious and checked with me if it was an actual payment - once it was, another time it was fraudulent.


I can second that. I’ve been with First Direct for over 5 years. I’ve had no problems whatsoever and the one and only time I’ve needed to contact them, they dealt with the issue quickly and effectively.
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Rob B on 12/02/2021(UTC)
Dave123 Jones
Posted: 12 February 2021 17:04:12(UTC)
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Aminatidi;152223 wrote:

What do people do with multiple bank account?!

I've got loads of bank accounts. Not much use for them all now I must admit, me and the wife opened lots of them a few years ago.

The reasons for all these accounts was simple, banks and building societies were in strong competition with one another and were falling over themselves to do the following.
1. Pay really good rates of interest on current accounts.
2. Provide cash or cash equivalent (e.g. M & S vouchers) to switch accounts.
3. Provide regular saver accounts paying high interest rates to holders of their current accounts.

It was only a few years ago when inflation was around 0.5% we were getting interest rates on many accounts of up to 10 times (5%) on this on several regular savings accounts.

Unfortunately this has all now changed and the rates of interest on both regular savings accounts and current accounts are rubbish.

We still have most of our bank accounts for the odd perk (I get a free motorcycle magazine from Lloyds every month for example) and just in case they ever give decent interest rates on some of their accounts.

In answer to the OPs question I have found most banks pretty much the same, not outstanding service but all fairly reasonable.

I do think its probably wise to have at least two current accounts at two different Banks. A few years ago TSB had a major IT problem and some people were struggling to get money to pay bills.
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Rob B on 12/02/2021(UTC), Bill D on 02/06/2021(UTC)
Johan De Silva
Posted: 12 February 2021 17:26:02(UTC)
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Starling Bank does make a profit, unlike all the other internet-only banks. This is an important consideration. They may also be taken over by Lloyds who show some interest. Both good banks, but I am bias being invested Starling.
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Rob B on 12/02/2021(UTC)
anglo29
Posted: 12 February 2021 18:54:25(UTC)
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The Nationwide.....although technically a building society, has all the normal functions of a bank, with a very good online service.
I would not go back to any of the "big four" banks.
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Rob B on 12/02/2021(UTC), lenahan on 22/04/2021(UTC), Guest on 23/04/2021(UTC)
Bulldog Drummond
Posted: 12 February 2021 19:38:10(UTC)
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Dave123 makes a good point above about having more than one account in case something goes wrong with the main account. I have 4 and at times have had 6 or more current accounts. My main account is invisible to credit reference agencies so the others are there either for specific purposes, or to wave at the credit reference agencies, or to have some cash in case systems crash. These days anyone can set up an account online in 5 minutes (except with HB).

I remember my late father being terrified in 2008 that his cash pile in Northern Rock had vanished. I had previously told him to spread it around and stay in the FSCS limits but that was apparently too much trouble.
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3 users thanked Bulldog Drummond for this post.
Rob B on 12/02/2021(UTC), Dave123 Jones on 12/02/2021(UTC), Bill D on 02/06/2021(UTC)
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