Which bank account?

[Jack o'Clubs]

I've been with my current bank, Barclays, for over 20 years, but have recently had a major falling out over fees - I threatened to move my account elsewhere, they wouldn't budge, so now I've got to follow through my threat!

All I need is a personal current account, with a good internet banking service and a decent free cash-point network. Currently thinking of HSBC, any reason why not, or better options? To be honest they all seem much of a muchness, or am I missing something?

Thanks in advance.

 

[Crawsthorne]

I've been with my current bank, Barclays, for over 20 years, but have recently had a major falling out over fees - I threatened to move my account elsewhere, they wouldn't budge, so now I've got to follow through my threat!

All I need is a personal current account, with a good internet banking service and a decent free cash-point network. Currently thinking of HSBC, any reason why not, or better options? To be honest they all seem much of a muchness, or am I missing something?

Thanks in advance.

Hi. I recently went through a similar exercise after 20 years with one of the big four and Alliance & Leicester have matched everything (Overdraft etc) except the charges. Also gave me £50 to join!! Hope that helps for what its worth.

 

[gedward3]

First Direct

After getting £5.5k taken from my account with Halifax i deceided to swith and moved to First Direct (HSBC). Excellent internet & phone banking and you can still use the branches if you want to take cash out via a simple pre visit call.

Only minor downside is that this morning they have announced they will be charging £10 per month for current accounts. This is offset if you keep £1500 balance in the account or if you take out a savings account or if yopu take a loan or any insurance with them.

Their reason is that they are providing the best service around and i have to agree they are really efficient. One call and the advisor you speak to deals with nearly everything apart from if they transfer you to branch for a m oney transfer.

Thay also have a service where you can keep your passwords for different websites within theirs and access through First Direct site so you know they are secure

Hope this helps

 

[TWI]

I bank with First Direct and Lloyds. I think all the banks are a bunch of immoral thieving criminals but due to their cartel nature they will continue to extract greater and greater profits from the masses. I do note that these new account charges will tend to cost those with the least , the most.

 

[roguetrader]

After getting £5.5k taken from my account with Halifax i deceided to swith and moved to First Direct (HSBC). Excellent internet & phone banking and you can still use the branches if you want to take cash out via a simple pre visit call.

Only minor downside is that this morning they have announced they will be charging £10 per month for current accounts. This is offset if you keep £1500 balance in the account or if you take out a savings account or if yopu take a loan or any insurance with them.

Their reason is that they are providing the best service around and i have to agree they are really efficient. One call and the advisor you speak to deals with nearly everything apart from if they transfer you to branch for a m oney transfer.

Thay also have a service where you can keep your passwords for different websites within theirs and access through First Direct site so you know they are secure

Hope this helps

This sort of thing makes me laugh, are they saying bedore they added this extra fee their service was cr*p? They should be providing an excellent service without extra fees, which is why you let them have your money for a fraction of what they lend it out at

 

[chindl]

Only minor downside is that this morning they have announced they will be charging £10 per month for current accounts. This is offset if you keep £1500 balance in the account or if you take out a savings account or if yopu take a loan or any insurance with them.

This is the beginning of financial exclusion, what about those on benefits or not able to keep that sort of money in the account, it is penalising the poor! Are they going to move their banking base to Nottingham to keep in the spirit of things.

I for one will be taking my business elsewhere, even though I am fee free as I meet their minimum standards. I would suggest others do likewise to show these thieving so an so's that we, the consumer, will not be taken for a ride in this way!!! They make enough money as it is, the profits from banks, energy companies and the like are completely excessive and nothing goes back to the consumer. A completely unwarranted and lame excuse for more profits from the cash cow! I hope millions of other people will also vote with their feet and take their business elsewhere. Otherwise, this will be the norm for all banks, giving them a licence to literally print money, resist the revolution,be heard now!

There - rant over - received their letter about an hr ago, suffice to say it made me livid. Not sure how the gov't will see this with their plans to ensure all are financially included as per the current BBA campaign!

 

[gc1]

Alliance & Leicester seem to offer the best current account interest rate at the moment (6.1% gross aer) - but you have to be careful as it only applies to the first £2,500 in the account (amounts above that only earn 0.1%).

And you have to pay in £500+ per month to avoid fees.

If you decide to open an account there make sure you get a friend to recommend you, so that both you and they get the £50 bonus.

 

[Jack o'Clubs]

Thanks for responses folks

Alliance and Leicester seems pretty good, but I'm slightly cautious that I don't have a local branch. I can't remember the last time I went into my local Barclays, but it's nice to know its there... I also need to check which network of cash machines I can use for free as an A&L customer - it only confirms that A&L's own machines are free for cash withdrawals on their website.

Hmm - First Direct's move seems a bit confrontational, and making sure I keep enough cash in there to avoid being charged is more aggro than I can be bothered with - I thought being an internet/phone bank, their costs would be lower? Anyway, sod that when for £20 a month I could have an account with Coutts

So it's between A&L and HSBC at the moment...

 

[gc1]

I think most ATM machines in high streets and outside of main supermarkets are fee free these days. Those which aren't are supposed to be clearly marked.

With A&L you can also get money out and pay it in at any post office.

Cheques deposited by post or at the post office do take a long time to clear however (about a week from posting them).

 

[trendie]

JoC,

The A&L card that you get with your account is a LINK one, and withdrawals are free where you see the LINK sign.
I have a personal current account with them. They are quite good. They had a free-overdraft for 12-months for new signees, ( effectively, you could be £1,500 overdrawn without costs ), when I signed up.

Am contemplating transferring the business side to them as well, as all automated transactrions ( ie, paper-free standing orders/direct debits ) are free.

Overall, I rate them well. As much as 7 or 8 out of 10.

EDIT; good point by gc1 re: the Post Office "Girobank" affiliation.

 

[*JDR*]

Lloyds account I have gives 4% for the first 5k.

They seem fine.

Not sure what the big deal is. Traditionally people dont swap their current accounts, not sure why, I am going to change again soon.

 

[Jack o'Clubs]

Thanks everyone - in the process of moving across to Alliance and Leicester. A simpler process than I'd anticipated it being, for anyone considering the same thing!