Online banking

[Bonce]

After 10 years, it's time for my relationship with my current bank to end. It's a major high street bank who have made one balls up too many.

When I asked my account manager to give me one reason why I shouldn't close all my accounts all he could say was "I can't"!

So it's goodbye to crap interest rates (I mean, £1.02 interest on £1500 of savings in a month is appalling!) and hello new bank. Question is, who?

I'm looking at Cahoot and Smile. Does anyone have any experiences with these? 99% of my banking is done online now so I need a high quality, reliable online service.

Cheers

[Mr E]

Errr. The only think I know is that most of them won't talk to anything but IE or Netscrape.

So check the site works on your choice of browser before signing up....

[incorrigible]

Sorted out 3 mortgages last year, went from Shat West to the Woolich (open plan jobbie) reckon I've saved about £2k in the first year. 'kin outrageous

Also do online, they seem pretty good, no problems so far

[GregE240]

Bonce, mail me offline if you want mate - my missus is in this kinda business. I've some things I could say, but not on here.

[stc_bennett]

the HSBC backed one is good "first Direct or something like that" i think

cahoot it part of the abbey and there security is crap...

I have all my stuff with virgin "The Virgin One Account" and its all done over the net or phone.. and if you got MS money download all of your transactions setup/cancel DD or Standing orders. its quite good..

Use your saving to reduce the interest on your mortgage etc and still have it to withdraw when you want it. On our old house we were 4 years ahead of our mortgage payment and saving if we payed it off early would have saved £14k in interest..

I would get reading and calculating what you need and the benifits of each bank. in my case Virgin or my wife says go for natwest direct and you still have a branch if you need it..

Hope it helps

Stev

[CarZee]

I've been with Royal Bank of Scotland for 8 years or so and cannot praise them highly enough.(for a bank that is...)

They fix stuff immediately if ever they make a mistake. I've never been charged for a letter and their internet banking is spot on.

You can always trust the Scots to look after your money properly

Their main advantage over a purely internet bank is that you can go in a branch and have words if there's a problem.. also for arranging bankers drafts, currency exchange etc..

Customer service matters a great deal to me and I'll have no truck with any company that fobs me off or messes me about. I've had various reports of such callcentre shenanegans from First Direct and Smile.... RBoS have always been absolutely spot on!

>> Edited by CarZee on Friday 25th October 13:18

[pdv6]

I have a Cahoot account.
Can't say I like their web interface very much (statement listings are about 6-7 lines long before you have to flip to the next page(s) - WTF is wrong with a vertical scrollbar FFS?) and it took them forever to send me some of those silly paying in envelopes that you use at the Post Office.
Other than that, no problems so far.

{edited to add} I also have a First Direct a/c. Much better web interface (IMO), but they're just as much a thieveing bunch of b4stards as most high street banks seem to be.

>> Edited by pdv6 on Friday 25th October 13:19

[tuffer]

I've just switched to IF, no probs so far and should save a fair bit in the long run. Only problem is they don't have any high st banks so you cant get hold of the manager by the throat when it all goes pete tong !!

[roop]

Likewise I have my IPCA and Digital Savings account with RBS all managed online. If you transfer money between the two it happens instantly, none of this wait 3 days for your cash to appear rubbish. No problems in over 20 years of banking with RBS (it was Williams and Glyns when I joined )

Roop

CarZee said: I've been with Royal Bank of Scotland for 8 years or so and cannot praise them highly enough.(for a bank that is...)

They fix stuff immediately if ever they make a mistake. I've never been charged for a letter and their internet banking is spot on.

You can always trust the Scots to look after your money properly

Their main advantage over a purely internet bank is that you can go in a branch and have words if there's a problem.. also for arranging bankers drafts, currency exchange etc..

Customer service matters a great deal to me and I'll have no truck with any company that fobs me off or messes me about. I've had various reports of such callcentre shenanegans from First Direct and Smile.... RBoS have always been absolutely spot on!

>> Edited by CarZee on Friday 25th October 13:18

>> Edited by roop on Friday 25th October 13:22

[GregE240]

Just replying, Bonce.....

[CarZee]

roop said: Likewise I have my IPCA and Digital Savings account with RBS all managed online. If you transfer money between the two it happens instantly, none of this wait 3 days for your cash to appear rubbish.

In fact, 'direct transfers' between any two RBoS accounts happen instantly.

My business account is with them as well and my BACS transfers to my current account can be drawn on instantly..

[beano1197]

Can't beat a good virgin.....


.....one account.


I don't use all their facilities, but it's pretty well thought out on the internet banking front, and the human beings at the call centre have always been good too!

[Size Nine Elm]

I've used firstdirect almost since it started, and have been very happy with their service (for a bank - not the sort of thing that would ever make you delerious), from original phone banking to private dial-up online, to full online.

Also had accounts with Cahoots and IF, and would frankly not recommend either in terms of both online
functionality and offline administration.

A sock under the mattress? Immediate access, no messing about with different accounts, unless you've got two socks.

[CarZee]

Size Nine Elm said:A sock under the mattress? Immediate access, no messing about with different accounts, unless you've got two socks.

Setting up direct debits might be tricky

[Bonce]

The only socks under my mattress have got a different kind of deposit in.

Thanks for the advice guys (especially Greg). Sorry to use your forum like Which Magazine Ted but I knew I'd get decent feedback from people who's opinions I respect. And Carzee.

Smile have got the vote so far. I think I'll create an account and use it for a while before I commit to moving everything across.

[GregE240]

Bonce, there's nothing that beats experience either, is there ?

I would hope Ted's concerns are to do with slurring and so forth. Hence my e mail offline rather than give my opinions on a public forum. And hey - who gives a toss what I think ? And who would want to read it ?

[judas]

Moved to RBS three and a half years ago - no complaints whatsoever. Great service and online banking rocks!

[s2ooz]

first direct for me too. use www.fool.co.uk message boards for financial advice, very helpful.

I change at a whim, but havent left FD for 8 years, unlike my morgage or credit cards - 18 changes last year..., 3 morgages...

also FD offering 0% credit cards, and £25 if you sign up for a bank account. exellent online, and on the phone.

[Deester]

In my experience banks are scum bags... When I had no money they never wanted to help even although they still managed to make money from me. Now the situation is a little different they fall over themselves to help me with their lame advice, like a donkey following a carrot.

All my personal banking is now online with UBS Switzerland. I now have no bank accounts based in the UK and I have never been happier...

Deester...

[chrisch]

IF for me, no probs oher than getting wads of reddies when cash is needed