Banks to avoid

dunstonh

Cooperative - Only ethical bank on the high street, is a mutual and you get a dividend the more services (Coop Supermarket, savings, credit cards, funeral) you have with them as its owned by members

Depends on your ethics. For example, Co-op make contributions to the Labour party. Irrespective of your political persuasion, should they be doing that and claiming to be ethical at the same time? (would a Conservative supporting account holder be happy that their bank charges are going towards the Labour party?) . They also operated a tied sales force. So, whilst independent is best, they chose to maximise their own profits over the customer interests. That is not ethical.

Degenerate

bendix wrote: »

What, exactly, is a 'perfect exchange rate'?

Interbank rate with no loading - the best rate you will ever get at a given point in time. Offered by Halifax Clarity, Santander Zero and Metro Bank among others.

jambosans

mayling03 wrote: »

Halifax Rewards Account - You can just have a rotating 1k standing order to get the £5 reward every month

[...]

I do not bank with the following such as RBS, Santander, Lloyds as they either been bailed out by thr banks or have very poor customer service (eg Santander)

Interesting how your moral standpoint on bailed out banks falls apart when you get a free fiver every month. I am, of course, referring to Halifax being part of HBOS which would have collapsed if it weren't for both Lloyds TSB and the government stepping in.

I agree with pmduk on this one, long pointless threads on people's opinions on banks are not very helpful - good talking point perhaps, but it's such a common question. Even customer service polls, like those done by Which? don't indicate what experience you will have with a particular bank.

ironlady2022

The ethicalness is an added bonus really. Ethical in the sense they do not invest in arms etc

paulmcerlean

mayling03 wrote: »

Here are my reasons for banking or not banking with the banks

Cooperative - Only ethical bank on the high street, is a mutual and you get a dividend the more services (Coop Supermarket, savings, credit cards, funeral) you have with them as its owned by members

Nationwide - They use to be best for overseas spending but there are better ones, only reason I keep this is if you have a minimum turnover of about £800 per month, you get free European Travel insurance, I have checked policy and it is very good with minimum excesses of £50. This is my back up Current Account

Halifax Rewards Account - You can just have a rotating 1k standing order to get the £5 reward every month

I do not bank with the following such as RBS, Santander, Lloyds as they either been bailed out by thr banks or have very poor customer service (eg Santander)

First Direct are number 1 for customer service so this could be an option.

CREDIT CARD WISE

-Halifax Clarity for perfect exchange rate when you take your card abroad plus £5 per month if you soend £300 on purchases per month

-Post Office card for perfect exchange rate for overseas use aswell - this is my back up card

Cooperative Member's Card for 1% cashback on purchases within the Cooperative Family or 1/2 % cashback for purchases elsewhere. I use this after I have made £300 purchases on halifax credit card

-MBNA for purchases over £100 for 0% for 12 months

Hope this helps

Makes no sense. So you bank with Halifax who needed one of the biggest bail outs, yet dont bank with Lloyds citing the reason they were bailed out - yet Lloyds only required a bail out when they took HBOS onboard.

Very odd, but whatever floats your boat.

ironlady2022

Yes well whatever floats my boat.

[Deleted User]

as always santander should be avoided
hsbc customer service and barclays is appauling in my opinion

Middy

I am with Santander at the moment. If I get any more problems with my bank card, I will go elsewhere. I was with Halifax. But they closed the two branches - one in the town where I live and the one in the next town. So if I needed to see anyone, I had to go into town - a pita.

With my current situation with Santander, I received a new debit card from them in the post today. The old one still had 16 months left to go and wasn't lost or stolen (had A&L on it) and tried to get some food shopping entered my existing PIN in - INCORRECT PIN. I tried again whilst looking what I was pressing. Phoned customer services and the card was cancelled before I received it. I am not taking any bull$hit from them if they are being !!!!!y about it. I carry about £10-15 cash most times and only times I carry more is if I am going out with my friends as paying for taxis, splitting bills in restaurants is easier with cash.

I am lost without my debit card.

rb10

dunstonh wrote: »

The traditional banks generally offer more banking services than the ex building societies.

This is a myth that many people believe.

In reality, there are few day-to-day banking services that you cannot get from any high street bank, regardless of their history.

gt94sss2

mayling03 wrote: »

The ethicalness is an added bonus really. Ethical in the sense they do not invest in arms etc

As dunstonh points out - the Co-op may not be as 'ethical' as they lead people to believe (this may depend on your political view but many firms do not donate to political parties as a point of principal unlike the Co-op)

On the other hand, many other banks also have ethical policies but they don't advertise them like the Co-op does. For instance, HSBC's are listed here and their defence policy includes the fact that they decided in 2000 to doing business with arms companies..

So its not as black and white as the Co-op would have people believe.

Regards
Sunil