First Direct Fees: How to Avoid 'Em or Ditch 'Em Discussion Area

Noz

mikael wrote:

I see a number of people making this point, but I just don't see it! Just because banks have had to reduce some of their excessive charges does not mean that they are suddenly going to be making big losses. Even with the reductions in some of their fees, they are still making huge sums of money. Anyway, most current accounts are not free anyway. Most pay very little interest and the money is simply used by the bank to earn money for itself. The simple thing is that the large high street banks have always offered poor deals and fleeced their customers, as most are too lazy to move to smaller more efficient banks. However, free banking will always be about, just perhaps not with the most greedy of banks.

However business is about seeing growth, even though a bank may still earn vast sums, any reduction whether it be from reclaiming fees or elsewhere will be addressed in other areas.

The banks don't pat themselves on the back with how much they have earned, they are looking to how much they can earn in future

DemiDee

My biggest gripe with FD is the fact that every time I order envelopes, I get a measly FOUR. Since I'm self employed, they are gone within a week. I used to be with Girobank, who would send at least 25 prepaid envelopes in a pack. Now, I not only have to remember to request that my envelopes are prepaid, but I also have to make the request more frequently than I change my clothes.

So, if anyone knows of a bank that has a better interest rate, a service
at least equal to FD, and more generous with their envelopes for us self employed cheque-paid people, please let me know!!

Phoenix79_2

You can pay cheques for your FD account in at any branch of HSBC. Surely thats better than having to request envelopes every week?

SparciaM

DemiDee, with smile you don't need to request envelopes as they have a freepost address and you can also pay in at every UK post office (but you do need envelopes for this - but they send out 10 in a go and you can order as many as you like).

Also, smile are UK based (in stockport - I used to work there) and everyone is friendly etc (although very sales focused!!). You do get put in a queue with a max waiting time of 5 mins, depending on time of day - but when you get through the advisors are UK and can do most things on the one call, than passing you to different departments like FD. Also, smile is 24 hours (well sorta. At 10pm they transfer the call centre to Liverpool and the night shift takes over )
They have 3% on c/a and 4.25% on instant access savings and 4.75% on ISA all instant access with no penalties.

Smile is mainly internet based, but you can speak to UK people also. Their internet site, IMO is much better than FD and they have a better online message system to FD which you get a reply within 40 hours max. I would go online and check them out.

dealseeker

Me and the Mrs just closed our acounts.

Over the piece I have had £25 for joining, she had same and I got a £25 referral.

Then we opened 2 savings accounts £10 each incentive.

Then credit card 0% for 6 months and box of wine, then upgraded to gold card with another 6months interest free.

Then they sent us the mortgage challenge and I won £100 as my deal could not be beaten as I had a better deal with YBS offset.

So £195 out of then and a box of wine and 0% for 12 months ... and I virtually never used the account. Hae asked explicitly not to be sent ANY more marketing material. I get a rainforest worth of bumpf from them every month and will be glad to see the back of it (kept it going on basis of mortgage challenge offers etc.)
:T

DemiDee

Sparcia, I have checked out the website as what you have said about Smile seems really good. The 3% interest rate compares favourably to the 2% with FD also, BUT I didn't realise it was part of the Co-Op. Despite agreeing with all their ethical policies, they recently closed down the bank account of Christian Voice (a group I belong to) because the group had been outspoken about their Christian views. To me, that is not ethical, and it is perhaps the only reason I now avoid the Co-Op. Otherwise, would have gone for it!

PosterBoy77

Noz wrote:

However business is about seeing growth, even though a bank may still earn vast sums, any reduction whether it be from reclaiming fees or elsewhere will be addressed in other areas.

The banks don't pat themselves on the back with how much they have earned, they are looking to how much they can earn in future

That is very true! Still, given that it is so profitable, I'm sure there will always be the smaller banks hungry for business that will provide the better deals.

moneymode

SparciaM wrote:

DemiDee, with smile you don't need to request envelopes as they have a freepost address and you can also pay in at every UK post office (but you do need envelopes for this - but they send out 10 in a go and you can order as many as you like).

Also, smile are UK based (in stockport - I used to work there) and everyone is friendly etc (although very sales focused!!). You do get put in a queue with a max waiting time of 5 mins, depending on time of day - but when you get through the advisors are UK and can do most things on the one call, than passing you to different departments like FD. Also, smile is 24 hours (well sorta. At 10pm they transfer the call centre to Liverpool and the night shift takes over )
They have 3% on c/a and 4.25% on instant access savings and 4.75% on ISA all instant access with no penalties.

Smile is mainly internet based, but you can speak to UK people also. Their internet site, IMO is much better than FD and they have a better online message system to FD which you get a reply within 40 hours max. I would go online and check them out.

Yeah and FD are UK based too...well the last time i went to work anyway!!
And by the time you have been in the queue for 5 mins with smile you could have been transferred to the proper dept in FD and everything sorted out.

moneymode

dealseeker wrote:

Me and the Mrs just closed our acounts.

Over the piece I have had £25 for joining, she had same and I got a £25 referral.

Then we opened 2 savings accounts £10 each incentive.

Then credit card 0% for 6 months and box of wine, then upgraded to gold card with another 6months interest free.

Then they sent us the mortgage challenge and I won £100 as my deal could not be beaten as I had a better deal with YBS offset.

So £195 out of then and a box of wine and 0% for 12 months ... and I virtually never used the account. Hae asked explicitly not to be sent ANY more marketing material. I get a rainforest worth of bumpf from them every month and will be glad to see the back of it (kept it going on basis of mortgage challenge offers etc.)
:T

I bet you feel you have won a watch!!! But it is people like you that have at least cause some of the reasons for the charges. Shame on you and those like you!!!

Dare say FD will be glad to see the back of you too

trevjl

moneymode wrote:

I bet you feel you have won a watch!!! But it is people like you that have at least cause some of the reasons for the charges. Shame on you and those like you!!!

Dare say FD will be glad to see the back of you too

Exactly, well said.
Banks are businesses, they are there to make money for their shareholders, many of which are probably owned by yours and my pension funds. If people are happy to grab all these goodies like kids in a sweet shop I don't see how they can complain about them bringing in the charge. They have caused it.