I'd like to change banks

omotn

I bank with HSBC. HSBC is a huge organisation having a market capitalisation of over £100,000,000,000. As far as I can tell it was largely unaffected by the recent banking crisis. If it had any bad debts they were but a pinprick in its enormous size. It trades on reliability and safety, rather than on flashy products, and on most of its accounts pays derisory rates of interest.
Until recently its log on process to carry out internet banking transactions, was one of the most irksome I have had to go through, being spread out over several screens and requiring me to look up individual digits from my password. I was happy to put up with the irk as this seemed to me to be secure.
Now however it has "upgraded" its security. To me, the customer, this makes the process immensely more irksome as it now involves a second computer which is dedicated to the task of generating passcodes. This second computer takes the form of a credit card sized object, rather like a calculator. In order to use it I need a security code. On entering my security code the device shows me a security code. I then enter this 6 digit security code into my main computer. I can't tell if I have made an error as the new code appears only as a series of dots. Given that I am only going to use this code once it is of no possible use to any one looking over my shoulder. Why not show it on the screen, so that I can check it?
HSBC's suggestion is that I should carry this second computer about with me on my keyring!
For all this additional irk, I do not believe the process is one jot more secure. HSBC did not provide a satisfactory answer to my enquiry about the cost-benefit analysis of the additional irk.
So I'm now looking to move my current account. The characteristics I am looking in my new bank are:
A secure but manageable log on process, using only one computer
Linked deposit and current accounts -
so that my standing orders / direct debits are honoured even if the current account has insufficient funds
so that my surplus funds are transferred to an interest bearing deposit account without my intervention
OR
A current account that pays a good rate of interest
A range of additional accounts and services to cover other financial eventualities

Things I think I don't need, include:
Annual travel insurance
A monthly fee
Any ideas?

Teresa_Green

I know what you mean, I too am not looking forward to this "update" to the logging on process with HSBC.

I have other accounts which already use some form of small calculator device in conjunction with the log on screen and don't particularly like them.

However Nationwide Internet Banking does have an option as to whether you have to use the calculator bit or not so I choose not to. I can still do everything I need to do and the Flexaccount is free and you can move easily between savings accounts etc. I think you have to pay a certain amount in each month if you want extra benefits of Travel Insurance etc. but these are free then I think.

The Savings Accounts interest rates are fairly competitive too.

Sorry I am unable to post links yet as a relatively new user, but I suggest you check out the Nationwide Flexaccount.

Rodders53

This site has a good guide to changing bank accounts and 'best buys' .... but beware that many - if not all - will be introducing similar security authentication processes over time. You would be wise to select a few 'likely' accounts and ask the questions of the suppliers of them.

I too am unhappy but will wait until HSBC send me the token and 1) see how it goes 2) tell them why I'm transferring my (very) long-standing account from them (having cost them the money to send it out).

opinions4u

omotn wrote: »

I bank with HSBC. HSBC is a huge organisation having a market capitalisation of over £100,000,000,000. As far as I can tell it was largely unaffected by the recent banking crisis.[/qoute]It was actully one of the first victims of the sub-prime crisis in the USA. It's Household subsidiary was hit massively. If I'm not mistaken, it also needed Britain's biggest ever rights issue. It participate is the Government's Special Liquidity Scheme.

But it didn't die a death like Bradford & Bingley or suffer near destruction like HBOS and Northern Rocck.

A current account that pays a good rate of interest

Halifax pay a fiver a month if £1k is going through. Beware the £1 a day overdraft charge. There's no auto-sweep option though - just make sure the money's in the right place at the right time.

A range of additional accounts and services to cover other financial eventualities

Such as? Savings account paying 3%. Easy access ISA paying 3.2%. Credit card that pays you a fiver a month for spending £300.

You'll probably find that branches can pay you £50 as an incentive to move too.