Torn over a bank account move

swatson

Hi all,

Am currently with Lloydstsb for my current account - but have been considering a move to either the co-op or first direct for some time.

I'd like to pick the co-op with the thinking that it would be more ethical, and it has branches.

However, I hear such good things about customer services with First direct - that I'm thinking I should just go with them! (Also having seen some of the posts slating co-op on this forum)

Is it really as simple a choice as, I can go with co-op if my ethical concerns outweigh my need for good customer service?!

IF anyone can help me look at this in a slightly more balanced way, it would be much appreciated!

Best regards,

Simon

BBAnne

There's probably a better way to decide, but from a customer service point of view, I've been with FD since 1993 and have never had a single issue with them - their customer service is second to none and they're on the end of a phone 24/7 - as a shift worker, that's useful to me

They don't phone me too often either, when they do it's for a genuinely good reason (once it was because they thought I should switch my FD savings to their new savings account which paid more interest)

I know I sound like a bit of an advert for them, but they've given me no reason to look at switching in nearly 20 years

There are some concerns over the Co-op not encrypting your bank details aren't there?

Saints2011

Co-op Bank are usually competing with First Direct on customer service for the top spot.

Chrisblue1962

I have been with the Co-op for coming up to three years and apart from one or two minor "blips", which were reconciled quite quickly, they've been ok.

However, if I had a good credit history (which I haven't got:o) I'd opt for First Direct as I've heard nothing but praise about their first class customer service - a lesson for ALL banks and building societies here...

When my credit profile is erm, better, I'll be knocking at First Direct's door

Red_Cat

I have also heard that Co-op is good for customer service.
Are you likely to use the internet bank services of either? If so go ahead and compare what features they have and ease of use. That may sway you one way or another.

ian_h

Co-op are great they have great Customer Service (I would say having used both they are on a par) plus the branches plus the ethical stance - I would choose co-op every time they are a nice bank to deal with.

swatson

Big internet banking user and have read less than good things about this with the coop. Plus I already have an account with first direct so I think that might swing it!

jonesMUFCforever

It might be helpful if you tell us why you feel the need to switch banks.

swatson

Well, I've been with Llloyds since I graduated - switched from Halifax as Lloyds actually offered a sensible wind-down on graduate overdraft.

I am now at the point where I am pretty much, out of my overdraft and as such only require a small one as a buffer / emergency. Unfortunately, Lloyds have now started charging £5 just to use the overdraft, despite the interest payments in some cases being less than £1! As such I feel a little let down by this.

That said, I quite like their online bank service which seems to work reasonably well, and I have a joint account with them as well.

It is my intention now to not go into the overdraft, and as such I suppose I should try and get a good in-balance interest rate.

jonesMUFCforever

IMO better ther devil you know - an overdraft is great to have for an emergency but if you are dipping into it on a regular basis you know you are overspending somewhere.
Have you got the Vantage account paying 3% gross?