NatWest - who's the best alternative?

GustyGardenGalaxy

After this fiasco I'm sure that a lot of people are thinking of moving away from NatWest. In which case, which bank(s) is/are the best alternative from the point of reliability, robustness of systems, etc?

pmduk

I doubt if there are any banks that could guarantee not to have the problems that RBS group have had this week. And who's to say that they'd deal with them any better?

worried_jim

Peak Freans tin under the bed.

GustyGardenGalaxy

Or perhaps a matress with a suitable hole in the side?

Gentoo365

As above. The issue at RBS is not something that is specific to them.

The thing to consider is how capable a bank is of dealing with the aftermath and issues.

I have not had first hand experience however the general view is that they have managed well so far.

If I had an account with them I would not switch (as long as any fees etc. were refunded of course).

I would make sure that I had another form of payment just in case (e.g. a credit card, or an account elsewhere with a few hundred pound in it).

GustyGardenGalaxy

Gentoo365 wrote: »

As above. The issue at RBS is not something that is specific to them.

The thing to consider is how capable a bank is of dealing with the aftermath and issues.

I have not had first hand experience however the general view is that they have managed well so far.

But from the various things that I've read, it shouldn't have happened in the first place and is a direct result of outsourcing their core systems IT support. I think that this is the crux of the matter.

I would make sure that I had another form of payment just in case (e.g. a credit card, or an account elsewhere with a few hundred pound in it).

It's okay, I have a wife (who uses another bank) who i could use in cases of dire emergency. Thankfully.

agrinnall

GustyGardenGalaxy wrote: »

But from the various things that I've read, it shouldn't have happened in the first place and is a direct result of outsourcing their core systems IT support. I think that this is the crux of the matter.

I don't think anyone who isn't closely involved can say this categorically, although it is my opinion that making highly experienced staff redundant and transferring their jobs to India may well have been a contributory factor (I was one of those experienced staff but left of my own accord before the crash).

The question you need to ask is which (if any) banks have not done the same, or are not planning to do so - although this may make them think again I suppose.

GustyGardenGalaxy

agrinnall wrote: »

I don't think anyone who isn't closely involved can say this categorically, although it is my opinion that making highly experienced staff redundant and transferring their jobs to India may well have been a contributory factor (I was one of those experienced staff but left of my own accord before the crash).

The question you need to ask is which (if any) banks have not done the same, or are not planning to do so - although this may make them think again I suppose.

That's a very good point - I wonder which banks have NOT gone down the 'core computer outsourcing' route for maintenance, etc?

pmduk

I suspect all UK banks have a hotch-potch of IT systems held together by chewing gum. Most UK organisations (including banks) see IT as a backroom function that can be used as an easy target for budget cuts. I suspect this is why outsourcing is so often used.

GustyGardenGalaxy

I'm sure you're right. MAYBE this fiasco will open their eyes.

anselld

Personally, I would not bank with any organisation run by proxy civil-servants on a cost-cutting mission. That rules out most of the big banks, leaving Santander (no thanks!), Barclays and HSBC/FD. FD seems the obvious choice.