Barclays or HSBC for current account?

dezza

Since RBS has elected to do like Lloyds in regards to overdraft charges (fee + interest), I've been looking to move my main account elsewhere.

If I use my overdraft, it's only for a few days a month and never in excess of £100, so the RBS new charging scheme is very expensive compared to the current one, which doesn't cost anything for less than £100 o/d.

After looking at a few high street banks, it seems only a couple still charge only interest - the ones with daily fees again for me would be impractical.

I've been looking at Barclays and HSBC accounts, and was wondering if either of these are any good? Obviously all banks have good and bad stories, but are either of these better/worse than other banks in general?

Thanks for any advice.

Gromitt

Have you looked at First Direct? £100 for switching plus an interest free £250 overdraft.

kloana

dezza wrote: »

I've been looking at Barclays and HSBC accounts, and was wondering if either of these are any good? Obviously all banks have good and bad stories, but are either of these better/worse than other banks in general?

I have both. HSBC as main, Barclays as virtually never used. I hate Barclays as a bank, but mostly through bitterness as an ex-employee. No reflection on the quality of their service. There's little/nothing to distinguish between the two current accounts, assuming we're referring to free accounts, and not the premium fluff.

Not sure how their o/d structure compares, as I don't have one with Barclays. I use my HSBC o/d in much the same manner you use yours. Rarely used, but when I do, it's a small amount, and I'm charged a few pence for usage.

HSBC is better for keeping tabs on pending payments (in & out), as these transactions are visible the working day before, even during long bank holiday weekends, etc.

If you save, and you like to save with your main bank, Barclays accounts are better - half-decent ISA, online saver, and monthly saver, considering prevailing rates. HSBC very poor on most counts. Their monthly saver is a better rate, but it doesn't permit easy access withdrawals.

I prefer HSBC online banking over Barclays, but both require the usage of a security device (HSBC = SecureKey, Barclays = PINSentry) - losing your PINSentry is easier to cope with than losing your SecureKey, as PINSentry can be bypassed for basic access (or you can use someone else's device).

dezza

Thanks for the replies - I did look at First Direct however I ideally wanted a bank with local branches as I do pay in cheques every so often.

I used to be a Barclays employee too a few years ago! Service was ok (personally) back then but wasn't too sure how things have changed in eight years. As long as the service is alright then I'm happy with that - already keep my savings elsewhere and not particularly interested in the premium upgrades for current accounts. I take it online banking with both are generally fine?

kloana

dezza wrote: »

I take it online banking with both are generally fine?

Yep, no issues. Barclays nicer laid out (imo), HSBC more informative (the visibility of pending payments being a big thing for me).

pmduk

dezza wrote: »

Thanks for the replies - I did look at First Direct however I ideally wanted a bank with local branches as I do pay in cheques every so often.

I';m not an FD customer but hopefully somebody will be along to confirm. I believe cheques can be credited to FD over the counter at HSBC branches and, from next month, at Post Office counters.

kloana

pmduk wrote: »

I';m not an FD customer but hopefully somebody will be along to confirm. I believe cheques can be credited to FD over the counter at HSBC branches and, from next month, at Post Office counters.

I think you've always been able to credit FD accounts via HSBC. Every time I've filled in a deposit slip over many years, you can tick to indicate whether it's HSBC or FD.

innovate

pmduk wrote: »

I';m not an FD customer but hopefully somebody will be along to confirm. I believe cheques can be credited to FD over the counter at HSBC branches and, from next month, at Post Office counters.

Yep, that's my understanding too. I have used HSBC myself for deposits of cheques into, as well as large cash withdrawals from, my FD current account.

http://www.moneysavingexpert.com/news/banking/2012/09/hsbc-and-first-direct-customers-to-get-post-office-banking

dezza

I might have to look into First Direct then if they offer that facility, the £250 interest free o/d would be very useful too. Is it true that their internet banking isn't great though?

marlewuk

barclays online is excellent imo, you have various ways to access incase you dont have pin sentry or user id. if you download app - it has pin sentry function on that too - superb if actual device is faulty/lost or out of battery.

dezza

Not a bad idea having the pinsentry available on the mobile app too, I can't see myself always taking the actual unit everywhere so that would be a bonus.