Bank vs. Building Society

Lee_Howden

alanq wrote: »

What explanation does your wife offer?

To be honest I never asked her, but then it is probably based on some logic that dates back to 80s and 90s when our parents used to say the same thing. Certainly in our house the working capital and 'Bills money' were in a Bank and a little savings was in the Halifax, a then Building Society.

Gers

Archi_Bald wrote: »

I thought this is quite normal for ISAs? It certainly is the same at Santander.

I've not had any experience with ISAs in building societies before so maybe that's why I'm surprised. Perhaps I'm too used to bank transfers... modern life!

Thanks anyway, I appreciate the response.

polymaff

Lee_Howden wrote: »

I'm considering moving my current Bank Account from HSBC to Nationwide as the deal with the Flex Account might just suit my needs. However, my wife has objected and said that it's not a good idea due to Nationwide being a Building Society.

I don't think that there are significant differences, but if you intend to go to Nationwide, be aware that their internet system is, IMHO, just about the worst. Specifically, it crashes to the extent that you are forcibly logged out without obvious cause. Nationwide know about this and, amusingly, their staff all have their own "black magic" tips as to how to minimise the crashes.

It is no substitute for a competently implemented web-site, though.

BTW, to guess at the question you put, I expect that your wife's reasoning dates from the days when Banks paid low rates to savers whilst Building Societies didn't offer banking, but did offer good savings rates. But that was then, now is now.

ManAtHome

polymaff wrote: »

but if you intend to go to Nationwide, be aware that their internet system is, IMHO, just about the worst.

Not my experience - have been using Nationwide online banking for years without problems (mostly via Firefox), and their android app is one of the better banking ones.

Didn't think there was much to choose between HSBC and NW until HSBC insisted on the Securekey to even look at your balances - NW allows you to log in with a couple of items of security data, and even lets you pay registered accounts (you need the 'calculator' to add new payees).

polymaff

ManAtHome wrote: »

Not my experience - have been using Nationwide online banking for years without problems (mostly via Firefox), and their android app is one of the better banking ones.

Didn't think there was much to choose between HSBC and NW until HSBC insisted on the Securekey to even look at your balances - NW allows you to log in with a couple of items of security data, and even lets you pay registered accounts (you need the 'calculator' to add new payees).

Do you have a slow line/PC/method of working? Technically, the problem is that you can't pre-empt NW pages where data entry is required. Get used to this and it works 100%. Forget it and, having entered the relevant data on a page still loading up some trivia, and then clicking Go/Enter/Proceed or whatever takes you onto the next page and it crashes. And you tend to forget the need to idle when you're in a hurry - which is just the worst time to get that "we're having difficulties ... " error page which only appears to be able to take you right back to the login page.

BTW NW Login takes two spaced clicks, whilst NW show you a series of adverts - eventually your ID number - Enter - then select which card you are going to use - then several (6?) keypresses on the security device - enter an eight-digit code on the site - then Enter - to see your balances. That's barely better than HSBC - although HSBC login involves battling with extra incomptence in web-site design whereby the input focus keeps darting away from the window where you type in your ID - even though the cursor is still blinking within the ID entry window. And when the focus is away, characters typed are irrevocably lost - really pathetic design.

They need to get Santander's designers on the job. There you can type ahead ALL the security data at the pace you choose and it is buffered then used as appropriate to the two login pages. LBG aren't too bad - although some of the hints that come up are risible (Try one bit of the Make Payment dialogue and the hint is that you've selected the wrong format for file download) but IMHO NW wins the wooden spoon.

Plus that 2.5% at NW is a poor rate

libra10

Lee_Howden wrote: »

To be honest I never asked her, but then it is probably based on some logic that dates back to 80s and 90s when our parents used to say the same thing. Certainly in our house the working capital and 'Bills money' were in a Bank and a little savings was in the Halifax, a then Building Society.

Lee_Howden

When the Halifax was a building society it was financially secure. It was when they converted to become a bank that massive problems arose, and they collapsed!

I don't think that there are significant differences, but if you intend to go to Nationwide, be aware that their internet system is, IMHO, just about the worst. Specifically, it crashes to the extent that you are forcibly logged out without obvious cause. Nationwide know about this and, amusingly, their staff all have their own "black magic" tips as to how to minimise the crashes.

polymaff

Totally disagree - Have been a member of Nationwide for years, and am yet to experience the site crashing.

Must be your computer

polymaff

libra10 wrote: »

polymaff

Totally disagree - Have been a member of Nationwide for years, and am yet to experience the site crashing.

Must be your computer

Well, I'd have to accept that - except I've seen it happen on other machines - and the killer evidence is that - as I mentioned - the staff at NW know all about it. One of the bits of "black magic" - and, of course, there's nothing like faulty software for generating the "well this is what I find makes it work" mumbo-jumbo is "Never work in whole pounds". That's a very popular one!

I have to take my hat off to Santander on web-site design. Not only have they avoided the weaknesses of their competitors' sites (see my preceding post) but when I reported a technical issue with the log-out page, I got a prompt, informed response and the site was fixed within days. Well, almost fixed! They introduced a new, metrics fault, but that's a trivial issue in comparison.

libra10

I've definitely never heard of Nationwide's online banking system crashing so much, and never experienced myself.

I also use Halifax and Nat West banking, and consider Nationwide to be at least as good, if not better, than either of these. Have never used Santander, therefore unable to say.

Have you ever used Nationwide's app? It seems to work very well.

MrSilk

I've been using NW online banking since 2008, and not once has it ever crashed on me!

ManAtHome

polymaff wrote: »

Do you have a slow line/PC/method of working?

Sounds like my line must be faster than my typing... (most of the time I log in using memorable data so no need for cards/devices, but the PIN is drop-down boxes).

It is a few characters less to get into Santander as I only have ID and PIN for that one, but OH has ID, Password, and PIN for Santander, so I'm guessing people not migrated from other accounts (in my case A&L) could have more typing than my NW login.

[edit] just remembered - my 'grrrr moment' with Santander is when I've typed the one-time code when setting up a new payee, the focus isn't on the input box.