New banks without phones: Atom and Fidor

Stuart_W

Futuristic wrote: »

What makes these "online" banks better than ordinary banks? (Apart from people with bad credit history)

Some of us have been here before, when Co-op Bank launched smile in 1999. At the time, it was excellent, fantastic rates (best or close to best) on current accounts and savings, along with excellent customer service by web secure message or phone. Ahead of its time but others swiftly caught up (and overtook). Until very recently, though, the original 1999 interface was what smile customers still got - and they were very slow developing an app.

There was also egg, cahoot and various other online offshoots, where exisiting accounts remain under new owners but the brands are not open to new business.

Unless these new players can offer headline grabbing rates or incentives, there is unlikely to be enough of a pull. Whether they can become being enough to be sustainable in their own right we will wait and see.

Futuristic

Stuart_W wrote: »

Some of us have been here before, when Co-op Bank launched smile in 1999. At the time, it was excellent, fantastic rates (best or close to best) on current accounts and savings, along with excellent customer service by web secure message or phone. Ahead of its time but others swiftly caught up (and overtook). Until very recently, though, the original 1999 interface was what smile customers still got - and they were very slow developing an app.

There was also egg, cahoot and various other online offshoots, where exisiting accounts remain under new owners but the brands are not open to new business.

Unless these new players can offer headline grabbing rates or incentives, there is unlikely to be enough of a pull. Whether they can become being enough to be sustainable in their own right we will wait and see.

I doubt these "start ups" will offer any good rates, I guess this is likely to attract teenagers however but thats small money.