Bank with 7 Day Processing and Mobile App

jimjames

I've been with Cahoot as my main account since the first opened in around 2000, been very happy with them but it now seems the account is being left to wither.

No mobile option, payment processing is not 7 days and delayed processing for faster payments, 4pm cutoff is particularly frustrating. Main plus points are easy login and no frustrating payment limits.

I've got other current accounts for the interest (TSB) and insurance (Nationwide) but don't want to use them as it will go over the balance for interest payments so looking for another account.



So my key requirements are:

• 7 day processing - make/receive payments on Sunday and have them credited then.
• Faster payments immediately processed
• Good mobile app
• Easy login to website without card reader
• No arbitrary payment restrictions to established payees
• Reasonable in credit interest

Can anyone recommend any accounts that might be suitable? Santander 123 seems a possibility but do they have the same problems as Cahoot as they are the same banking group?

nidO

Other than the in-credit interest, Natwest/RBS current accounts tick those boxes.

colsten

I have accounts with all the major players so feel qualified to respond from a position of practical experience. Although I am not the best person to ask about mobile banking apps as I do literally all my banking online on a PC.

With the exception of the card reader-thingy and in-credit interest, literally all main current account providers meet your criteria. ALL of them will let you log in without a card reader, though some will require a gadget to set up a new payee or modify an existing one, and sometimes when you make a payment online. I don't actually find this a problem as most of the gadgets are interchangeable, and I don't need to set up new payees very frequently, so I only need a single gagdet that will work for most of them.

Nationwide, YB/CB, M&S and Barclays require the use of some gadget at some stage. HSBC and FD can have physical or virtual gadgets but the only interest you get there is in their regular savers (and it is good at 6% AER). I don't care much for the HSBC online banking and have never used their mobile app.

I am a sucker for the 123 as I love their DD cashback and - as I always have more than £3K in the account - the interest they pay. The 123 and Cahoot systems are totally separate and different. 123 is also useful if you holiday a lot in Spain (and its islands) as there are no charges on using the debit card at Santander ATMs.


But I could also live with TSB, Lloyds, BOS and Halifax if I had to, and Tesco isn't too bad either. I haven't tried the Tesco mobile app but one particular feature I like with them is that all your payees are available to all your current and savings accounts, for Faster Payments and for SOs. So out of these, I would probably opt for Tesco.

Only ones I don't care for are Natwest and RBS, and any of the more exotic ones like N&P, as they don't have offer anything that I find of any value to me, but apart from the in-credit interest, they would probably also tick your list. Provided you have access to their online banking already, Natwest and RBS are also excellent if you need a quick [STRIKE]kebab [/STRIKE]donor account for the account switching malarky - but I digress, this wasn't on your requirements list.

If you have the time and inclination, try them all! And keep an eye on those "challenger banks" we have been promised will appear soon. Virgin Money is long overdue a proper current account, so you never know, they might leapfrog the rest (or pigs might fly). Worth keeping a watch on these.

Oh, I forgot Metrobank. I have an account with them but it was painful to open as I live 2+ hours from their nearest Branch and you must open their account in Branch. I'd put them below Natwest and RBS in my ranking.

jimjames

Thanks for the tip on Tesco, that looks a viable option to investigate.

I also like the look of Santander but their interest bands put me off as I'm unlikely to have £3000 in there and often under £1000 which pays nothing. Thanks for the info about different systems, that's also useful to know.

Ideally I'd like to be able to use TSB or Nationwide but I've got those maxed for interest and the benefits.

Herbalus

Halifax might deserve more prominence. Access to the mobile app is through 3 digits of you password so quite straighforward (same as Lloyds and TSB), FP systems are all up to date (as they are with most high street banks), and you the £5/month for staying in credit plus 2 DDs is more attractive than an interest rate if you're not going to keep a large balance in there.

Edit: just a thought - you could always open further accounts with Nationwide or TSB if you don't have the maximum allowed.

jimjames

Herbalus wrote: »

Halifax might deserve more prominence. Access to the mobile app is through 3 digits of you password so quite straighforward (same as Lloyds and TSB), FP systems are all up to date (as they are with most high street banks), and you the £5/month for staying in credit plus 2 DDs is more attractive than an interest rate if you're not going to keep a large balance in there.

Edit: just a thought - you could always open further accounts with Nationwide or TSB if you don't have the maximum allowed.

Thanks for that, I do have a Halifax account and get the £5 but using it to store money in when I get the £5 already seems a little non-MSE.

I have the maximum TSB accounts already unfortunately but that might be an option to use as I do like their mobile app. Having said that, I do find the Clydesdale mobile app to be the best of the ones I've tried as you access with a single passcode and it clearly shows balances and payments.

Archi_Bald

jimjames wrote: »

Thanks for that, I do have a Halifax account and get the £5 but using it to store money in when I get the £5 already seems a little non-MSE.

I have the maximum TSB accounts already unfortunately but that might be an option to use as I do like their mobile app. Having said that, I do find the Clydesdale mobile app to be the best of the ones I've tried as you access with a single passcode and it clearly shows balances and payments.

If the app is anything like their online banking, it won't show transactions made at weekends until the next business day. You can still make faster payments though.

colsten

jimjames wrote: »

Having said that, I do find the Clydesdale mobile app to be the best of the ones I've tried as you access with a single passcode and it clearly shows balances and payments.

Clydesdale needs a code generator gadget to make larger transactions
http://www.cbonline.co.uk/personal/ways-of-banking/internet-banking/security-token-benefits

System

The code generator is only for the full website not Android app AFAIK.

The app is simple but effective for day to day today use.
I really only use the website for future dated payments.

colsten wrote: »

Clydesdale needs a code generator gadget to make larger transactions
http://www.cbonline.co.uk/personal/ways-of-banking/internet-banking/security-token-benefits

colsten

It's like with all the mobile apps - certain transactions cannot be done on the app. Such as setting up a new payee, which needs to be done online and needs the security key if you have one. You must have one if you want to make certain transactions - see the link I posted earlier for details.

Bottom line if CB/YB is your day-to-day bank account, you really need the security token.

System

I'm not disputing what you're saying - just that it's not required for many functions including login and would seem to fit with what the OP is seeking.

colsten wrote: »

It's like with all the mobile apps - certain transactions cannot be done on the app. Such as setting up a new payee, which needs to be done online and needs the security key if you have one. You must have one if you want to make certain transactions - see the link I posted earlier for details.

Bottom line if CB/YB is your day-to-day bank account, you really need the security token.