Barclay's or Lloyd's - What would you choose ?

colsten

BankSaver wrote: »

I can see where he is coming from a bit with the 'Two Tier' thing.....

It is totally normal in a western society that you have different products with different characteristics at different prices, and people have choices on what they want to buy. And thank goodness for this as otherwise it would feel all a bit North Korean.

The only current account I pay for is a FlexPlus as that saves me money on insurance. The other 28 I have don't have any monthly charge.

MikeSmith61

But you are not buying it, its free, so therefore only available to richer people and not the ordinary man or woman in the street, so therefore the bank is favouring the richer over the poorer, as the poorer dont have a chance of getting this type of account.

colsten

MikeSmith61 wrote: »

But you are not buying it, its free, so therefore only available to richer people and not the ordinary man or woman in the street, so therefore the bank is favouring the richer over the poorer, as the poorer dont have a chance of getting this type of account.

You can be certain that no bank would offer those packaged accounts for free. If they offer it for no monthly charge, they will do so because they are satisfied that you will spend enough money with them to cover the ongoing costs at a profit. If the account is not offered to you, it is because the bank don't expect to make enough money from you to pay for the extra services. If you can offer the bank the same profitability prospect as other customers, you will be offered the same products.

Aside from that, I am greatful that we live in a country where different products are on offer, even if I can't afford some of them. It would be simply horrific if there was only one bank account, one car, one make of shoes, one make of sofa, one type of holiday etc etc etc. I think you call that Communism, and the vast majority of people don't want it.

Eco_Miser

colsten wrote: »

Aside from that, I am greatful that we live in a country where different products are on offer, even if I can't afford some of them. It would be simply horrific if there was only one bank account, one car, one make of shoes, one make of sofa, one type of holiday etc etc etc. I think you call that Communism, and the vast majority of people don't want it.

No, that's totalitarianism.

Admittedly, most so-called communist states fit that description (modern day China is still communist, but offers choice), but so do states at the other end of the political spectrum.