Switch to FD. Easy for transactions?

Spanishsunawaits

I posted earlier about switching bank accounts. I am with Co-operative Bank and have been very happy with the service and the online banking. I am thinking of switching to FD to get the fee.

However, I have several accounts, TSB, Lloyds, Tesco etc., and I move money around every month when I get paid to qualify for interest by meeting the DD and minimum payment requirements.

I have seen positive and negative comments about FD and am just a little concerned that my monthly money movements may not be as smooth and easy as they are currently with Co-op. I understand the website is a bit dated.

I don't have a donor account but wonder if I should open a FD account using a donor account for switching, keep my Co-op account where I have my DD's and £4 monthly fee, but If I open a donor account, which one? And once used for switching, I assume I can't use that one again?

YorkshireBoy

Spanishsunawaits wrote: »

...but If I open a donor account, which one?

In a word, any (providing they're members of the CASS)!

And once used for switching, I assume I can't use that one again?

The same one, or another from the particular bank supplying the donor account? The one you switch will be closed, but there's nothing stopping you from going back to them in the future.

amanita

Spanishsunawaits wrote: »

I posted earlier about switching bank accounts. I am with Co-operative Bank and have been very happy with the service and the online banking. I am thinking of switching to FD to get the fee.

However, I have several accounts, TSB, Lloyds, Tesco etc., and I move money around every month when I get paid to qualify for interest by meeting the DD and minimum payment requirements.

I have seen positive and negative comments about FD and am just a little concerned that my monthly money movements may not be as smooth and easy as they are currently with Co-op. I understand the website is a bit dated.

(...)

Haha, you're coming from the Co-op, it's definitely an improvement (I have both).

I think First Direct consider themselves a telephone bank that happens to have Internet banking, but it works just fine. The only thing they lack is the PDF statements that look like real ones, so I just get the paper ones. Only Nationwide and Co-op (+Smile) to my knowledge give 'proper' PDF statements.

Instead of a card reader you get either a little secure key or you can use your Android or iPhone app instead, works pretty much exactly the same. If it's hard or annoying, call them and you'll be sorted in about the same time.

In summary, definitely a good move.

Jlawson118

I love First Direct, their customer service is great, I've never found a bank like them.

I was querying about Yorkshire Bank a few months ago and most people said their internet banking was outdated, and most people do say FD have outdated internet banking so I thought I'd like it, but I have to say it was horrible, forced me to close the account down about a month after opening it because once I got my money in, I couldn't get it back out..

First Direct's Internet Banking service is a god send compared to that..�� Though personally my favourite internet banking is Lloyd's Bank's/Halifax's

YorkshireBoy

Jlawson118 wrote: »

I was querying about Yorkshire Bank a few months ago and most people said their internet banking was outdated, and most people do say FD have outdated internet banking so I thought I'd like it, but I have to say it was horrible, forced me to close the account down about a month after opening it because once I got my money in, I couldn't get it back out..

Like FD, you need a secure key. Like FD, you need to order this before you can withdraw (large amounts).

So why was it you "couldn't get it back out"?

MDMD

cmjrees wrote: »

Only Nationwide and Co-op (+Smile) to my knowledge give 'proper' PDF statements.

Santander do, and (somewhat bizarrely) HSBC do as well. Not quite sure why FD still use an online service from 2008.

Jlawson118

YorkshireBoy wrote: »

Like FD, you need a secure key. Like FD, you need to order this before you can withdraw (large amounts).

So why was it you "couldn't get it back out"?

You initially cannot transfer funds from the FD account if you haven't set it up with a secure key, but once you've done that once, you can transfer whenever you like without it. I will admit that this could be a problem if you need to transfer straight away, but once you do have the key then it isn't a huge deal is it?

With Yorkshire Bank, it was asking me security questions and with one tiny error it just wouldn't let me log in. At least with FD I can have a username of my own choice rather than being given a random number from YB that I cannot remember. Then a password I can create and one memorable answer. With YB it was asking me security questions and I put one character wrong and they locked my account. I had to call customer services to unlock the account and then I got locked out again. Just because I couldn't 100% remember my customer number and/or security questions.
Their app also isn't optimised for the modern day iPhone either, it's clunky and really old.

I wasn't keen on Nationwide previously for their security key and the use of a 'customer number' same goes for Barclays. It's personal preference I know but First Direct's online banking is much preferred compared to any of these three banks.

I was a fan of Lloyd's Bank and Halifax's internet banking, that's just a login, password and another password. And just a phone call to confirm identity. To me it isn't as secure as using a secure key and I do also hate using them but at least it's easier.

All I was implying was that First Direct is a lot more modern and easier to access than some other online banking services

TartanSaver

I use the FD app for 2 factor authentication, instead of a secure key. If anything it's more secure than a key. Anyone trying to break into my account would need my phone, the app password, my FD account number, secret question answer AND online password. You can call them and set it up instantly. I changed phone and again it took a 5 minute call to set it up on my new handset. Should work on pretty much any android or iphone.

You certainly don't have to wait a month to get your own money!

katejo

TartanSaver wrote: »

I use the FD app for 2 factor authentication, instead of a secure key. If anything it's more secure than a key. Anyone trying to break into my account would need my phone, the app password, my FD account number, secret question answer AND online password. You can call them and set it up instantly. I changed phone and again it took a 5 minute call to set it up on my new handset. Should work on pretty much any android or iphone.

You certainly don't have to wait a month to get your own money!

95% of my FD transactions don't need the secure login. When they do, I use the smart phone app.

amanita

TartanSaver wrote: »

I use the FD app for 2 factor authentication, instead of a secure key. If anything it's more secure than a key. Anyone trying to break into my account would need my phone, the app password, my FD account number, secret question answer AND online password. You can call them and set it up instantly. I changed phone and again it took a 5 minute call to set it up on my new handset. Should work on pretty much any android or iphone.

You certainly don't have to wait a month to get your own money!

I'm sure you were politely lectured on this, but if you keep your old phone active you don't have to call to move the key over :beer:

Just for other readers, not 'I told you so'