I'm thinking about opening a second bank account. Which bank has the best reputation?

Kayters

Hi guys,

I'm finishing university and I just started to working in an advertising agency (London). I've a bank account with Barclays right now, but I want to open another one to put the savings (or if I find a better day-to-day account than Barclays, I can just do the other way around).

Which bank should I choose? I was thinking about HSBC or Lloyds. Are they good choices?

Thank you!

Superscrooge

If you are just opening the account for savings, why not go for one paying the most interest?

My experience from operating numerous online accounts is that they all have their peculiarities but there isn't much to choose between them.

Tesco at 3% isn't the highest interest rate. But it's the most hassle-free as no direct debits or monthly payment required

grumbler

Define 'reputation'.
Is Barclays not reputable enough for your savings?

It's really worth having a spare current account with some money, but for savings wise people prefer a higher interest rate rather than some vague 'reputation'.

• Best Bank Accounts
• Top Savings Accounts
• Regular Savings

jonesMUFCforever

OP have you considered that any bank might think you are not reputable enough to accept you as a customer? LOL

PeacefulWaters

Reputation?

Halifax and BoS - lost a fortune lending to property speculators.
Lloyds and TSB - ripped off millions with dodgy PPI
RBS / Nat West / Ulster - still taxpayer owned after bailout
Barclays - dodgy currency dealings
HSBC (who own First Direct) - lost more in write offs related to credit crunch / USA housing than anybody else
Santander - closed more branches than anyone else in recent years
Tesco - probably the biggest security breach impacting customers in uk banking ever

Enjoy!

JuicyJesus

PeacefulWaters wrote: »

Reputation?

Halifax and BoS - lost a fortune lending to property speculators.
Lloyds and TSB - ripped off millions with dodgy PPI
RBS / Nat West / Ulster - still taxpayer owned after bailout
Barclays - dodgy currency dealings
HSBC (who own First Direct) - lost more in write offs related to credit crunch / USA housing than anybody else
Santander - closed more branches than anyone else in recent years
Tesco - probably the biggest security breach impacting customers in uk banking ever

Enjoy!

You forgot the Co-op and the crackhead Methodist minister that used to run it (straight into the ground to the point it had to effectively demutualise).

mt99

Nationwide ! Good interest rate and not on the above list

PeacefulWaters

mt99 wrote: »

Nationwide ! Good interest rate and not on the above list

Always worth looking at excessive executive pay in the mutual sector.

JuicyJesus

PeacefulWaters wrote: »

Always worth looking at excessive executive pay in the mutual sector.

Also their customer service and complaint handling, which is variable at best and led to probably the worst example of complaint handling I've seen: http://ombudsman-decisions.org/viewPDF.aspx?FileID=132046


Come for Nationwide saying that service issues don't matter, stay for one of the ombudsmen ripping them apart.

Anthorn

Kayters wrote: »

Hi guys,

I'm finishing university and I just started to working in an advertising agency (London). I've a bank account with Barclays right now, but I want to open another one to put the savings (or if I find a better day-to-day account than Barclays, I can just do the other way around).

Which bank should I choose? I was thinking about HSBC or Lloyds. Are they good choices?

Thank you!

HSBC: No because they are dumping Britain and moving their lucrative investments arm to Paris. Lloyds: Reasonable choice. I liked Lloyds but if you can get an overdraft facility out of them you're a better man than I am Gunga Din. Some people rave on and on about First Direct but I think they are not all THAT!

Any other bank is unlikely to be any different so stick with Barclays and open a savings account or a second current account if they allow it. Better the devil you know!

mt99

From an interest point of view, there are better places to put your money that a Barclays savings account. For example Tesco c/a (3% on £3k), TSB c/a (3% on £1.5k) or Santander (1.5% on £20k). The last 2 required £500/month funding I think (but it can be sent straight out again).