Top Bank Accounts Discussion Area

baud2death

There seem to be a lot of different accounts offering a lot of different things and wondered if there was anyone in the same "pigeon hole" as me that could recommend a decent account.

Currently with HSBC (if you are with them and can afford to do so - run!)

I would like a bank that fills the following criteria

I would want a UK Call Centre
I would want a decent online banking option similar to HSBC with instant access to statements (current and historical), setting up standing orders etc
I would like a welcome bonus but not essential
I would like to earn something for having money in credit each month but since it will be only a few £100 sitting in there at all times
I plan on paying in around £2500 a month from Salaries

All of the above taken into consideration, I want a bank that isn't going to completely screw me over at every step of the way.

Any recommendations are very welcome!

rb10

I personally find Halifax has a good current account.

* All call centres are in the UK (or you can phone your branch direct, they have 01/02 numbers on the web site for them all)
* I find the online banking clear and easy to use, all statements are on there, and you can do anything with standing orders/direct debits etc. They also let you go fully paper-free, which some other banks don't - by this I mean that I get letters etc (not just statements) over online banking and not by post.
* No welcome bonus, but to get one of those you're really limited to Abbey/A&L - I have no experience with them myself, but from reading these forums, you'll see that many people have had big problems.
* You will get £5 per month (after tax) for each month that you pay in £1000. So as you say you'll only keep a few £100, if, for example, you averaged £500, this would equate to 15% gross. The smaller your balance, the higher the effective rate.

The only thing is ... this works for me because I don't go overdrawn. If you do use an overdraft (you don't mention it one way or the other), bear in mind that the charges are £1 per day (but you still get the £5 credit each month).

http://www.halifax.co.uk/bankaccounts/reward-current-account.asp

Stanai

Whatever I do has to the best, I don't support Man united but they are the best and win all the time, so i'm always trying to get to the bottom of which companies and manufacturers are the best. After reading Bloombergs top ten banks 2008 report you can see who the most powerful and best banks to go with are. With the U.k in mind, we can't bank with commercial China bank in this country so heres the facts.
The most powerful bank to bank with in the United Kingdom, with the largest revenue is CITIBANK UK. You need a £20,000 annual income for any account including a basic one, they have one of the three canary wharf towers, it is called CITIGROUP. Citibank introduced internet banking to our country in the 1980's and in New York Citibank own the most tallest skyscraper out of all new yorks scrapers including the empire state building. The year before last citibank was the in position 1 of the top ten banks but has fallen to 7th place this year. Still the biggest bank in the U.k to go with though, with a revenue of about £250 billion a year.
The second most powerful bank to go with, and if you don't have £20,000 annual income is HSBC.
HSBC also has one of the three canary wharf towers in London. HSBC revenue is a measly £40 million a year compared to Citibank but HSBC are ranked 3rd in the top ten biggest banks. So there are the top two banks to bank with in the U.K.

Baldur

Citybank certainly seems to be one of the best at receiving US government bailouts:

http://news.bbc.co.uk/1/hi/business/7745168.stm

http://www.businessinsider.com/us-already-preparing-next-citigroup-bailout-2009-3

http://www.bloomberg.com/apps/news?pid=20601087&sid=as8R7HbWch.o

Stanai

I can't believe Citibank would need bailing out by the U.S Government after I read that source of money comes after their main investment from wealthy Saudi Arabians.

rb10

I don't see the point of that post in the slightest. It has a decidedly dodgy look about it.

Aside from the obvious issues with Citibank that Baldur pointed out, big does not mean good. So just because Citibank and HSBC are large does not make them 'the top two banks to bank with in the U.K.'.

Instead, you want to look at the products that the bank has to offer. I don't know anything about Citibank, but if you look at HSBC's current accounts, and compare them to other banks' accounts, you'll soon see that they aren't necessarily one of the top two banks.

Cloudane

Just to report that after... must be about a year now... no problems with A&L. Switching is not something I'd want to do very often due to all the Direct Debit fuss but otherwise been fine.

The thing of the internet banking being.... frankly a bit of a mess due to the 2 balances and the transaction list all being on separate schedules... is something you just get used to. I've learned to take the "available balance" and minus the "overdraft" to get my true balance, and ignore the one it shows, and then just wait a day to find out what the discrepancy between the two figures was (always been legit, like a card payment or DD).

Must admit, I've not had any need to contact customer services. This was apparently where things fall down a bit. Not had to dip into overdraft either, which tends to shock people in the way it works (especially if you go over it).

Major advantage is the tenner or so interest that appeared every month! Nice, especially compared to the 4 pence or so I was getting from HSBC! Getting 8.5% seems like daylight robbery on my part with the current financial climate, but of course they were sensible enough to limit it to 1 year. I see that percentage had "dropped somewhat" now:rotfl:

And of course, free usage of the nearby A&L cash machine that normally charges. It's saved my skin (and ££) a couple of times.

For a "low maintenance" customer who doesn't tend to need help from customer services, keeps an eye on things and is very careful about not going over any limits, and can take care of themselves, it's worthwhile. Only when they're offering cash incentives (which pushes them to the top of Martin's list) though.
People who 'sail close to the wind' in terms of their finances might find them a bit awkward - the combination of the slightly confusing banking system where things update on different schedules can easily make you think you have money that you don't. Combine this with high charges for going over the overdraft, and you can have some nasty surprises as people have complained bitterly about on here in the past!

Once you've done your year, it's then a question of whether to stick with them or go to First Direct or HSBC for their comparatively excellent online banking. I think they'll be keeping my business for now - like I say, no real problems, and it's such a pain in the neck to switch, IMO.

ladyfancy

iv just switched as im sick of paying 17.00 a month on my lloyds account and not using the added incentives so its wasted money really.
im hoping this is the right decision
jan

6889joannew

Hi guys im not sure if this is the right place for this to be asked but has anyone got any idea on buisness accounts im after getting one but i need advice on which is the best one to get etc.
Any help would be appreciated
Thanks
joanne

daermo

Good Morning,
Can anyone direct me to where I may be able to find information regarding Banks which did not get involved in the recent sub-prime debacle?
I intend to change banks as First Direct told me that they were unwilling to increase my overdraft as they felt that it was not "responsible banking" on my part and they then pointed out that they "now" operate such a policy. (If only First Direct/HSBC had operated in that way over the last few years!!)
I have been with them for over 25 years, never been in debt and was acting in reponse to letter from them offering me an increased facility with no set-up fee.
Any advice would be appreciated.
Many thanks,
David