Top Bank Accounts Discussion Area

koru

pthompson wrote: »

Yes -- that's what attracted me to Coventry too. I was fed up juggling the balance of my Nationwide account all the time.

I didn't realise that they don't issue cheque books when I opened the account. I probably wouldn't have signed-up if I'd realised that.

However the biggest problem for me is that they are not a "clearing bank". This might only affect a few people, but as my employer is not UK-based, my salary transfers require an IBAN number of the destination account. Coventry can't provide that -- only the IBAN number of THEIR account with their clearing bank (HSBC).

Coventry's suggestion is that my employer pays the funds to Coventry's HSBC account and quotes my account # as the "reference" -- and they will find their way into my account at Coventry. That sounds like a lot of potential points of failure to me, but I was happy to try it. Unfortunately my (US) employer's systems don't accommodate reference numbers so it's a non-starter.

My employer is now having to pay for expensive SWIFT transfers of my salary and expenses -- which take much longer to arrive.

I'd be pleased to hear from anyone who's found a better solution to this problem. I'm considering changing banks yet again -- but will be sure to choose a clearing bank next time.

You are allowed to have more than one bank account. Why not just set up a second account with a clearing bank, into which your salary is paid, then set up a regular transfer to move this into Cov 1st? Better still, choose one that pays you a nice bribe for opening the account.

Gambit

I know that the MSE way it not to be loyal to a current account and to 'switch and ditch' whenever a new offer comes along but I think (as said by many people on this thread) that customer service should come into it somewhere. After all, our current accounts deal with our pay and bills and the last thing we want is for those things to be screwed up... as this in turn will affect our credit score. I've never risked letting a bank do the 'transfer service' for me as I'm always afraid they will mess it up but about a year ago I opened an Abbey account because of their great rate and let them use their transfer service on my pay. I work for a central London borough literally a stone's throw from the branch I signed up at but for some reason I eventually got a letter from a North London borough saying that they could not find my personnel record - of course they couldnt, I didnt work there!!! :mad: After that mess up I immediately close the account as by all accounts I'm glad I did as all I have heard about Abbey is people having problems.

I've been with Barclays with more years then I care to remember and, although it's not always been my 'main account', I've continuely used them and their customer service has been great!! But recently things have got much worse, so much so that I'm looking to move my main account and leave the Barclays one dormant. Thinking of trying Nationwide as I already have an account opened with them that I used while travelling. Anyone got anything good (or bad) to say about them and their customer service???

malarky

Gambit wrote: »

After all, our current accounts deal with our pay and bills and the last thing we want is for those things to be screwed up... as this in turn will affect our credit score. I've never risked letting a bank do the 'transfer service' for me as I'm always afraid they will mess it up

Yes this is my main worry. Im about to bite the bullet and leave Barclays to join the A&L Premier Direct Account after 10 years of being with Barclays. Has anyone used the switching service I am a bit nervous about using it.

What I cant understand is how it can take 4-6 weeks for them to do it but I have various standing orders and DD's set up on a monthly basis which surely means that there is a significant chance that they will miss one of these in their time frame for switching?

Has anyone used this service with A&L? How did it work for you? Anything to look out for with this account and its switching service? Any help appreciated:beer:

dorien

Has anyone had this problem with Abbey, my statements are produced on the 4th of the month, used to arrived within 4/6 days, last few months it has not arrived until 12/14 days later. Not a problem last few months but this month they have hit me with £112.34 of charges, there t&c state they have to give you 14 days notice of any charges being applied to your account. It's the 19th today and my charges are being taken on the 26th (7 days time).
I phoned customer services, they will not reverse charges as they did this in November, (for charges they made in error). When I pressed the 14 day thing, all he said was "I will send you a letter for you to complain to a higher level". No doubt the 40 day response will kick in, in which time I am £112 worse off.
Can they get away with this breach of T&C.?
Has any else been receiving there statements/letters late.

Gambit

malarky wrote: »

What I cant understand is how it can take 4-6 weeks for them to do it but I have various standing orders and DD's set up on a monthly basis which surely means that there is a significant chance that they will miss one of these in their time frame for switching?

Is there a reason for letting them do it? Do they offer you something more for using their switching service?

The way I do it is call the companies direct and change the direct debit with them. Once each company has taken a payment successfully I cancel the DD on the old account as that way there is no risk of 'missing' a payment due to the transfer service cancelling the payment one side but not setting it up the other. This could be a bit OTT but I prefer to be sure rather then risk affecting my credit report or having my phone, gas, electric...etc... cut off :P

Chaddres

Hello, I am looking for some words of experience if possible!
I've banked with HSBC since I was at uni and they were great... until this year. Last July I voluntarily reduced my graduate overdraft from £1,000 to £100. In August I went over my limit and for the first time they tried to charge me (£50). I asked them to waive it and they did, and I haven't gone over my limit since. Then last month they sent me a letter saying I was to be charged £25 for either my formal or informal overdraft facility. I couldn't make sense of the letter so emailed customer services - they said this is for my 12 month overdraft facility because an informal overdraft was requested by me in August. I went to the bank but the silly woman didn't understand so I came away frustrated. Does it mean I'm being charged £25 to have an overdraft til Feb 09 because I went over my limit last year? Would I get the facility free if I hadn't gone over my limit?
Anyway the advice I want is this - I just want a basic bank account with a small buffer overdraft in case I go over my limit, which I don't usually. I'm not bothered about interest and I'd like the internet banking facilities to be as good as HSBC's which I think are excellent. Can anyone recommend one? I have another account with Halifax and their charges are even worse so I don't want to use them, and my partner uses the very ruthless Lloyds TSB who I will avoid like the plague. Cheers

Gambit

Chaddres, in regards to good internet banking I would say Nationwide is pretty good and straight forward to use. And from what I've read on this site, it seems to be the best one around... Another account which might be worth considering is Smile. I've not used them myself but have read many good things about them although one apparent drawn back is their website.

Hope this helps or at least gives you a couple of banks to consider... good luck!

Fliken

Hi Folks,

To get the sign up bonuses like First Direct's £100 bonus when opening a new current account do you have to switch all direct debits from your old bank? Can't you just leave both accounts open, and leave all direct debits etc with the account you already have?

I guess my questions are:

1) Can you have several current accounts at the same time?
2) Would you get the £100 if you open the account but don't "switch" anything?
3) The other condition for the £100 is a monthly £1500 pay in. Can you pay in £1500 on the 1st day of the month, and then take it out again on the 2nd (leaving a zero balance in the First Direct account for the rest of that month)?

Thanks for your advice!

Gambit

Fliken wrote: »

1) Can you have several current accounts at the same time?
2) Would you get the £100 if you open the account but don't "switch" anything?
3) The other condition for the £100 is a monthly £1500 pay in. Can you pay in £1500 on the 1st day of the month, and then take it out again on the 2nd (leaving a zero balance in the First Direct account for the rest of that month)?

Hey Filken,

1) You can def have several accounts at the same time as I have a few current accounts with different banks too
2) Not sure about this I'm afraid, you'd better check the T&Cs
3) I dont think they can stop you doing this and many people will probably do this just to get the offer

Fliken

Thanks for your help Gambit.

I guess I'll go trawl through the small print!

It would be interesting to know if most of these new account sign up offers require all direct debits and standing orders to be "switched" though. Ideally I'd like to leave them with the account I have now, and only open the First Direct account for the free £200! (Sign up and leave before a year).

Thanks again!