Is First Direct Oversold?

System

Enterprise_1701C wrote: »

I like First Direct. Their call centre is UK based so never any problem there. My OH banks with someone else and cannot set up a payment ahead of time, I can and have several payments set up to go out at varying times (one offs).

I know this is how it should happen, but I had someone clone my card a few years back. They were on it in a flash, called me immediately something looked remiss, and immediately refunded the payments I said were not mine. The only problem was that my card was obviously blocked, but the new one arrived very quickly too.

I'm struggling to see how any of that would be unique to FD.

It's in their interests to pick up fraud as they are the ones who pick up the bill anyway.

They also have the advantage that they can blame sister brand HSBC for any poor in-branch service and having a slightly more affluent customer base means you don't deal with the great unwashed problems.

Yes, they were very polite on the phone but their digital stuff is fairly rudimentary.

JuicyJesus

Heng_Leng wrote: »

I'm struggling to see how any of that would be unique to FD.

It's not. The following, off the top of my head, all have UK call centres: RBS, NatWest, Nationwide, the Co-operative Bank, Halifax, TSB, Metro Bank. HSBC uses them preferentially, Barclays has some. No idea about Lloyds or Santander, but they may well do. Of those, multiple are open 24 hours a day 7 days a week so no advantage to FD either.

First Direct's amazing friendly UK-based call centre doesn't really help you either if they're outright rude to you (as they have been to me) or if they focus on offering platitudes and nice words over actually fixing issues you have (as they did to me to the point I had to bluntly tell them "please stop saying you're sorry for the problem you caused and actually do something to try to fix it") or if you wind up on hold for an hour (as has happened to me). A lot of their teams, like the accounts opening team, are also not actually open 24/7 anyway, and they just tell you to call back in the morning (as has happened to me).

Future-dated payments are available with practically all banks I've ever been with and I don't know who that person's partner banks with but I'm interested to find out. Meanwhile, First Direct's Internet banking is (and I'm repeating here) exactly the same functionality-wise as it was in 2009 at least.

Every bank will try and call you if they see a suspicious transaction; try searching FOS complaints about Lloyds or whoever declining cards for suspected fraud if you don't believe me!

It's all just very silly to be honest, the things people seem to praise First Direct up and down for are all things that are now common if not actually the standard in British banking. But they keep getting amazing service reviews just through lots of people being with them for many years and getting equivalent service to other banks but apparently thinking it's the best thing since sliced Christ.

Jlawson118

Whilst I do think their approach to phone calls is great, I do think they're a bank that's falling behind with the times quite a lot.

There's banks out there such as Lloyd's or Santander, as well as many others, that are now offering good interest rates on Current Accounts, or cash back for general spending. Now First Direct have always been 'Black & White' banking, in both colour scheme and simplicity.

First Direct often claim they "Do things differently" and by that, they mean they have no branches, it's all telephone and online. But that isn't really doing things 'differently' anymore. Most banks are closing their branches to save money and get with the times a little more, and mainly want customers to use their telephone and online banking facilities. Most salaries are paid in by BACS, and most bills are paid in by Direct Debits which are easier to manage online. The only downside to this is the older generation who aren't clued up with technology.

So now that rival banks use these facilities, the only thing that makes First Direct stand out is the ability to speak to a real person without having to go through a robot and press this number and that number. I do think their service is great and is the reason I still bank with them, as well as their savings do tend to have decent interest rates compared to other savings accounts. But if you're not bothered about good customer service, there are much better offers out there! But all in all, no you're not really missing out on anything in particular.

I spoke to First Direct's mortgage advisors a few weeks ago, and the lady asked me why I make transfers to 'Club Lloyds', so I explained I earn 1.5% interest on there and have my Direct Debits leaving there. So in practice, I earn interest on my general spending. Even she said it's a good idea. But saying that, somebody I spoke to a mortgage broker last week, who told me two years ago he was asked to help out in First Direct's mortgage department, and they were still using the same software they were using on launch in 1989!

eskbanker

Jlawson118 wrote: »

somebody I spoke to a mortgage broker last week, who told me two years ago he was asked to help out in First Direct's mortgage department, and they were still using the same software they were using on launch in 1989!

I'm sure there's plenty of software in regular use throughout the major players that's way older than 1989, so wouldn't necessarily see this as a negative - ask Paul Pester how he feels about the merits of using tried, tested, proven and reliable software versus newly-written code!

Having said that, there's obviously a difference between stable but ancient back-office systems and having more contemporary ones for customer-facing websites, apps, etc, provided of course that sufficiently capable middleware is available....

ColdIron

Jlawson118 wrote: »

their savings do tend to have decent interest rates compared to other savings accounts.

I'd agree that the regular Saver is excellent but their other accounts are typically dire. A casual check reveals:

• Bonus Savings Account - 0.60% / 0.10%
• Cash ISA - 0.85%
• Fixed Rate - 0.50%
• Savings Account - 0.15%

Jlawson118

ColdIron wrote: »

I'd agree that the regular Saver is excellent but their other accounts are typically dire. A casual check reveals:

• Bonus Savings Account - 0.60% / 0.10%
• Cash ISA - 0.85%
• Fixed Rate - 0.50%
• Savings Account - 0.15%

They're not great compared to the new trend of Current Accounts offering interest, although it's only recently I've started jumping on that bandwagon with Club Lloyds.

Although when comparing Easy Savings Accounts (Not Current) I've often found First Direct's to be quite decent. Lloyd's Bank and Halifax are 0.2%, I trialled NatWest earlier on in the year where their typical 'Easy Saver' offers 0.1%! And I've just checked Barclays at 0.25%, 0.3% over £50,000. So compared to those, I've always favoured First Direct. I can't believe that two years ago I was getting 1.3% on my Cash ISA with First Direct :eek:

But the interest rates are definitely better on Current Accounts now, though like I said earlier, I've never really gotten onto those over the last few years as most always require certain deposit amounts, such as Lloyds is £3 per month unless you pay in £1500, Santander's 123 account requiring £500 and a £5 monthly fee regardless, not huge amounts I know, but they never really interested me as 18 months ago for example, I was out of work. Though I've been in my current employment for over a year now and I've weighed things up and they definitely are worth more than what savings accounts offer, even at First Direct's rates

zagubov

I know their mortgage products and current accounts are great. Hadn't heard they had any reputation for savings accounts.

Archie_Duke

For me First Direct is 5*. I have several accounts with other banks and really don't think they compare for online experience at all. Santander is a dog's dinner of a site that hurts my eyes! where first direct is clear and uncomplicated. TSB uses a kids nursery, blocky layout that wastes loads of screen space. Nationwide and Halifax use similar. First direct phone service has always been good and I've hardly ever suffered any kind of wait. I usually use the geographic number.

BoGoF

Online services for First Direct and HSBC are both rubbish IMHO. You can't pay credit card bill by debit card is one example and thr actual account opening/ online registration is the worst I have had.

If you are someone that needs to phone their bank regularly then I suppose that is a selliing point. However the only time I can recall having to phone my bank was when I was forced to call First Direct as part of the registration process. I have several current accounts and glad I didn't switch my main account to FD.

EarthBoy

BoGoF wrote: »

Online services for First Direct and HSBC are both rubbish IMHO. You can't pay credit card bill by debit card is one example ..

Yes you can. I pay three different credit cards by direct debit from my First Direct account, -including FD's own credit card.