Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
Quick links
Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support
Replies
This is why my main current account is and has been with Barclays for about 10 years - but I also have the Nationwide FlexPlus for the insurance package and the for convenience when travelling abroad (no fee currency purchases and withdrawals). No other current accounts, this is the perfect combo for me.
Savings rates at Barclays are terrible, but they are still a decent option for children accounts.
So my only criterion for choose a bank is security, and for me First Direct is therefore the only bank I would choose in that they:
1. have voice ID which is of high quality
2. require a keypad thingy (or the equivalent on your phone) to log in.This keypad is not generic but is tied to your account and cannot be used on another account.
3. they only allow one instance of the app.
4. they require a unique userid to log in which is known only to you (unlike eg Barclays which allow you to log in using you account no and sort code if you 'forget' your userid).
5. if you 'forget' your banking credentials they cannot be reset using eg your debit card (yes Lloyds I am looking at you) but only by calling them and passing voiceID
First Direct also provide non-contactless debit and credit cards on request which is a bonus.
1. have voice ID which is of high quality
2. require a keypad thingy (or the equivalent on your phone) to log in.This keypad is not generic but is tied to your account and cannot be used on another account.
3. they only allow one instance of the app.
4. they require a unique userid to log in which is known only to you (unlike eg Barclays which allow you to log in using you account no and sort code if you 'forget' your userid).
5. if you 'forget' your banking credentials they cannot be reset using eg your debit card (yes Lloyds I am looking at you) but only by calling them and passing voiceID
I am also a stickler for security but I take a different approach. I prefer apps like Starling and Monzo which require access to your email to login and a PIN code to make transactions.
So long as your email is secure, your phone is secure, and your PIN unique to that account and non-guessable, this security is watertight. It's also much easier and quicker than all this card reader stuff.
the only problem I have is that in theory anyway someone could ring up impersonating you and ask to reset your credentials as they do not ask any particularly secret information to verify you when you call
in comparison First Direct run you through their voice id so that it is all but impossible to to pretend to be someone else
What credentials? I don't think you can reset anything over the phone?
Lloyds for example allow you to reset them.usng your debit card - for fd you.must call them.
Monzo doesn't have usernames, passwords, or secure key passwords.