Which bank would you recommend? 14 February 2020 at 2:20PM in Budgeting & Bank Accounts 23 replies 1.1K views

magritte

Barclays ticks all your boxes for me, apart from "value for packaged accounts" and "savings rates".

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. 

digalumps

For me, most banks (give or take) are the same - one might have slightly better app, one might show transactions better, one might require SMS to log in and another a card reader etc etc.

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.

Tallaght

I have used Natwest for over 33 years and never had a problem.

dunstonh

I have banked with Lloyds for over 30 years.   Never had a problem with them.   I have had a couple of fraudulent transactions appear on my statement and they refunded the next day.  I suspect my history with them helped.    Whilst loyalty doesn't get you the best deals, it does help when it comes to when a bank needs to make a judgement call.   30 years of perfect running of accounts buys you credibility.

Lloyds did dip when they merged with TSB and decided that it would lower standards to TSB values rather than maintain Lloyds higher standards.   However, most of the banks have been heading in a race to the bottom. So, that is not unexpected.  

jonnygee2

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

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. 

digalumps

I agree with you totally and indeed I also have a monzo account

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

jonnygee2

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

What credentials? I don't think you can reset anything over the phone?

digalumps

yes of course you can - you can call and say you forgot your internet banking username, your password - your secure key password -anything

Lloyds for example allow you to reset them.usng your debit card - for fd you.must call them.

colsten

digalumps said:

yes of course you can - you can call and say you forgot your internet banking username, your password - your secure key password -anything 

Sure you can call them but they won't just give you replacements over the phone.

jonnygee2

yes of course you can - you can call and say you forgot your internet banking username, your password - your secure key password -anything

Monzo doesn't have usernames, passwords, or secure key passwords.