Loyalty to banks

RG2015

I have just seen loyalty to banks mentioned in another thread. I am sure it has been mentioned many times but I was interested to see if anyone feels any loyalty towards their bank.

I have had a current account with NatWest for 50 years and this is still my primary current account. Some might suggest that this is evidence of loyalty, but I see no reason to change. I have even received a switching bonus for switching another account to my ancient NatWest account.

I have or have had current accounts with 13 major banks. Some have features that are better than NatWest but none come anywhere near NatWest when considering all of its attributes.

wiseonesomeofthetime

No loyalty to any bank whatsoever.

I'm damn sure they hold no loyalty towards me either.

(Apart from access to the "loyalty" savings accounts I hold, but doubt that's true loyalty anyway lol)

MrSilk

I don't think loyalty to banks is a thing - I bank with Nationwide and have done so since 2008 but I would love to move away from them and try a different bank. I have a Halifax account which I recently switched an old Santander account to, to receive the incentive and am seriously toying with the idea of switching my Nationwide to them. 

Nationwide offers me no real reason to stay with them other than the fact that I am used to their online banking system (although the card reader does annoy me most times) - I wouldn't call this being loyal to them, just convenience.

MEM62

As long as an account suits my needs and the bank provides a good service I'll keep it.  (I have had my NatWest account for over 30 years and a Halifax account for around 10.)  If you want to call that loyalty the so be it but I would have no hesitation in changing one or both of those accounts if I felt it would serve me better.  

AmityNeon

My loyalty is specific and proportional to the age of an account as opposed to any brand attachment, and there is no implication of exclusivity. The age of the accounts I've held long-term and would never close range from 6+ years to 30+ years; some have gone through various product shifts in their lifetime, but their numbers remain static for operational convenience.

We're fortunate that UK banking is relatively free, allowing us to benefit from the strengths of multiple offerings. No single institution possesses sufficient resources and capability to be the best in every category.

bgr62

I'm loyal to my main bank- the one held since I was a child. I just like them so have no real reason to switch although I have 4 accounts and the other 3 switch whenever I feel the need to (once their Regular Savers mature in a year )

blue.peter

Absolutely none.

My first current account was with the Midland, but I dumped them when they managed to lose £120. That was a lot of money for a student in the 1970s. (I did eventually recover the money, but it was too late by then.)

After that, I was with Barclays for a bit over 12 years. They were dropped when they closed the local branch. I took the view that if I couldn't have a local branch, a bank that was actually set up to deal with non-local customers might be a better bet.

I then had my primary account with First Direct for about 25 years, but that was solely because they met my needs. Gradually, though, I became dissatisfied with them. This was largely because they fell further and further behind the market in terms of their product offerings. Their quality of service seemed to drop, as well. In the years since then, I've had current accounts with:

• Santander (only closed as a result of misinformation)
• RBS (a horrible experience!)
• Nationwide (still open; at a bit over three years, this is my oldest extant account)
• TSB
• Co-operative
• Virgin Money
• Santander (again - still open)

TSB, Co-operative and Virgin weren't really bad, but they certainly weren't great, either. The Virgin M Plus account looked good when I opened it, but just didn't keep pace with the market. All three have online banking systems that I'd describe as adequate, but not good. Co-op's is decidedly idiosyncratic.

I'd drop either of the current accounts that I currently have in a moment if I thought that there was any reason to do so. For the moment, though, I'm content with them.

The only real loyalty I have is in reverse. I wouldn't touch LBG with a bargepole. I'm attorney for my mother, who has accounts with Lloyds and Halifax. They've consistently been awful to deal with, and that's put me right off them.

Nebulous2

I was with Clydesdale for about 40 years. They did some really good stuff a long time ago. Pioneered free banking and ATMs.  They had a strong local presence in Scotland, plenty of branches. 

We fell out about 2016. I made a complaint, they didn't respond at all, I took it to the ombudsman and they threw £300 at me to make it go away. The advice I had was the offer was better than anything the regulator would have recommended. So I took it. I promptly left and began to collect switching bonuses. 

Banks change. An expert on contracting from an oil company came and spoke to us at college and he said they had a policy where if things went badly wrong in a contract they would not use that company for three years and then offer them another opportunity. "Even murderers get a second chance," was a direct quote. 

My Granny died in 2010 and Santander were absolutely terrible at releasing a relatively modest sum of money. Around then they were widely touted as the worst bank for customer service. They were one of the banks I switched to and I've found them pretty good. 

Anyway a year or so ago I decided to let bygones be bygones and give Clydesdale, or Virgin as they are branded now, another go. I tried to apply online and they said I needed to phone to open an account, as they still had an online profile for me. When I phoned the customer services person started asking about my previous complaint, which really threw me. 

I submitted a subject access request and received over 500 pages of printed of printed material, dating back to the early 90s. 

It appears that although I wanted to be magnanimous and give them another opportunity, they were not willing to reciprocate..... 

Se1Lad

You can stay loyal to your main bank and then have another account you bounce around for switching bonuses. 

dealyboy

@Nebulous2 said:

I was with Clydesdale for about 40 years. They did some really good stuff a long time ago. Pioneered free banking and ATMs.  They had a strong local presence in Scotland, plenty of branches. 

We fell out about 2016. I made a complaint, they didn't respond at all, I took it to the ombudsman and they threw £300 at me to make it go away. The advice I had was the offer was better than anything the regulator would have recommended. So I took it. I promptly left and began to collect switching bonuses. 

Banks change. An expert on contracting from an oil company came and spoke to us at college and he said they had a policy where if things went badly wrong in a contract they would not use that company for three years and then offer them another opportunity. "Even murderers get a second chance," was a direct quote. 

My Granny died in 2010 and Santander were absolutely terrible at releasing a relatively modest sum of money. Around then they were widely touted as the worst bank for customer service. They were one of the banks I switched to and I've found them pretty good. 

Anyway a year or so ago I decided to let bygones be bygones and give Clydesdale, or Virgin as they are branded now, another go. I tried to apply online and they said I needed to phone to open an account, as they still had an online profile for me. When I phoned the customer services person started asking about my previous complaint, which really threw me. 

I submitted a subject access request and received over 500 pages of printed of printed material, dating back to the early 90s. 

It appears that although I wanted to be magnanimous and give them another opportunity, they were not willing to reciprocate..... 

... that was me ... late 70's early 80's worked for Chubb Integrated Systems before they folded in '82. I was responsible for the Clydesdale Bank (together with Northern and Midland Bank) ATM developments, visiting Glasgow many times.

Clydesdale offered me a good job at their Head Office in Brunswick Street (I think) that I was a fool to turn down.

dealyboy

Loyalty to banks is a bit like loyalty to supermarkets, they are a means to an end.

I had a current account with Santander and predecessors for 34 years ... loved Abbey National ... hated Santander, still have an eSaver. I took the opportunity in October '22 to do a proper switch to Nationwide, having told Customer Service it wasn't good enough many times before.

I now have accounts with 10 banks and haven't looked back, I am fair with them and expect them to be fair with me, but it's strictly business. I have rarely any reason to visit a branch which might endear me to a bank, it is all impersonal these days.