Quality of savings apps / sites

dont_use_vistaprint
Forumite Posts: 600
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Does this affect your decision much?
I notice Leeds site is down again and Cynergy & Others feel really badly designed compared to Chase, Chip , Barclays, HSBC etc
Do you worry they could lose your money or get taken down and go for better apps even with protection it would be a nightmare I expect to recover your savings
I notice Leeds site is down again and Cynergy & Others feel really badly designed compared to Chase, Chip , Barclays, HSBC etc
Do you worry they could lose your money or get taken down and go for better apps even with protection it would be a nightmare I expect to recover your savings
"It is not the critic who counts..." - Theodore Roosevelt
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Comments
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It doesn't affect my decision much at all. As long as the provider is covered by the FSCS I will base my savings decisions pretty much solely on what will earn me the most interest.
If a savings provider decides to offer me a decent savings rate I'm more than happy to use them, even if the website seems a bit basic/glitchy here and there, so long as it's at least usable, which Leeds and Cynergy are, I don't really care how the app/website is designed to be honest.
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dont_use_vistaprint said:Does this affect your decision much?
I notice Leeds site is down again and Cynergy & Others feel really badly designed compared to Chase, Chip , Barclays, HSBC etc
Do you worry they could lose your money or get taken down and go for better apps even with protection it would be a nightmare I expect to recover your savingsDoes it really affect you, though? I thought you'd moved to Dubai?2 -
Not really but what does affect my decision is the availability of a very quick Faster Payments service to enable me to access money if I need it virtually straight away. Saying this, I do like Charter Savings and have a number of accounts there, but I’ve balanced this with some accounts that have immediate access as well. Some of the quickest I’ve found (rates not necessarily top at present):-
Investec
Atom
Marcus
Zopa
Chase
Virgin Money
i know there are some others that I’ve not used…….Cynergy for one I believe.2 -
Depends for me on the type of account.
I have numerous fixed rate bonds and ISAs, as long as these are FSCS protected I am not worried about websites or apps.
I have one easy access account and for this I want the best rate I can get but I don’t have a huge sum in there and ease of use and speed if transfers here would come into my decision process.1 -
wmb194 said:dont_use_vistaprint said:Does this affect your decision much?
I notice Leeds site is down again and Cynergy & Others feel really badly designed compared to Chase, Chip , Barclays, HSBC etc
Do you worry they could lose your money or get taken down and go for better apps even with protection it would be a nightmare I expect to recover your savingsDoes it really affect you, though? I thought you'd moved to Dubai?
I know there is protection, but i also know how incapable the government / public sector in the uk is of getting anything right. I’ve also seen many vases in the last 5 years where ABTA and ATOL type protections didn’t come through, there’s always a first that no one saw coming and then there’s the x number of years of whatever to get it back and all the stress along the way
"It is not the critic who counts..." - Theodore Roosevelt0 -
dont_use_vistaprint said:wmb194 said:dont_use_vistaprint said:Does this affect your decision much?
I notice Leeds site is down again and Cynergy & Others feel really badly designed compared to Chase, Chip , Barclays, HSBC etc
Do you worry they could lose your money or get taken down and go for better apps even with protection it would be a nightmare I expect to recover your savingsDoes it really affect you, though? I thought you'd moved to Dubai?
I know there is protection, but i also know how incapable the government / public sector in the uk is of getting anything right. I’ve also seen many vases in the last 5 years where ABTA and ATOL type protections didn’t come through, there’s always a first that no one saw coming and then there’s the x number of years of whatever to get it back and all the stress along the wayIt's easy enough to find the annual reports of these companies and have a go at assessing how strong they are as businesses and there's no evidence that that FSCS is failing in its duties or that the government's will to backstop it and the banking sector more broadly is waning. However, if you think the government is useless in general then don't use UK banks. Given you're abroad that should be easy for you.3 -
wmb194 said:It's easy enough to find the annual reports of these companies and have a go at assessing how strong they are as businesses and there's no evidence that that FSCS is failing in its duties or that the government's will to backstop it and the banking sector more broadly is waning.Whilst it may be possible to look at the accounts, practically I don't agree that the lay person has the time or expertise to do this.A few years ago I had a chimney liner installed by an at-the-time HETAS registered installer and there were leaks afterwards. Installer ignored me and deregistered from HETAS. I then complained within 2 years to HETAS and they did nothing because installer had since deregistered. I took installer to small claims. Installer then went bankrupt. So I don't rely on these schemes and agree with OP that it pays to be mindful of who you do business with to avoid problems later. I'm sure none of the Northern Rock depositors were glad they had their savings with them despite getting their money back.
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rabbituk said:wmb194 said:It's easy enough to find the annual reports of these companies and have a go at assessing how strong they are as businesses and there's no evidence that that FSCS is failing in its duties or that the government's will to backstop it and the banking sector more broadly is waning.Whilst it may be possible to look at the accounts, practically I don't agree that the lay person has the time or expertise to do this.A few years ago I had a chimney liner installed by an at-the-time HETAS registered installer and there were leaks afterwards. Installer ignored me and deregistered from HETAS. I then complained within 2 years to HETAS and they did nothing because installer had since deregistered. I took installer to small claims. Installer then went bankrupt. So I don't rely on these schemes and agree with OP that it pays to be mindful of who you do business with to avoid problems later. I'm sure none of the Northern Rock depositors were glad they had their savings with them despite getting their money back.
I agree though and as I wrote, if something makes you uncomfortable about depositing you money with a particular institution then just don't. If you're really nervous buy gilts and/or only use NS&I.0 -
wmb194 said:dont_use_vistaprint said:wmb194 said:dont_use_vistaprint said:Does this affect your decision much?
I notice Leeds site is down again and Cynergy & Others feel really badly designed compared to Chase, Chip , Barclays, HSBC etc
Do you worry they could lose your money or get taken down and go for better apps even with protection it would be a nightmare I expect to recover your savingsDoes it really affect you, though? I thought you'd moved to Dubai?
I know there is protection, but i also know how incapable the government / public sector in the uk is of getting anything right. I’ve also seen many vases in the last 5 years where ABTA and ATOL type protections didn’t come through, there’s always a first that no one saw coming and then there’s the x number of years of whatever to get it back and all the stress along the wayIt's easy enough to find the annual reports of these companies and have a go at assessing how strong they are as businesses and there's no evidence that that FSCS is failing in its duties or that the government's will to backstop it and the banking sector more broadly is waning. However, if you think the government is useless in general then don't use UK banks. Given you're abroad that should be easy for you.
With the protection from FSCS , I expect that if sine kind of vulnerability with a site or app lead you to make a mistake and lose money or sone kind of system admin internal issue etc they would not be much help , they will help if the overall business fails only - is this right ?
"It is not the critic who counts..." - Theodore Roosevelt0 -
rabbituk said:wmb194 said:It's easy enough to find the annual reports of these companies and have a go at assessing how strong they are as businesses and there's no evidence that that FSCS is failing in its duties or that the government's will to backstop it and the banking sector more broadly is waning.Whilst it may be possible to look at the accounts, practically I don't agree that the lay person has the time or expertise to do this.A few years ago I had a chimney liner installed by an at-the-time HETAS registered installer and there were leaks afterwards. Installer ignored me and deregistered from HETAS. I then complained within 2 years to HETAS and they did nothing because installer had since deregistered. I took installer to small claims. Installer then went bankrupt. So I don't rely on these schemes and agree with OP that it pays to be mindful of who you do business with to avoid problems later. I'm sure none of the Northern Rock depositors were glad they had their savings with them despite getting their money back.
They are worth nothing to consumers, they actually allow the worst kind of traders into the market , they will ignore you , they will support the members always and they are not legally binding. It’s like a car warranty from a used car salesman, worth even less than your statutory rights
"It is not the critic who counts..." - Theodore Roosevelt1
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