Why can't all banks be like Secure Trust Bank?

unitedwestand

I found Secure Trust Bank via the MSE savings table. I'd never heard of them before but saw that savings were covered by the FSCS, the rate was good and interest monthly so thought I'd give them a go.

Honestly, I'm amazed just how good they have been. So far they've contacted  me three times since the end of June to say they'd automatically be increasing my accounts savings rate. 

It's gone from below 4% up to 4.36% now. Absolutely no fuss or BS. Incredible service for a bank, it just leaves one question... why can't all banks be like this!

I hope others have had the same positive experience. 

STB = 10/10 👍

Malchester

Just like most other banks / building societies (in mg experience)

400ixl

All of the banks I have accounts with have been exactly the same. Some are quicker at putting the savings rates up than others, but all work as described.

IvanOpinion

My bank has done similar. No more or no less than I would expect from any bank.

Section62

"Why can't all banks be like Secure Trust Bank?"

Secure Trust Bank don't provide current accounts.  If all banks were like Secure Trust Bank then we'd all be in a bit of a pickle when it comes to day-to-day banking.

Different financial institutions focus on different things.  Those banks that focus on savings (for example) will often go the extra mile to attract custom because that is simply the business model they have adopted (for the time being).

As others have said, the service you've had from Secure Trust Bank isn't wildly different to that provided by many other financial institutions. Much of a muchness.

Albermarle

400ixl said:

All of the banks I have accounts with have been exactly the same. Some are quicker at putting the savings rates up than others, but all work as described.

I think there are some banks who do not automatically increase savings rates on existing accounts. You have to contact them to be transferred to the new issue ( if you are aware of it)
So I would say that banks/building societies who automatically increase rates with no input from the customer, are better than those who make it a bit more difficult.

unitedwestand

Glad some have had good experiences, but for me none of my previous banks have offered good rates though this period of high inflation or automatically switched me to higher rates and texted me to let me know without jumping through hoops. This is why I used MSE guidance to help me switch away.

STB have been listed frequently on MSE top savings accounts of late, normally I'd expect some catches on good rates or poorer service so it's refreshing to just get good simple and decent service. 

At the same time I also opened a higher rate savings account from the Post Office. This was also listed on MSE as a top savings account from a big name. Although the interest was good they have been slower and less frequent at increasing rates compared to STB. They also didn't notify me if higher rates and I've had to manually open and transfer money to a new account with them... it's definitely not been automatic like STB.

I know many banks are poorly treating customers at the moment due to amount of current negative publicity they are getting so I know I haven't been alone.

If the above people have had great service from banks that have automatically switched them and to higher rate accounts and been notified this has been automatically carried out.. maybe they'd like to share the banks they are with?

jaypers

I think this post raises an interesting point which is one about consistency. It simply doesn’t seem to exist in Banking with regards to savings rates. Mortgage rates on the other hand, they are all quick to increase those. I have a number of accounts spread all over the place and have found that most of the institutions go through a phase of being responsive in a positive way. It then seems to drop off. Virgin are a good example with their M Plus offering. When launched, they were market leading and they responded pretty well for a while with base rate increases. Last 6 months or so though, absolutely dire. The cynic in me would think that they rope you in and then hope you don’t move away again, just accepting less than best rates available. As customers we should continue to be ruthless and ditch and switch. It’s criminal really at the disparity of agility by the Banks between savings and mortgage/loan rates. 

unitedwestand

Section62 said:

"Why can't all banks be like Secure Trust Bank?"

Secure Trust Bank don't provide current accounts.  If all banks were like Secure Trust Bank then we'd all be in a bit of a pickle when it comes to day-to-day banking.

Different financial institutions focus on different things.  Those banks that focus on savings (for example) will often go the extra mile to attract custom because that is simply the business model they have adopted (for the time being).

As others have said, the service you've had from Secure Trust Bank isn't wildly different to that provided by many other financial institutions. Much of a muchness.

As per my OP, my experience and comments are based on savings accounts not current accounts. 

They also dont have a massive network of physical branches either so many that like/ need to bank face to face would also be in a pickle but it's irrelevant to my original post. 

I would suggest when it comes to paying decent interest on savings accounts and being automatically switched to/ notified of better savings interest this is different from the ethos of other banks widely publicized and criticized for not doing so. 

If people have had great service and savings rates from banks during this period of high inflation, feel free to name drop them here along with a note of the rates you're currently receiving. 

unitedwestand

400ixl said:

All of the banks I have accounts with have been exactly the same. Some are quicker at putting the savings rates up than others, but all work as described.

What banks? What rates? Have they automatically switched you to their best savings rate and notified you that they have? I'd be pleasantly surprised if they have and interested to know who they are so I can see if they are any better than where I am currently. 

Rich1976

We have an account with Secure Trust bank and echo the comments about them. I had to call them up when setting up the internet banking access and they answered within less than a minute, sorted the query, were very polite and helpful in the process and I was back off the phone within 5 minutes.

not all banks are like that at all and it makes a refreshing change for a new provider to pass on interest rates rather than the dubious practice operated by some others where you have to ask to be moved to a better rate. Most people do not monitor their accounts that closely to notice they are losing out so I am happy that STB and Ford Money who we also use play fair with everyone.