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

Section62

unitedwestand said:

Section62 said:

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. 

 

I think you may have missed my point - which was that some banks concentrate on retail savings accounts as a means of building up the size of their business.  Other banks are more full service with fingers in lots of pies.  Comparing a bank which proivdes only limited services with banks in general is not a very meaningful comparison because the organisation type and their priorities are necessarily very different.

unitedwestand said:

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.

There's an entire thread dedicated to doing just that -

https://forums.moneysavingexpert.com/discussion/596724/the-top-easy-access-savings-discussion-area#latest

Albermarle

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.

The Post Office regularly crops up on this forum as a very poor savings provider.

jimjames

Both Chip and Virgin have done exactly the same as Secure trust. In fact only this morning I've had an email that my ISA has been increased to 4.25%

A._Badger

I can only agree with the OP about Secure Trust. Where the banks sometimes differ significantly is in the ease, or otherwise, of the account opening process and I found ST first class in this regard, likewise their communications since opening my account with them. 

Malchester

Just recently opened accounts with Coventry BS, Ford Money, Santander, First Save, Newcastle BS. All excellent, easy to open, good speedy communications. Secure Trust are not the only 'good' bank

friolento

In my experience, Tandem, Chip (not a bank, I know), RCI, Al Rayan, Gatehouse, Charter, Family BS, KRBS, Marcus / Saga, Newbury BS, Skipton and YBS, even NS&I all apply increases to existing accounts, unless they are fixed rate accounts. Shawbrook just texted me to say the interest rate in my EA accout got increased.

Increasing rates doesn't equate to having the best rates, as manifested by STB. Top rates also don't equate to top service. For example, after several really dreadful experiences with Post Office Savings, I would never use them again, regardless of how often they appear at the top of rate tables. Other people have other expectations and other experiences and tolerance levels.

I think it is great that the market has a wide range of offerings but if you want the best rates, or even just better rates, you have to monitor the offerings yourself. I am very glad I stumbled across the MSE forum, which is ace for savings information as it gives you a lot more than just a list of savings rates.

t33

The particular attractive point that I think the OP suggests is that the Access Account rate changes are auto applied to the latest rate, and there is not the common faffing about with opening new issues to get the latest rate available.  I'm currently with Charter Savings Bank and as others have mentioned it is one of banks that, yes, they increase the rate on all issues, but the resulting rates of the issues are varied (look at their offering spreadsheet), meaning that some issues increase to less than the latest offering.  The issue changeup is then necessary, not that they tell you in the increase email that your increased rate (in my case) is a fair bit lower than the latest offering.  YBS the same.  Unsure of others mentioned.  After being with CS some time, I'm looking elsewhere and I'm tempted by STB which I've looked at before.

johnop

The original poster is correct - the large established banks all provide terrible service imo. They rely on everyone not moving their accounts, and thus rip you off with derisory interest rates and poor service, all while closing your local branch. Everyone should close their accounts and move to challenger banks asap (i have).

Section62

johnop said:

The original poster is correct - the large established banks all provide terrible service imo. They rely on everyone not moving their accounts, and thus rip you off with derisory interest rates and poor service, all while closing your local branch. Everyone should close their accounts and move to challenger banks asap (i have).

The OP is happy with 4.36% from Secure Trust Bank.

I'm happy with the 5% I'm getting from Barclays, and 6.25% from Lloyds.  I'm less happy with the 4.5% RS accounts from Halifax and BoS, so they will be closed soon, but 4.5% is still better than 4.36%.

The point being that sweeping generalisations like the one in your post don't really stand up to scrutiny.  Diffierent banks offer different products and different levels of service.  Each of us will have their own personal view on what constitutes "good" and "best" and what things actually matter most.  The issue some of us have with setting Secure Trust Bank up as an exemplar that all other banks should follow is exactly this diversity - STB might be good for some, but others will find it wanting.

friolento

Another thread about STB: https://forums.moneysavingexpert.com/discussion/6453953/how-long-do-deposits-take-to-be-transferred-into-secure-trust-bank