Latest online banking advice November 2024

UKX69

gadget88 said:

So the advice I have seen on here and BBC is have a second bank account and bbc also say keep any savings accounts at home on an IPad or spare phone. 

If your money is taken what’s the latest advice if say you had a password for your banking app written down in a note would they refuse to refund if somebody accesses your online banking? 

A second bank account seems required as a few on here had accounts shut down. In my own case my Apple Pay was disabled. Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Anybody got any more banking advice? Many banks offer cashback now too sadly it seems to be for a limited time I wonder if they will role it out more widely? 

The potential problems with non-high street banks is a subject I raised recently. How safe is your money in any of these organisations? When I asked the forum for comments, many members jumped to their defence stating banking regs and suchlike. And quite rightly, after all, this is a forum for democratic discussion. At this point, I must declare a bias against non-high street banks. Being a bit long in the tooth, I would not trust an organisation without at least some bricks and mortar. I did indeed consider a second bank account at one app only bank, but knew I wouldn’t be happy. I definitely think that there is something a little dubious about one or two of these banks. Can’t put my finger on it, just a feeling, but someone’s going to end up with singed wonga.

eskbanker

DasTechniker said:

gadget88 said:

So the advice I have seen on here and BBC is have a second bank account and bbc also say keep any savings accounts at home on an IPad or spare phone. 

If your money is taken what’s the latest advice if say you had a password for your banking app written down in a note would they refuse to refund if somebody accesses your online banking? 

A second bank account seems required as a few on here had accounts shut down. In my own case my Apple Pay was disabled. Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Anybody got any more banking advice? Many banks offer cashback now too sadly it seems to be for a limited time I wonder if they will role it out more widely? 

The potential problems with non-high street banks is a subject I raised recently. How safe is your money in any of these organisations? When I asked the forum for comments, many members jumped to their defence stating banking regs and suchlike. And quite rightly, after all, this is a forum for democratic discussion. At this point, I must declare a bias against non-high street banks. Being a bit long in the tooth, I would not trust an organisation without at least some bricks and mortar. I did indeed consider a second bank account at one app only bank, but knew I wouldn’t be happy. I definitely think that there is something a little dubious about one or two of these banks. Can’t put my finger on it, just a feeling, but someone’s going to end up with singed wonga.

If you're long in the tooth and don't trust organisations without a high street presence then nobody's forcing you to use any of them, but they're quite a mixed bunch rather than a homogenous collection.  At one end of the spectrum is the 35-year-old First Direct, which has never had any branches of its own, albeit affiliated with HSBC, but there are numerous newer players, some of which are genuine banks (e.g. Monzo and Starling) while others such as Revolut are on their way to being one but aren't fully there yet.  Their advocates will argue long and hard about their superior offerings relative to 'dinosaur banks' but I think it's fair to say that their target demographic isn't pensioners, although there remains plenty of choice for those who feel more comfortable with bricks and mortar, for now at least.

However, OP's comment about non high street banks was specifically about fraud reimbursement experiences rather than opinions of wider corporate robustness, and, as pointed out on the previous page, the reason for the divergence between major and minor players on fraud reimbursement has now been eliminated with the introduction of the mandatory code.

UKX69

eskbanker said:

DasTechniker said:

gadget88 said:

So the advice I have seen on here and BBC is have a second bank account and bbc also say keep any savings accounts at home on an IPad or spare phone. 

If your money is taken what’s the latest advice if say you had a password for your banking app written down in a note would they refuse to refund if somebody accesses your online banking? 

A second bank account seems required as a few on here had accounts shut down. In my own case my Apple Pay was disabled. Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Anybody got any more banking advice? Many banks offer cashback now too sadly it seems to be for a limited time I wonder if they will role it out more widely? 

The potential problems with non-high street banks is a subject I raised recently. How safe is your money in any of these organisations? When I asked the forum for comments, many members jumped to their defence stating banking regs and suchlike. And quite rightly, after all, this is a forum for democratic discussion. At this point, I must declare a bias against non-high street banks. Being a bit long in the tooth, I would not trust an organisation without at least some bricks and mortar. I did indeed consider a second bank account at one app only bank, but knew I wouldn’t be happy. I definitely think that there is something a little dubious about one or two of these banks. Can’t put my finger on it, just a feeling, but someone’s going to end up with singed wonga.

If you're long in the tooth and don't trust organisations without a high street presence then nobody's forcing you to use any of them, but they're quite a mixed bunch rather than a homogenous collection.  At one end of the spectrum is the 35-year-old First Direct, which has never had any branches of its own, albeit affiliated with HSBC, but there are numerous newer players, some of which are genuine banks (e.g. Monzo and Starling) while others such as Revolut are on their way to being one but aren't fully there yet.  Their advocates will argue long and hard about their superior offerings relative to 'dinosaur banks' but I think it's fair to say that their target demographic isn't pensioners, although there remains plenty of choice for those who feel more comfortable with bricks and mortar, for now at least.

However, OP's comment about non high street banks was specifically about fraud reimbursement experiences rather than opinions of wider corporate robustness, and, as pointed out on the previous page, the reason for the divergence between major and minor players on fraud reimbursement has now been eliminated with the introduction of the mandatory code.

Thanks for a clear and sober assessment of my comments. As I said in my post, this forum works best when replies are constructive. You are quite right in saying that I do not have to use any of the newer banks, but I do take an interest in everything financial and therefore keep an eye on the goings on. Just a personal opinion of mine that I prefer dinosaur banks, and do recognise that the challenger banks like to present themselves as the place to go for the younger customer. After all, each to his own, otherwise it would be a very dull situation.

onomatopoeia99

Middle_of_the_Road said:

Very difficult to get Revolut to refund if you're a victim of fraud.

https://www.bbc.com/news/articles/cj6epzxdd77o

What interests me is if Joe Scammer rings me up and says "I'm from Revolut, your account is under attack, you need to transfer all your money to this account which is protected" and I do it, ignoring all the "are you sure", "are you really sure", "may be a scam" etc warnings, how is Revolut responsible for refunding losses I incur as a result of my gullibilty?

You can subtitute any bank or financial service provider for "Revolut" in the previous in the previous paragraph. I don't think they should refund.

wmb194

DasTechniker said:

gadget88 said:

So the advice I have seen on here and BBC is have a second bank account and bbc also say keep any savings accounts at home on an IPad or spare phone. 

If your money is taken what’s the latest advice if say you had a password for your banking app written down in a note would they refuse to refund if somebody accesses your online banking? 

A second bank account seems required as a few on here had accounts shut down. In my own case my Apple Pay was disabled. Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Anybody got any more banking advice? Many banks offer cashback now too sadly it seems to be for a limited time I wonder if they will role it out more widely? 

The potential problems with non-high street banks is a subject I raised recently. How safe is your money in any of these organisations? When I asked the forum for comments, many members jumped to their defence stating banking regs and suchlike. And quite rightly, after all, this is a forum for democratic discussion. At this point, I must declare a bias against non-high street banks. Being a bit long in the tooth, I would not trust an organisation without at least some bricks and mortar. I did indeed consider a second bank account at one app only bank, but knew I wouldn’t be happy. I definitely think that there is something a little dubious about one or two of these banks. Can’t put my finger on it, just a feeling, but someone’s going to end up with singed wonga.

Chase is app only and doesn’t have any branches in Britain* but as JPMorgan Chase it’s definitely a dinosaur. 😀

I agree though, if you’re not comfortable then don’t do it.

*Lots in the US.

gadget88

I know there’s new rules but I don’t trust them. I believe the limit is 80k too. I trust the high street banks more. But they could easily blame you for leaving a password on a note or something that’s why I set up a second bank for daily spending. It’s also the stress of phone is stolen a rush to change passwords and if they do get into the banking it’s the unknown what will happen. 

Do people here keep savings on a phone? I read alot of people saying they kept on iPads at home ect 

eskbanker

onomatopoeia99 said:

Middle_of_the_Road said:

Very difficult to get Revolut to refund if you're a victim of fraud.

https://www.bbc.com/news/articles/cj6epzxdd77o

What interests me is if Joe Scammer rings me up and says "I'm from Revolut, your account is under attack, you need to transfer all your money to this account which is protected" and I do it, ignoring all the "are you sure", "are you really sure", "may be a scam" etc warnings, how is Revolut responsible for refunding losses I incur as a result of my gullibilty?

You can subtitute any bank or financial service provider for "Revolut" in the previous in the previous paragraph. I don't think they should refund.

Under the voluntary CRM code in place until last month, Revolut wouldn't have been responsible, as (unlike the major players) they weren't participants in that, but from last month they have no choice.

However, the key is the specificity of the warnings, so generic 'are you sure?' messages won't transfer liability to the customer, but if the sending bank says something like 'you were asking to send money to X but the account name is actually Y' and the customer chooses to continue then it's at their own risk.

You're not alone in thinking that banks shouldn't be responsible for reimbursing authorised push payments like that, but that ship has long since sailed, over five years ago!

One of the significant changes in October is the liability being shared between the sending and receiving banks, whereas it was previously solely the sending bank that had to stump up.  So, banks with weaker security, where fraudsters found it easier to open accounts, will now be on the hook for costs that they weren't previously exposed to, which should in turn lead to improvements in their security.  The PSR analysis includes some stark statistics about which banks received the most fraudulent transfers, as measured by losses per £million, so, for example, Revolut's rate was £756, versus Santander at £41, NatWest group at £61 and Barclays at £67.

https://www.psr.org.uk/media/uaag25pp/app-fraud-publication-jul-2024-v6.pdf

eskbanker

gadget88 said:

I know there’s new rules but I don’t trust them. I believe the limit is 80k too. I trust the high street banks more. But they could easily blame you for leaving a password on a note or something that’s why I set up a second bank for daily spending. It’s also the stress of phone is stolen a rush to change passwords and if they do get into the banking it’s the unknown what will happen. 

Do people here keep savings on a phone? I read alot of people saying they kept on iPads at home ect 

Not sure I'm following - all banks will expect you to protect sensitive credentials from disclosure?

If your point is that you feel most comfortable having one account that's accessible when out and about, while keeping other funds accessible only from the home, then I wouldn't say that's a particularly unusual scenario, but the usual recommendation would be to have access to at least two separate accounts at any time though, to cover situations such as technical outages within a bank, or an account being frozen, etc.

I still don't see that any of that really relates to high street versus online-only banks, but, as above, those who choose to restrict themselves to the former are quite entitled to do so, whether for rational reasons or otherwise....

Nasqueron

gadget88 said:

I know there’s new rules but I don’t trust them. I believe the limit is 80k too. I trust the high street banks more. But they could easily blame you for leaving a password on a note or something that’s why I set up a second bank for daily spending. It’s also the stress of phone is stolen a rush to change passwords and if they do get into the banking it’s the unknown what will happen. 

Do people here keep savings on a phone? I read alot of people saying they kept on iPads at home ect 

Lot of people in 2007/8, especially Northern Rock customers, would disagree.

The FSCS protection is there for you (85k per banking group) for any of the banks that are on the scheme, whether Monzo or Kroo is more or less likely to fail than a bank with buildings is a decision for you.