Which of these banks should I switch to?

NBE97

Hi all, 

I am looking at switching my current account to one of the following, which bank do you use and why? Please give me pro's and con's to each.

Thanks in advance


-Monzo
-Chase
-First Direct
-Starling
-Halifax 
-Natwest

eskbanker

That's quite a hotch-potch of different styles of accounts, so it would probably be more productive for you to clarify what you're looking for in a bank?

NBE97

sorry for any confusion    I am just wanting the best bank in terms of customer service, savings benefits and having access to my money with the least complaints of this. 

thanks again 

NBE97

I am also interested in finding out what sort of issues anyone on here has had with any of these banks in order to help my decision as trust pilot does not seem too reliable 

eskbanker

NBE97 said:

sorry for any confusion    I am just wanting the best bank in terms of customer service, savings benefits and having access to my money with the least complaints of this.

For customer service, you can read the bi-annual surveys conducted on behalf of the government, rather than relying on the anecdotal experiences you'll get from (small numbers of vocal and potentially unrepresentative) individuals:

https://www.ipsos.com/en-uk/en-uk/personal-banking-service-quality-great-britain-august-2024

Not sure exactly what you mean by 'savings benefits' - there are some current accounts that pay interest but you'll generally get better deals elsewhere:

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#interest
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess

Complaints data is published by the FCA:

https://www.fca.org.uk/data/complaints-data/firm-level

grumpy_codger

NBE97 said:

... I am just wanting the best bank in terms of customer service, savings benefits and having access to my money with the least complaints of this. 

How would other banks compete with such a bank that offers everything the best? You have to prioritise your demands. That's why many people have several accounts with different banks. E.g. Chase is one of mine used for 1% cashback on spending. FD and Natwest - for their high-interest regular savings accounts. Halifax - for ...
And why do you want to switch in the first place?
MSE:  Best bank accounts

FlorayG

Monzo have the most options for where to keep your money in 'pots' within your current account - so savings but don't pay any interest. There's also a decent rate savings account. Customer service excellent
First Direct also a very good bank but don't have 'pots' but I have a regular saver with them pays 7%. Excellent customer service too

Rob5342

I've had accounts with all of them without any problems. For a day to day current account I'd suggest Monzo or Starling as they are nice modern banks and have the best apps by far. 

Switching is a doddle theae days, its not like you are moving house or something. Why not open an account to try, switch if you like it and switch again if you have any problems. You don't have to switch either, you could use it in conjunction with your existing account. Normally its best to have a few accounts with each serving one your interests best rather than trying to get one thst covers everything. I use Monzo as my main account and have a Starling account I use occasionally just to keep an eye on their app features. I also have an old Halifax account with an overdraft facility that I carry the card for as a backup, and a Natwest one I'm using to handle some 

What's wrong with your current bank? 

DasTechniker

NBE97 said:

Hi all, 

I am looking at switching my current account to one of the following, which bank do you use and why? Please give me pro's and con's to each.

Thanks in advance


-Monzo
-Chase
-First Direct
-Starling
-Halifax 
-Natwest

All banks have their good and bad points. You just have to try them and see. Can’t comment on app based banks as I haven’t used any. Same for Co-op, but about to give them a go.

Eyeful

May be reading these will give you the steer you want:
https://www.which.co.uk/money/banking/bank-accounts/best-bank-accounts/best-and-worst-banks-a8VTn0B0PJNC
https://moneytothemasses.com/banking/best-uk-current-accounts

steven141

NBE97 said:

Hi all, 

I am looking at switching my current account to one of the following, which bank do you use and why? Please give me pro's and con's to each.

Thanks in advance


-Monzo
-Chase
-First Direct
-Starling
-Halifax 
-Natwest

Out of those banks, I’ll try and give some of my opinion on them as I’ve had them all at some point. 

Monzo - although I had it for a very short time. I found that they charge for stuff that other banks do for free like being able to access open banking accounts from other banks. The app was ok but nothing that stood out as anything special to me. There also isn’t any in credit interest and the savings rates can be beaten elsewhere. Not sure of what the fascination is about this bank but lots of people swear by it. 

Chase - great for spending cashback and the direct debits show when a payment is going to leave your account in advance. The app is ok but can be a bit fiddly. They can do good savings rates but can be beaten elsewhere. It’s good for the cashback. If they didn’t offer that. I’m not sure that they would really offer anything special. 

First Direct - They provide good customer service but their app isn’t the best, for example if you have a credit card with them you can’t pay it with your account and have to pay by direct debit or as a bill payment. They have good savings rates and are generally ok too. I think that they also show pending direct debit payments also. 

Starling - The app is pretty decent although they are removing the in credit interest even for the spaces function which is a shame. I think that they are still a pretty decent choice but again savings rates can be beaten.

Halifax - Their app is pretty good and is very easy to set up (same with Bank of Scotland and Lloyds accounts). I find their app to be one of the best banking apps out there. They do have reward accounts but make you jump through a lot of hoops to get it and unless the account suits you. You may be better to go for a Club Lloyds current account with Lloyds as it’s the same banking group and you get access to better regular savings rates.

NatWest - They are also pretty decent. The app and digital banking are a bit of a nightmare to get set up but once it’s set up it’s pretty decent. I would say that if you have direct debits, you can’t see them on your list until the first payment has been taken out which is really frustrating as you don’t know which direct debits are set up. Other than that I don’t see any issues. They have access to a decent regular saver and credit card rates etc (same with Royal Bank of Scotland). Their other brand Ulster Bank also has some good savings rates. 

I hope this helps, this is just my take on them.