Trusted Banks with higher interest rates

DeeNexus

Hey experts
A newbee here, I have only accounts with Nationwide and lloyds
looking for more options to open Savjngs account + ISA  which offers better interest rate 

i understand most of the UK bank are protected upto £85K

I like to hear which are the Banks people trust more 

I have tried to google but confused and as so many options 

Ayr_Rage

If you want better rates you'll have to move to the newcomers and app/internet banks.

Just make sure they have FSCS protection.

surreysaver

Depends what you mean by 'trust'. I'm not sure there are any banks I wouldn't 'trust', but there are some I wouldn't trust to be as competent as others in certain situations.
I don't particularly trust TSB's IT, for instance. Virgin's app seems to regularly not work. I suppose every bank has its foibles 

GeoffTF

MSE has a "Prefer a more well known name?" section:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

artyboy

GeoffTF said:

MSE has a "Prefer a more well known name?" section:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Pandering to some people's irrational fears... 

DeeNexus

Thank you for your replies, Trust in terms of , Banks you have dealt with a long time, customer service is good 
app works great and easy to manage 

lr1277

Customer service is subjective and may even depend on the technology you use.

I have no problems with First direct either in the app, on the web or on the phone. Would I use them for serious savings, possibly not due to the rates they offer. But I am a fan of their current account and credit card.

Somebody mentioned a few people have reported problems with the Virgin app. I have no idea.

In the list of well known names is NS&I. I have had no problems with them on the web. I have not had to contact them on the phone. However a few people have mentioned that 2 factor authorisation (2FA) does not work for them. If you choose NS&I, I would suggest opening an account, putting in £10 and then withdrawing £5. See if that works for you.

In terms of trusted institutions, i would go for building societies and take the hit on the interest rate. They should be contactable by phone and if there is a branch nearby, I can always visit. To me the ability to get the money out when I want it is more important than achieving the absolute best interest rate.

Bridlington1

DeeNexus said:

Thank you for your replies, Trust in terms of , Banks you have dealt with a long time, customer service is good 
app works great and easy to manage 

I've used about 70 different banks/building societies over the last few years, honestly I've no favourites. Each have their own quirks, things they do well, things they don't do so well etc. There aren't any I wouldn't use.

I take customer service reviews with a pinch of salt as it very much depends on the individual member of staff you speak to. I've had good customer service and bad customer service within the same bank/building society on a few occasions. I take the view though that if they do make a horlicks of something you are free to complain and quite often they'll give you money as an apology.

Bigwheels1111

My main bank is First Direct, I would never leave them.

They are great.

But I' had lots and lots of issues. They always fix the issue and give me money to say sorry.

That makes me happy.

All the banks and building societies on MSE or Moneyfactscompare are FSCS protected.

Find the best rate, savings,ISA etc. Then ask on here about the bank.

That way you will get the best rate and advise about the bank or building society.

As above I've used 50 plus, a lot of new banks as well.

I tend to use those that have a Tel number, I call and ask a few questions about the product etc.

You get a feel of their  knowledge  of products and the level of help you might get if it goes wrong.

Also think about regular savers, they pay more interest, but on small amounts.

Make sure you understand how they work and the interest payment.

Watch out for the 85k protection.

85k is protected, If you save 85k in one account at 4% the £3,400 interest is not protected.

So put a max of 81k in and you will be covered.

dunstonh

Thank you for your replies, Trust in terms of , Banks you have dealt with a long time, customer service is good 
app works great and easy to manage 

You often find the newer deposit takers have better service and better apps.

Of course, none of that has anything to do with trust.  It is about doing the job they are employed to do.

Albermarle

DeeNexus said:

Thank you for your replies, Trust in terms of , Banks you have dealt with a long time, customer service is good 
app works great and easy to manage 

There a few smaller banks and building societies, who do not offer an app, but otherwise have a good reputation.
For many savings account, especially fixed term ones, you do not need to check them regularly, so the lack of an app is not an issue.