Not all savings banks and building societies are equal
metahome
Posts: 4 Newbie
Have a number of savings accounts and regularly chasing best rates - and MSE website provides valuable info on rates and terms and conditions. However I am wondering if there should also be an index on how good processes and customer service are?
Had a painful process with one bank recently when my mother died leaving some investments that I had put with them in a fixed term account (as power of attorney). Difficult to get funds back - needed extreme amounts of paperwork and unwilling to pay any interest before close of fixed period. Also during the investment period I would describe their online systems for managing the account as "cranky" to say the least. I think their IT systems were very immature.
Looking at the current batch of best instant access accounts and searching on web for reviews I can see that the customer service experience for some of those offering top rates is really awful - people talking about extreme stress when dealing with some of these organisations. Even though their rate is great I would not consider using them because of the poor service.
Would it not be a good idea to give some kind of customer service rating (like uswitch does for energy providers) so that at least people are forewarned when they make a choice about investing?
Had a painful process with one bank recently when my mother died leaving some investments that I had put with them in a fixed term account (as power of attorney). Difficult to get funds back - needed extreme amounts of paperwork and unwilling to pay any interest before close of fixed period. Also during the investment period I would describe their online systems for managing the account as "cranky" to say the least. I think their IT systems were very immature.
Looking at the current batch of best instant access accounts and searching on web for reviews I can see that the customer service experience for some of those offering top rates is really awful - people talking about extreme stress when dealing with some of these organisations. Even though their rate is great I would not consider using them because of the poor service.
Would it not be a good idea to give some kind of customer service rating (like uswitch does for energy providers) so that at least people are forewarned when they make a choice about investing?
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Trustpilot? Sometimes I put my money with financial instutions with poor systems and service anyway because the return is worth it. If you are aware of their failings then at least it is familiar!0
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Would it not be a good idea to give some kind of customer service rating (like uswitch does for energy providers) so that at least people are forewarned when they make a choice about investing?
I think if you've read these forums for a while you'll have seen that people's experiences of banks vary wildly. One person can say bank 'x' is the best, another will be adamant bank 'x' is the worst. It also depends on how you use the bank, some people want good branch service, others would rate a bank's customer service 'terrible' just because it doesn't have a flashy app for the latest smartphone.
It often comes down to who you speak to at the bank on a particular day. One of my longest banking relationships is with Nationwide. Some experiences have made me think they are the best ever, some have left me spitting feathers.
As with the return on investments, when it comes to customer service "Past performance may not be indicative of future results."
So I always go where I can get the best returns, and if the service is not good to regard it as an opportunity to earn an extra return in the form of compensation
"In the future, everyone will be rich for 15 minutes"0 -
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MSE do conduct a banking customer service poll every six months.
https://www.moneysavingexpert.com/news/banking/2017/08/rbs-bottom-in-our-banking-poll-as-first-direct-remains-top0 -
Superscrooge wrote: »MSE do conduct a banking customer service poll every six months.
https://www.moneysavingexpert.com/news/banking/2017/08/rbs-bottom-in-our-banking-poll-as-first-direct-remains-top
I find that survey quite meaningless as there isn't any definition of "customer service". Nor would I consider the undefined "customer service" to be the overriding factor when selecting a current account.
In addition, the survey pre-supposes how people use current accounts - just alone that varies wildly.0 -
Any institution will make mistakes, if you are the victim of a mistake you will think that institution is really bad.
In almost all cases I only need very standard service from a bank, I want their website to work for standard transactions and will very rarely need to test how good their customer service is.
So... interest rates trump reviews of customer service every time.loose does not rhyme with choose but lose does and is the word you meant to write.0 -
Any institution will make mistakes, if you are the victim of a mistake you will think that institution is really bad.
In almost all cases I only need very standard service from a bank, I want their website to work for standard transactions and will very rarely need to test how good their customer service is.
So... interest rates trump reviews of customer service every time.
Not necessarily.
I've been the 'victim of a mistake' made by several institutions. I judge their 'customer service' by how quickly and how well they rectify the error;)0 -
The FCA have proposed that banks be obliged to publish quantifiable measures from next year: https://www.moneysavingexpert.com/news/banking/2017/07/banks-to-be-forced-to-publish-service-data-under-new-plans-from-regulatorWould it not be a good idea to give some kind of customer service rating (like uswitch does for energy providers) so that at least people are forewarned when they make a choice about investing?0 -
Had a painful process with one bank recently when my mother died leaving some investments that I had put with them in a fixed term account (as power of attorney). Difficult to get funds back - needed extreme amounts of paperwork and unwilling to pay any interest before close of fixed period. Also during the investment period I would describe their online systems for managing the account as "cranky" to say the least. I think their IT systems were very immature.
If the fixed term deposit paid interest only on maturity or closure, then they would not pay it before that date. If the interest was payable on a fixed date, then again, the interest accrued to date (but not paid) would not be released.
What is your definition of extreme amounts of paperwork? Maybe this FTD was over the limit they required probate.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I mean for regular savings and instant savings accounts, the only customer service you really need is for account opening and account closure no? If these processes are straight forward, the accounts just do their things and you don't really have to worry about dealing with the banks much at all in between.
Save 12K in 2020 # 38 £0/£20,0000
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