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    • ccdorset
    • By ccdorset 3rd Jan 19, 1:49 PM
    • 118Posts
    • 10Thanks
    ccdorset
    HSBC vs first direct
    • #1
    • 3rd Jan 19, 1:49 PM
    HSBC vs first direct 3rd Jan 19 at 1:49 PM
    Hi,

    Does anyone have experience of how HSBC compares with first direct?

    I have switched banks several times to take advantage of the switcher incentives and have done virtually all of them I believe, except Natwest and HSBC.

    I'm looking to settle with a bank now to keep things stable, as I'm looking to remortgage later in the year. I currently bank with Halifax and was looking to move back to first direct, as I really liked their service when I was with them in the past.

    Conscious I won't get the switcher incentive with first direct as I was previously a customer.

    I thought my mind was made up, until I saw that HSBC have relaunched their £150 switcher offer!

    I guess really I am wondering if there is any real difference between HSBC and first direct? Does anyone have experience of banking with both of them and how they compare?

    Thanks in advance for your help.
Page 2
    • scaredofdebt
    • By scaredofdebt 8th Jan 19, 11:27 AM
    • 1,260 Posts
    • 615 Thanks
    scaredofdebt
    First Direct have their own bespoke IT systems, they use some of HSBC systems but the staff facing call centre system is their own, so that's one reason their service is better.
    Make £2018 in 2018 Challenge - Total to date £2,108
    • scaredofdebt
    • By scaredofdebt 8th Jan 19, 11:29 AM
    • 1,260 Posts
    • 615 Thanks
    scaredofdebt
    Thanks again for your replies.

    It is a difficult one, as it is all down to personal preference I guess. The only thing holding me back with first direct is whether I will find the online/mobile banking outdated now, but again I guess that is down to opinion and a lot of people find it still meets their needs.

    I have been in touch with first direct several times over the past few days with mortgage queries and they have been very helpful.

    I think my mind is made up, I'll give first direct another go and see how I get on.
    Originally posted by ccdorset
    Not sure how you'd find online/mobile banking outdated, it's not like you're writing to them.

    It has all the features that I've ever needed and is more secure than most other online banking systems, perhaps the black and white look is a bit old fashioned if you don't like monochrome.

    Make £2018 in 2018 Challenge - Total to date £2,108
    • sausage_time
    • By sausage_time 8th Jan 19, 11:34 AM
    • 155 Posts
    • 41 Thanks
    sausage_time
    Does the Android HSBC App support fingerprint login?
    • SlovakianGuy
    • By SlovakianGuy 8th Jan 19, 11:46 AM
    • 86 Posts
    • 26 Thanks
    SlovakianGuy

    I'm looking to settle with a bank now to keep things stable, as I'm looking to remortgage later in the year.
    Originally posted by ccdorset

    Do you only have one bank? If you have multiple current accounts in multiple banks, you can keep 1 or 2 account to keep things stable, while switch the others to get bonuses. That's what I've been doing.

    Anyway, I would recommend at least 2 bank accounts to everyone. If one bank has problems (such as TSB last year), or if your account is blocked for any reason, you still have another one.

    I personally would choose some ethical bank to keep "forever". The most ethical is Triodos, however it comes with £3 monthly fee. Others that are for free include Co-op, Nationwide, Starling, Monzo, Metro.
    Not sure about Handelsbanken as it is a decentralised bank and almost all decisions are made by your local branch manager, including your mortgage, loans, etc., so I suppose everything is personalised and tied specifically to you. I've heard someone has a bank account with them for free, while someone else was paying £50 a month? Can't say if this is true, I've just read it somewhere. When I asked them about this, they said I need to visit my local branch and speak to its manager.
    • SlovakianGuy
    • By SlovakianGuy 8th Jan 19, 12:14 PM
    • 86 Posts
    • 26 Thanks
    SlovakianGuy
    Not sure how you'd find online/mobile banking outdated, it's not like you're writing to them.

    It has all the features that I've ever needed and is more secure than most other online banking systems, perhaps the black and white look is a bit old fashioned if you don't like monochrome.

    Originally posted by scaredofdebt

    In my opinion, most UK banks DO NOT have all the features I need or like. I only realised that when I opened Starling and Monzo. It looked like they are both at least 10 years ahead of classic banks. The only major drawback to me is, that they are both app-only, which means, you are limited to smarphones and can't manage anything on a normal computer or laptop.

    So what is the difference? For example, both are visually appealing. Both show you small icons next to each payment. If you buy something in Lidl, you see small Lidl logo, if you pay for parking, you see your city council's logo, etc.
    With Starling, when you're sending money, you can see your remaining balance changing as you are typing in the amount you're going to send. For example, your balance is £350 and you're going to send £50 somewhere. As you type "5", your balance immediately shows as £345 and as you type the whole "50", it shows £300. That's what your remaining balance will be after you click the Send button. This is really nice.
    Monzo shows you all details of the person who just sent you money. You can see sort code and account number and next to that bank details you have a button "Send money" so you don't have to type those details anywhere if you want to send money back, just click on Send. You also see History with that person, how many payments they sent to you in total. Click on it and you see them all.


    Of course, you can see payment references below all payments without the need of clicking on the payment to see more details. That's really nice.



    Both Monzo and Starling show you not just a date but also the time of the payment. This is not something very important, but why not to have it if you can? Sometimes I'd like to know when exactly I sent some money somewhere, or when someone sent it to me. It can be useful if you know what time exactly it was when you made payment somewhere.


    You can hear and see payments instantly when you receive or send any money. My Tesco bank account always takes at least 5 minutes until they show anything. And I still need to open the app and check it manually.



    Also, instant freezing and unfreezing your debit card is great! If you lose it, or just not sure where it is, just open the app and click "Freeze". When you freeze it in Monzo, a new button shows up "Order a replacement card" or something like that. When you unfreeze the card, the Order button disappears and you card is functional in a second.


    It's many smaller or bigger thins that make it so amazing. I can't even recall everything, but when I saw it for the first time I was really impressed.
    Most people don't realise how horrible their online banking is. For example, my Nationwide doesn't show any payment references. That's unbelievable. But otherwise their online banking is relatively good. Most people just say "It works fine" or "I'm OK with it" so there is no real pressure on banks to improve it.
    • aj23
    • By aj23 8th Jan 19, 2:51 PM
    • 942 Posts
    • 296 Thanks
    aj23
    Monzo and Starling being App only I think is a huge drawback and isn't forward thinking at all. People are getting bored of all app stuff. It's novelty. It can also go wrong, and if access is only on app, no computer or branch, then that could be a serious issue.

    It's also not forward thinking when you have a problem and all you want to do is speak to a physical person face to face to solve it.
    • JuicyJesus
    • By JuicyJesus 8th Jan 19, 3:02 PM
    • 3,387 Posts
    • 3,808 Thanks
    JuicyJesus
    Monzo and Starling being App only I think is a huge drawback and isn't forward thinking at all. People are getting bored of all app stuff. It's novelty.
    Originally posted by aj23
    Not really. Most things are going that way and the "novelty", assuming it is such, has been around and steadily getting more popular for over ten years.

    It can also go wrong, and if access is only on app, no computer or branch, then that could be a serious issue.
    Starling and Monzo both have telephone support, Monzo in particular has some limited access through a computer. Realistically if your high street bank's computer systems go down then your bank not being app-based doesn't do you much more harm compared to, say, when RBS' systems do.

    It's also not forward thinking when you have a problem and all you want to do is speak to a physical person face to face to solve it.
    If you don't want that then don't go for an app-based bank then. The choice is yours.
    urs sinserly,
    ~~joosy jeezus~~
    • aj23
    • By aj23 8th Jan 19, 3:20 PM
    • 942 Posts
    • 296 Thanks
    aj23
    Not really. App based is a tiny, tiny section of the market. You can do exactly the same things with high street banks who have apps and online.

    I haven't gone for it. I'm just saying that there are also big risks with app banking. Like with anything, but even more so when you access options are so limited.
    • Butch_Dingle
    • By Butch_Dingle 8th Jan 19, 4:54 PM
    • 88 Posts
    • 64 Thanks
    Butch_Dingle
    Starling and Monzo both have telephone support,
    Originally posted by JuicyJesus
    Based on my own experience, Starling's phone support is only available during the quiet day time hours. If you try to call them during the busy evening period, they'll ask you to leave a message or try again later on They don't even bother replying to chat messages during busy times. They're ok as a backup bank or for overseas spending but no way on earth would I use them as my main bank.
    Last edited by Butch_Dingle; 08-01-2019 at 5:02 PM.
    • SlovakianGuy
    • By SlovakianGuy 8th Jan 19, 8:08 PM
    • 86 Posts
    • 26 Thanks
    SlovakianGuy
    They both advertise it is something cool "Your app-only bank!" but the fact is, they offer less than other banks which also have their own mobile apps.



    Like I said, both apps are great, but I really miss classic online banking. If it looked the same as those app, but on a huge screen with precise controls (mouse cursor instead of finger) that would be awesome.
    • SlovakianGuy
    • By SlovakianGuy 8th Jan 19, 8:17 PM
    • 86 Posts
    • 26 Thanks
    SlovakianGuy
    Not really. Most things are going that way and the "novelty", assuming it is such, has been around and steadily getting more popular for over ten years.
    Originally posted by JuicyJesus
    Not sure about "getting more popular". People are getting tired of all the apps. Every sane person realises that it's not good to have absolutely everything in just one device. Even locking/unlocking your car with mobile app, as some car makes want to do. WTF...

    Starling and Monzo both have telephone support, Monzo in particular has some limited access through a computer. Realistically if your high street bank's computer systems go down then your bank not being app-based doesn't do you much more harm compared to, say, when RBS' systems do.
    Originally posted by JuicyJesus
    From real life: I can't use smartphone at my work, we don't even have a good signal there, so I leave my phone in my car. But we have normal PCs at work which I can use during my break. Once I wanted to send money to my colleague, but oooops I can't do anything on computer. My bank is app-only.
    If you don't have your own phone with you, you can do nothing. With normal bank, you need ANY computer with internet and you can log in to your account whenever and wherever. That was when I realised how lame is anything that is app-only.
    • ccdorset
    • By ccdorset 8th Jan 19, 10:34 PM
    • 118 Posts
    • 10 Thanks
    ccdorset
    Do you only have one bank? If you have multiple current accounts in multiple banks, you can keep 1 or 2 account to keep things stable, while switch the others to get bonuses. That's what I've been doing.
    Originally posted by SlovakianGuy
    I have 2 current accounts at the moment, one with Halifax and the other with Nationwide. My salary goes into the Halifax and all bills come out of there. I transfer £1000 a month to Nationwide to get the 5% on the Flex Direct account and have £250 going into a regular saver at 5%. That is due to mature in June and the 5% on the current account will drop to 1%, so I could look to switch the Nationwide account then and make use of a switcher offer.
    • myth123
    • By myth123 9th Jan 19, 6:07 PM
    • 291 Posts
    • 899 Thanks
    myth123
    I have both and use FD as my main bank account. If I didn't have FD as my main banking I wouldn't choose HSBC for it, I'd probably move my main banking to Nationwide.
    • ccdorset
    • By ccdorset 10th Jan 19, 7:11 PM
    • 118 Posts
    • 10 Thanks
    ccdorset
    I have both and use FD as my main bank account. If I didn't have FD as my main banking I wouldn't choose HSBC for it, I'd probably move my main banking to Nationwide.
    Originally posted by myth123
    Yes I havenít had any issues with Nationwide. Not sure whether iíll stick with them when the rate goes down to 1% on the current account though or look for something better.
    • Oliver99UK
    • By Oliver99UK 12th Jan 19, 7:10 PM
    • 8 Posts
    • 5 Thanks
    Oliver99UK
    HSBC has better looking online/app banking, but First Directís offers all the same functionality.

    Ringing and not hearing a robot, or going through to Mumbai is such a relief, FDs service is great.
    Normally though, I might go more than a year before I ever need to ring my bank.

    The only thing Iíd mention is if youíre a HSBC Advance customer you go through to a dedicated UK call centre, so if phone support is important to you, that may sway you. HSBC were also great with me when I was in financial difficulty.
    • No_6
    • By No_6 12th Jan 19, 9:15 PM
    • 725 Posts
    • 146 Thanks
    No_6
    Just go for both and move money around...
    who looks at a better online account site / app banking .

    it's what YOU get from using them
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