Gordo

I've been with VirginOne for ~10 years and love their online and telephone banking.

However, they are becoming difficult to deal with when wanting to move money into savings accounts - they want a letter for any amount over £10k, and won't accept faxes, scanned emails etc. This annoys me, as on top of their increasing fees for moving money (£25 a time) I then lose out on interest for the number of days it takes our hapless postal services (and the bank's admin) to deliver.

Apparently this is common across the RBS group (of which Virgin One is now part), which rules them out.

I also refuse to pay for any of the pretend 'premium' accounts as I believe they're a rip-off and a stealth approach to ultimately charging for banking. Banks make a lot of money on the arbitrage between the interest they pay you and the amount they earn lending your money out on the money markets.

Anyone recommend a bank that doesn't have slow security steps but also offers free banking in conjunction with decent telephone and on-line banking?

Thanks in advance!

Gordon

what would scooby do

LLoyds TSB has great on-line and telephone banking, you just need to check to see if they do "free" accounts.

PeteBrant

Smile.

Absolutely first class. Uk call centres. No charge for an account.

The other option would be First direct.

Basically its a choice between these two.

Gordo

First Direct pays 0% on credit balances and 2.75% on forex transactions - on top of their less than generous exchange rates. But do allow large payments with just a ring back (I called them to check).

Will look at Smile, Lloyds and Barclays (HSBC pretty uninspiring - they own First Direct) and report back.....

PeteBrant

Interest on current accounts is a complete and utter waste of time. If you have any amount of money that earns enough to make a decent amount of interest, then it shouldn't be in your current account in the first place.

I moved from Barclays to Smile. Best move I have mad ein a long time

Co operative Bank and Smile come up trumps in BBC Watchdog current accounts survey

Gordo

Smile is paying 2.27% - not a waste of time in my book (I always like to have a buffer in the current account to ride the monthly swings).

Barlays appear to be paying 3% on the same basis (AER) - on an account with a £36 annual fee, but no limit on the amount that the 3% interest is paid on (i.e. the delta is more than made up vs the Smile account if there's £5k in there).

The frustrating bit is finding out what the actual detailed terms are - I've given up on the Barclays site, and need to ring Smile to find out their forex rates and transfer limits. So much for a supposedly well regulated industry!

Gordo

PeteBrant

For smile its

0870 THEBANK

Amazingly you are put though to the same people whether you are opening a new account or want customer services.

Barclays were excellent at giving you clear English speaking people when you wanted to buy something form them, or put your money with them. Of course when you have an issue, you get put though to your local indian call centre

Luan Pra bang

abbey have 8 percent up to 2500 and a good onlie saving rate. they also give free business banking as well.

Spoon

Gordo, it depends on what clout you have. If you feel you can negotiate then try it. I have a premium manager with Natwest that I pay £0 a year for because that's the figure I told them I was going to pay.

Superb service, I've even had cash delivered to my home before now.

rik1471

I use and love SMILE.

jonc

I was with Smile, and they are quite good. However, I've moved to the current account offered by Coventry Building Society. They offer 5.6% on balances from £1 up to £250,000 but you must fund the account with at least £1000 per month. You do get online/telephone banking, free banking when in credit and £250 free overdraft.