Current account swap.
- Thread starter ronk
- Start date
I moved to coop for £125 then to first direct for £125 then to Halifax for £100 and then to M&S for £100 voucher. - all in less than 24 months 
I work for a bank
Coop has a really good phone app similar to Nat west but not all the features
Nat West has the best phone app (I am with them now no incentives to swap)
Halifax phone app is ok nothing special.
M&S never used their services just took the voucher and ran (they are run by HSBC same as first direct)
First direct - I had heard so much about their great customer service - their phone app is so clunky and the worst I have used - there was nothing that I was impressed about
Never used Santander but their 321 looks really good - however the fact that they are voted worst bank for customer service by which magazine stops me ever moving to them
I banked with Barclays for a number of years their online was ahead of the game but this was about 5/6 years ago.
I guess you need to consider why does a bank need to offer and incentive for you to join? - to gain market share or because you wouldn't join them otherwise
I work for a bank
Coop has a really good phone app similar to Nat west but not all the features
Nat West has the best phone app (I am with them now no incentives to swap)
Halifax phone app is ok nothing special.
M&S never used their services just took the voucher and ran (they are run by HSBC same as first direct)
First direct - I had heard so much about their great customer service - their phone app is so clunky and the worst I have used - there was nothing that I was impressed about
Never used Santander but their 321 looks really good - however the fact that they are voted worst bank for customer service by which magazine stops me ever moving to them
I banked with Barclays for a number of years their online was ahead of the game but this was about 5/6 years ago.
I guess you need to consider why does a bank need to offer and incentive for you to join? - to gain market share or because you wouldn't join them otherwise
I've probably stuck with Barclays as their a mainstream so feel my money is safe with them but then I'm with Britannia/Coop with my main savings/Cash Isas and I do think sometimes with all the probs they've had. I've got a multitude of Direct Debits with Barclays which is probably why I've never switched due to the faff. If the all the Direct Debit switches could be done online then the incentive is there for me.
Tim.
Tim.
TitanTim said:
They tell me that they do the swap the whole account activity lock, stock and barrel - they guarantee it for - 13 months or more so they should catch all.
There's a few hundred quid a year in it for me and the 3% on cash is better than Barclays cash isa so just leave a lump of cash in the current account! I can see that we will have separate current accounts for the first time in 38 years of marriage at this rate !
My insight for what it's worth being as I work in retail banking across all of Europe and happen to run and operate current accounts at 5 major banks (I also have PoA over other people's accounts so use many).
Few people really move a/c's due to inertia (it's easier to stay where you are)
Most who do move is following an incident (returned item, excess fee, etc.)
The deals don't make much difference in the real world - credit interest on a current account is worth a free coffee each month
To me the deciders these days are internet and mobile service. Branch and tele banking are dead. Second decider is free banking or a premium packaged service ( do you want cheap or are you prepared to pay to get a raft of benefits)
Basic product is near identical in all banks, money is safe in all and so on
Barclays is the best I've used and has a really slick mobile app (you can see current, mortgage, credit cards all on one app) Things like iPhone pin identification makes it slick)
Halifax is pretty good, but too much texting back and forth to confirm transactions
HSBC is archaic and still uses a mini keypad. Real pita
Lloyds is OK, but not a leader
OK - so we all have preferences but transacting is a given.
My decider is can I do all and any banking from an airport lounge on a phone with nothing else - Barclays wins in the UK
As a final comment - try banking in most other EU countries then you'll know what charges on the account are all about :thumbsdown:
Few people really move a/c's due to inertia (it's easier to stay where you are)
Most who do move is following an incident (returned item, excess fee, etc.)
The deals don't make much difference in the real world - credit interest on a current account is worth a free coffee each month
To me the deciders these days are internet and mobile service. Branch and tele banking are dead. Second decider is free banking or a premium packaged service ( do you want cheap or are you prepared to pay to get a raft of benefits)
Basic product is near identical in all banks, money is safe in all and so on
Barclays is the best I've used and has a really slick mobile app (you can see current, mortgage, credit cards all on one app) Things like iPhone pin identification makes it slick)
Halifax is pretty good, but too much texting back and forth to confirm transactions
HSBC is archaic and still uses a mini keypad. Real pita
Lloyds is OK, but not a leader
OK - so we all have preferences but transacting is a given.
My decider is can I do all and any banking from an airport lounge on a phone with nothing else - Barclays wins in the UK
As a final comment - try banking in most other EU countries then you'll know what charges on the account are all about :thumbsdown:
ronk said:Thanks for that info Cj - all opinions are appreciated and I'm now in a real dilemma !
Easy - back to your OP - what does Santander offer that is of sufficient value to end a 50 year Barclays relationship?
Will you keep more than £2k in the account all year and earn 2% to counter the £24 account fee? That way you make £16/annum...
(I know Santander from working with then in the UK & Spain. Expanding bank built from the fragmented remains of several building societies and in 'land grab' mode is all I'll post online)
I think another consideration for me as jeeper suggested is how good other bankings mobile service is which I've no idea with Santander and others etc. I find Barclays very good as I've also a Barclaycard Visa a quick login on my mobile app gives me my banking current account and credit card expenditure in parallel which I find very useful, their mobile app is very user friendly and can transfer money etc easily on the move. I don't fancy moving to another bank and then finding I'm getting a few quid a month interest but their actual banking experience is worse or less convienient :?
Tim.
Tim.
Usa
ronk said:
It's soooo safe. You've more chance of having your pin compromised getting cash out of an ATM.
Bradders75
Senior member
cj10jeeper said:
You've also got to consider the 123 cash back aspect. I earn £8(ish) per month on these alone for bills I have to pay every month so I'm £6/month up even after the fee. Couple this with £40/month interest after tax abc and it was goodbye Barclays.
Bradders75 said:
That's why one size doesn't fit all. If you keep money on account, use the cash back then you can make a few £'s. Fact is the pricing model is based around people keeping just a few £'s in the account, taking a credit card and more importantly taking a mortgage or loans.
Most start with great intentions and are soon laying the bank well - thankfulky, else I'd be outbid work
I'm with Natwest, i'd not really consider moving to anyone other than firstdirect based on reputation. I love my Natwest banking app/online too much to move though, plus they've cleaned up their act massively in the last few years.
If if means anything, my friend moved from Barclays to Santander 3 years ago, moved on 6 months later as it was painful, annoying and not worth the £100 they wanted to give him for it. He's now with Lloyds iirc.
If if means anything, my friend moved from Barclays to Santander 3 years ago, moved on 6 months later as it was painful, annoying and not worth the £100 they wanted to give him for it. He's now with Lloyds iirc.