Bank with Lloyds, Halifax or Bank of Scotland? Fun GDPR issues today.

Change your bank, can't labour this point enough, get away from the high street banks and the shit tech they use

charlton4ever said:

Rothko said:

Change your bank, can't labour this point enough, get away from the high street banks and the shit tech they use

to where Rothko ? 

Personally, I would say Monzo, who I've banked with for 6 years with zero problems, but there are also decent options with Starling, and when Revolut offer bank accounts from next week. 

Rothko said:

charlton4ever said:

Rothko said:

Change your bank, can't labour this point enough, get away from the high street banks and the shit tech they use

to where Rothko ? 

Personally, I would say Monzo, who I've banked with for 6 years with zero problems, but there are also decent options with Starling, and when Revolut offer bank accounts from next week. 

Monzo's tech might be better/more robust/etc than the old banks but good luck dealing with them if some scamming arsemongrel does you out of a few quid.  Monzo, along with Revolut, pretty much stick to the "your problem, nothing to do with us and poke your refund claim" attitude when their customers report fraud.
I'll risk the occasional inconvenience of HSBC group's creaky tech cos when the scammers scam, and they do, HSBC have always coughed up within days on little more than my say so that I'd not knowingly done anything daft and reported the activity as soon as I spotted it - they beat me to it once.  Naff all chance of that happening with Monzo.
A bunch of my nephew's university mates started out with Monzo, cos the phone app was sweeter.  They've all binned them off cos Monzo told them all to get stuffed when the inevitable dodgy transactions showed up.

Rothko said:

Change your bank, can't labour this point enough, get away from the high street banks and the shit tech they use

Nationwide knock spots off any high street bank you can name. There's no coincidence I've been with them for thirty years and I'm paranoid AF.

Not technically a 'bank' though, I guess, as still a building society.

And, as mentioned above, the customer service of 'challenger banks' is fucking appalling. 

Those numbers are heavily skewed towards people who have grown up in an app first era, and willing to put up with shite customer service as a result. As a survey it is deeply flawed, because in order to grade your service you already have to be a customer of it. 

I used to be Starling only until I needed to withdraw a large sum one day and had no facility to do so. Now I have Nationwide as well, both banks are very good.

Off_it said:

Starling are great ........ especially if you're as dodgy as fuck and can't open a legit account anywhere else!

https://www.fca.org.uk/news/press-releases/fca-fines-starling-bank-failings-financial-crime-systems-and-controls

My guess, and it is only a guess, is that is why Starling's Euro account offering became "unavailable" for a couple of years. It's now back.

But they have a long way to go to match Barclays record. 12 fines totalling in excess of £570mn.

BTW, Halifax doesn't exist as a Bank. It's merely a trading name of Bank of Scotland which itself is owned by Lloyds Group.

Rothko said:

Leroy Ambrose said:

Rothko said:

Change your bank, can't labour this point enough, get away from the high street banks and the shit tech they use

Nationwide knock spots off any high street bank you can name. There's no coincidence I've been with them for thirty years and I'm paranoid AF.

Not technically a 'bank' though, I guess, as still a building society.

And, as mentioned above, the customer service of 'challenger banks' is fucking appalling. 

The independent bank customer statisfaction numbers then not to agree with the anecdata 

Starling another flashy bunch of chancers
One client of mine has a Starling business current account "cos it is cheap and the application took seconds"
Periodically, transactions disappear from the account history, some of them reappear, some don't.
We know this cos his bank account feeds to his accounting system and it has never reconciled in the 4 years he's been using it.  Client gets the square root of fuck all response when he pursues it with Starling.

Rothko said:

Change your bank, can't labour this point enough, get away from the high street banks and the shit tech they use

Why?

If people are happy where they are and nothing goes wrong then why change? Does having a Monzo account mean you have more money? No. Just a flashy app. Whoopee do. A pound is still a pound.

Off_it said:

Rothko said:

Change your bank, can't labour this point enough, get away from the high street banks and the shit tech they use

Why?

If people are happy where they are and nothing goes wrong then why change? Does having a Monzo account mean you have more money? No. Just a flashy app. Whoopee do. A pound is still a pound.

No, a pound is not a pound. Inflation and tax on interest takes care of that. So, as an example, a Monzo instant access savings account will pay you 3.25% interest; the Barclays equivalent product 1%.  Why would you put up with an inferior product that costs you money?

cafcfan said:

Covered End said:

If you want your money stolen and not refunded switch to Monzo asap.

Top & Bottom UK Banks for Fraud Refunds (2024 Data)

According to Which? analysis of PSR data from January to 7 October 2024, here is how the largest banking groups performed regarding the proportion of money lost that was reimbursed: 

www.which.co.uk +1

Banking Group	% Losses Reimbursed 2024 (approx)
Nationwide	85%
TSB	80%
Barclays	77%
NatWest, RBS, Ulster Bank	75%
Santander	73%
Metro Bank	70%
HSBC, First Direct	68%
Clydesdale, Virgin Money	67%
Co-operative Bank	62%
Starling	55%
Lloyds, Bank of Scotland, Halifax	49%
AIB	31%
Monzo	25%
Danske Bank	24%

Well, there's two things about that. First, interesting to see the useless twonks at Which? using ancient data and coincidently using a cut-off date - October 2024 - when the Authorised Push Payment fraud reimbursements became mandatory! So I would expect to see better data from 2025 onwards.

Second, Monzo, for example, are very good at sending red flashing "are you sure this is not a scam warnings" on the App.  If people choose to ignore those warnings it really should be down to them.  (BTW I do have some sympathy with the banks - and therefore us - having to pay out to people that take no care of their own money.)

'These surveys don't support my feels, so I'm just going to ignore them' 

K

Leroy Ambrose said:

cafcfan said:

Covered End said:

If you want your money stolen and not refunded switch to Monzo asap.

Top & Bottom UK Banks for Fraud Refunds (2024 Data)

According to Which? analysis of PSR data from January to 7 October 2024, here is how the largest banking groups performed regarding the proportion of money lost that was reimbursed: 

www.which.co.uk +1

Banking Group	% Losses Reimbursed 2024 (approx)
Nationwide	85%
TSB	80%
Barclays	77%
NatWest, RBS, Ulster Bank	75%
Santander	73%
Metro Bank	70%
HSBC, First Direct	68%
Clydesdale, Virgin Money	67%
Co-operative Bank	62%
Starling	55%
Lloyds, Bank of Scotland, Halifax	49%
AIB	31%
Monzo	25%
Danske Bank	24%

Well, there's two things about that. First, interesting to see the useless twonks at Which? using ancient data and coincidently using a cut-off date - October 2024 - when the Authorised Push Payment fraud reimbursements became mandatory! So I would expect to see better data from 2025 onwards.

Second, Monzo, for example, are very good at sending red flashing "are you sure this is not a scam warnings" on the App.  If people choose to ignore those warnings it really should be down to them.  (BTW I do have some sympathy with the banks - and therefore us - having to pay out to people that take no care of their own money.)

'These surveys don't support my feels, so I'm just going to ignore them' 

K

Well, it's very easy to ignore surveys when (a) they come from Which? whose main interest is selling subscriptions and whose material is usually utterly useless; (b) are out of date and take no account of a change in regulations which are going to alter this data set completely after October 2024;  and (c) they totally avoid explaining the underlying reasons for the vast differences from top to bottom.

cafcfan said:

Off_it said:

Rothko said:

Change your bank, can't labour this point enough, get away from the high street banks and the shit tech they use

Why?

If people are happy where they are and nothing goes wrong then why change? Does having a Monzo account mean you have more money? No. Just a flashy app. Whoopee do. A pound is still a pound.

No, a pound is not a pound. Inflation and tax on interest takes care of that. So, as an example, a Monzo instant access savings account will pay you 3.25% interest; the Barclays equivalent product 1%.  Why would you put up with an inferior product that costs you money?

Bit disingenuous that isn't it. 

You have compared the Monzo paid for account (£7 pcm with Monzo perks) with the Barclays free account.

If you compare their two paid for accounts then Monzo pays 3.25% as you say, and Barclays pays 3.96% (and have a better credit rating so your money is safer).

Now which is the inferior product?  

Someone like Raisin are great as a savings account aggregator only, if you just want to chase the best rate.

Fair enough, then I apologize for my post earlier which was unnecessarily harsh.

That said, if it's better savings rates, then Raisin (or similar) is the way to go imo.  There are about 20 accounts on there paying more than 3.25% instant.