Current Account recommendations

[Whenwillglorioussummercome]

I need a new current account and would be interested in recommendations.

I know a few offer incentives to open a new account, which would be nice. But I’m probably more interested in customer service, useful features, and an ethical bank would be good. I’d love to avoid clunky processes for payments/authorisations.

chase, their linked savings account pays a very good rate as well

We have a joint Flexplus account that we use for all household expenditure. I think they’re great and would highly recommend them. I’ve always found them to be helpful and responsive and their Flexplus insurance has been massively useful over the years, especially during Covid.

I have a First Direct current account that my salary goes into and which I use for my own personal spends. I’m afraid I’ve yet to experience their supposedly amazing customer service. A few years ago, they randomly decided to send my new debit card and pin to our old address despite having our new address for 4 years! When I complained, they couldn’t care less and worst did it again! Thank God the people who bought our old house are honest decent people else I dread to think what might have happened. The only reason I’m still with them is because of the 7% regular saver but after the year is up, I will probably move.

By contrast the one and only time NW messed up (they put us on the wrong rate when we renewed our mortgage deal) they apologised and fixed it within 24hrs. They also gave us £300 in compensation and I dealt with the same wonderful and helpful chap throughout.

I recently opened a Chase account which I intended to use for travel especially in the US. I’ve been hugely impressed so far, they give cash back on day to spend and they’ve just written today to say they’re raising their savings rate. Their app is super easy to use too. I’m seriously considering making it my main current account in place of FD.

Sorry forgot to add that Flexplus account is with Nationwide

Yeah... They're nothing like that any more.

Added to that their pay new person process is infuriating and you can only search 3 months of statements, older than that and you have to download month by month pdfs.

Can you make it a main account? I had trouble at work as they don't have an IBAN number and swift code (although they may have as info stated they do and don't) due to being American.

I got the impression it was not a real bank account but more like a prepaid card. Assume that means no direct debits?

I have used it to get cash out so know I can do that.

Nationwide is good.

When did it change?

IF used to have a UK call centre and now they don’t. The line quality is appalling so I end up having to shout and repeat my security stuff endlessly. It’s been a bit of a final straw.

I don't know. I went with them because mum raved about them for years, but she died three years ago so I can't ask her.

We joined a year and a half ago. I really didn't expect to need three 45 minute long phone calls to set up the account, internet banking then telephone banking. Yes the call centre was UK but they have a LOT of scripts to talk you through.

As soon as we can find one with a decent app and switch bonus, I am off. It's ridiculous having to download PDFs when I just want to check my OH's pay a year ago, nine months ago (tax code keeps changing).

We almost left straight away, but didn't want a bank change a month after joining on our credit reports due to a potential house purchase.

Mum always said their phone service was superb, but I never heard her on calls for 45 minute long stretches.

I had been with Clydesdale for over 30 years until they were taken over by Virgin. When that happened it was absolutely impossible to be able to speak to anyone on the phone.
I move to First Direct and so far I'm very impressed. Calls are answered within a couple of minutes. UK personnel. Helpful, friendly, intelligent.

I agree totally. They now have voice recognition so even less hassle to be able to speak to someone. They know it's me when I start speaking. Very professional set up.

Chase are most definitely a ‘real’ bank, JP Morgan Chase has been around for over 200 years! They don’t have an IBAN because the US doesn’t participate in the system. However, I’m not planning on ever using it to transfer money abroad.

I have a debit card, current and savings account with them a you most certainly can set up direct debits. Deposits are protected by the FSCS same as other bank.

i'm with First direct they are good, really helpful with a scammer got my money back whole thing sorted in 3 hours
always a real person on the phone never kept waiting more than a minute very happy,as a current account and savings for things like a holiday or house insurance and Christmas, you can get better savings rates outside of big banks if you can leave money for a bit longer or are happy with limited withdrawals
always in top three in customer satisfaction surveys over 80% barclays and natwest are around 50%

@Intemperatefatty I said real bank account, not real bank. Something I read likened it to a prepaid cash card rather than a debit card which I found weird. I also read that about monzo which I also have no idea if true.

The IBAN is an issue because my company uses sap concur to pay back any expenses and GB procedure is that the given account must have an IBAN. I don't know if that is company policy or sap policy (assume company) but when I argued my case, they said no. Not a great policy either way in my opinion.

Well it seems to have all the trappings of a real bank account to me but I will look into
it.

I’ve actually done a few SAP Concur implementations in my line of work. Integration between Concur and Chase isn’t the issue, it’s actually pretty straight forward for US clients. The issue, as you point out is the differing banking regulations between UK and US. Would be exactly the same for any other US based bank that offered UK current accounts.

Who are IF?

It seems that way to me too so what I read doesn't make sense. It (if I haven't lost my mind) specifically said not like a normal bank account and is more a prepaid cash card like monzo and revolut. I want to dig the article back out now as it's bugging me.

Thank you for clarifying re sap concur. It's a little frustrating and I was surprised that operating in the UK doesn't provide the same regulations as a UK bank. It's very interesting.

@TakeMyStrongHand no worries. I would be interested in reading that article too if you do find it. Chase, Stirling, Monzo and Revolut are all digital only banks so I wonder if that might be behind it? A lot of people use these accounts for travel as they don’t charge foreign exchange fees. However, Chase, Monzo and Stirling all have UK banking licenses so can and do operate as proper banks, and your deposits are protected. Revolut on the other hand do not, so yes they are no more than a prepaid card in the eyes of UK law if something went wrong.

Intelligent Finance- part of the Lloyds Banking group. They’re closing all current accounts by the end of year; it’s not clear why. https://www.moneysavingexpert.com/news/2023/05/current-account-bank-closing-if-intelligent-finance/

We use Monzo for joint accounts. Love the app and the pots feature and never had any problems. I've contacted them a couple of times about stuff and they've replied quickly.

We have been with first direct for many years and have never had a problem that wasn't rapidly sorted by a human.
We also use a Santander 123 credit card for the cash back. No issues as such but getting help eg if locked out is a lot more difficult. One of my DC is with co-op and finds the lack of branches a nuisance; not sure if this would be an issue?

Another Nationwide here.
I try to find the most ethical banks, but also being practical go with what works among the more ethical.

Nationwide is on the more ethical lists and has been excellent for me. I have a current account and a savings account with them.

I have been with First Direct since they started up in 1989. I cannot fault them. I do all my banking online nowadays, but very occasionally I have to phone them and they are always helpful and competent. Never had a problem or a mistake in over 30 years.

I've been moving around over the last few years making the most out if switching.
Santander- I liked but I think their 123 is changing or stopping
Nationwide - I found worse, back to having a card reader to pay anything/anyone, can't try and pay someone on the run or easily.
Natwest - quick and easy switch, I had to call them for my account details but they wee excellent on the phone.
Starling - brilliant, easy bank, love the separate pots
Chase- really love this account, easy to use, clear, 1% cashback on spending, 3% savings and going up.

Nationwide are all rainbows and pronouns so I, personally, wouldn't go near them. They don't know what a woman is.

"Ethical" are you having a laugh. They are indoctrinated by Stonewall.