Handelsbanken - the Swedish model

[Elphinstone's Army]

Does anyone know anything about this bank, nearest branch in Borough High Street,

personal experience, anecdotal, friend of a friend? and happy to impart the information?

Please/thank you.

[Lowlander]

Branch managers have autonomy, so can extend credit and generally help out (e.g. mortgages for self-employed) a lot more than British banks. For instance they will generally be alerted to a customer going overdrawn and make the decision whether to allow a direct debit or other payment to be bounced or paid.

I think it varies from branch to branch, but you have to have an income of at least ?100k to be granted an account, and they will want to look after all your savings / mortgages too.

From what I've heard customers are generally very happy. It's a bank suited towards those who are time-poor and not very good with managing their financial affairs as the staff are very good at looking after customers as individuals.

The downsides are of course the income threshold, and the charges/interest rates may not be as good as competitors.

[Loz]

You won't be covered by the UK deposit guarantee, so if it goes bust you would be reliant on the Swedish government scheme paying out to foreign depositors. And you might remember what the Icelandic government did (or didn't do) when their banks went belly up.

[Beej]

They have been a God send for our small business, in fact i wrote a short blog about them... http://blog.wbc.co.uk/2012/06/finding-the-right-bank-for-your-small-business/ and a number of our staff now have mortgages with them.

I like their principles, for example in terms of supporting businesses they work on what they call the ?church spire? principle. The metaphorical principle that believes you need to be able to see your customers from the church spire, meaning they need to be local businesses. Music to our ears and much more personal relationship with the branch manager.

[Elphinstone's Army]

hello thank you all for your shrewd and well considered comments.

I will no longer tolerate the Gallic shrug offered by Lloyds in LL

nor their contemptuous air, but I do not believe this Swedish bank is my panacea.

thank you all for guiding me toward the ' if it sounds too good to be true it probablY is ' truism.

sigh Off to the Nationwide we go.

[Loz]

Nationwide aren't bad. They used to be much better, though. Gone downhill a little in the last 5 years or so.

Depending on what you want, for standard banking stuff I'd recommend either Metrobank or First Direct. Both are really quite good.

It's hard to believe FD are the same company as the awful HSBC.

[Beej]

Lowlander Wrote:

-------------------------------------------------------

It's a bank suited towards those who are

> time-poor and not very good with managing their

> financial affairs as the staff are very good at

> looking after customers as individuals.

Not at all sure how you derive that, from that. 😳

[Sue]

Loz Wrote:

-------------------------------------------------------

>

> Depending on what you want, for standard banking

> stuff I'd recommend either Metrobank or First

> Direct. Both are really quite good.

>

I've been with First Direct for years, and yes they are good but there has been a noticeable increase lately in the time you have to wait if you are phoning them.

I think they must have cut down their staff. Obviously they don't need so many people now so much banking is done online, but I think they may have gone too far.

I do almost all my banking online, but sometimes it is necessary to phone. At least the calls are free .....

HSBC closing in Lordship Lane has been an absolute pain as now if I have stuff to pay in I have to queue at the Post Office :(

[Lowlander]

Beej Wrote:

-------------------------------------------------------

> Lowlander Wrote:

> --------------------------------------------------

> -----

> It's a bank suited towards those who are

> > time-poor and not very good with managing their

> > financial affairs as the staff are very good at

> > looking after customers as individuals.

>

> Not at all sure how you derive that, from that.

> 😳

Perhaps my wording is a little clumsy. What I mean is that many people are good at managing a business and earning a high income, yet do not possess the time, expertise or inclination to manage that income in the most effective way.

Conversely, many people have a low income, and manage it exceptionally well.

Handelsbanken is geared towards people who are in the former group. If you find yourself considering them, that is one indication that they may be a good match.

[midivydale]

handelsbanken has been rated one of the worlds strongest banks by Bloomberg. To compare its financial strength and sustainability to that of Icelandic banks would be inaccurate. Each branch has autonomy to make their own lending decisions and as such it is a myth that you need a minimum wage and or deposit to be a customer. The nearest branch for most EDF users would be London Bridge. The individual banking manager and branch manager there are both excellent.