Is it just me who has had bad luck with the banks...?

[Lizziedjango]

Not only was I one of the unlucky Icesavers who lost (albeit temporarily) their savings to this internet bank (Ok, so I am meant to get it back by the end of the month but even so it has been a stressful time), but I now see that Citibank (which I have my current account with) is having serious problems and had to be 'bailed out' again by the US government over the weekend.

Don't come to me for financial advice. Lol.

I am seriously thinking I should close my Citibank account...but where should I transfer my meagre assets to - (apart from under the mattress...although that is becoming a more enticing option as the days go on). Anyone got any advice? I have got to do something with the Icesave money once that is returned too!

[Keef]

See missed a tracker mortgage by a day, and are now stuck with a 6.59 fixed rate! Not happy.

[giggirl]

I've had my current account with First Direct for about 15 years and I've never had cause for complaint. I would recommend them highly. I also have savings with FD but nothing substantial. I save with ICICI Bank - http://www.icicibank.co.uk/ - because the rates are good but, I must admit, after the Iceland scare I moved a lot of money around so that I no longer keep too much in one place.

[Lizziedjango]

Well Keef, that is bad luck. Happily I DO have a tracker mortgage!!

Giggirl, I am personally shying away from those banks which offer high interest rates AND are foreign...like ICICI. Once bitten twice shy, as they say.

I am thinking of going back to HSBC - owner of First Direct - is there any REAL difference between being with HSBC or First Direct? HSBC seem to be the one bank which has emerged relatively unscathed by all the financial troubles.

[SteveT]

Keef, you have done magnificently compared to what Barclay's are getting embroiled in, a 15%pa on a 7 billion loan.

What would the repayments amount too per annum????

I am tempted to move my account.

If they offered me only 10% I would put all my assets with them, but we the customers are not asked.

How do these useless creeps get into the position of absolute power?

[giggirl]

Lizziedjango Wrote:

>

> Giggirl, I am personally shying away from those

> banks which offer high interest rates AND are

> foreign...like ICICI. Once bitten twice shy, as

> they say.

>

I completely understand. Have a look at the Martin Lewis website. I find the forums particularly helpful. I always check this website before making any financial decisions - whether changing electricity supplier or buying travel insurance. It's one of the few websites that doesn't have advertising /sponsorship deals so it's completely impartial.

http://www.moneysavingexpert.com/

[Jeremy]

I would think Citibank is fairly safe, surely the US government won't let them fail.

But if you don't trust the banks, and you don't need to access your money for a while, perhaps you could put it in government bonds?

[Lizziedjango]

Thanks gigirl. I do get Martin's moenysavingexpert emails - but didn't see anything of any consequence about Citibank. i will have another look.

Thanks Jeremy. You are probably right about Citibank, but in this climate, who knows?! Gilts and bonds seem to be a reasonable bet.

[indiepanda]

Lizziedjango Wrote:

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

> I am thinking of going back to HSBC - owner of

> First Direct - is there any REAL difference

> between being with HSBC or First Direct? HSBC seem

> to be the one bank which has emerged relatively

> unscathed by all the financial troubles.

I think from a financial perspective First Direct are part of HSBC so should be every bit as safe, but from a customer service point of view First Direct is almost universally loved by all it's customers and HSBC is much the same as the rest of the big 4, i.e. so-so at best.

I've been with First Direct for 14 years and would really recommend them. You can still use HSBC counter services, their website is good and their 24x7 phone banking is fabulous - no IVR menus - generally straight through to a human, and if not the on hold music isn't annoying.

Only downside I can see is that they require a minimum monthly deposit of ?1500 or you have to pay a ?10 fee for banking with them. But if that isn't an issue I would definately recommend you give them a try - they are even offering a ?100 back if you give them a try for 6 months and decide to leave.

http://www.firstdirect.com/press/releases/release155.shtml

[????]

Go on a price compasrison site, find the best rate of a UK backed bank, sorted....

[matthew123]

I use Citibank and have no qualms. You can transfer to another Bank but chances are you'll be moving your assets to a less stable environment.

[Lizziedjango]

Thanks for that matthew. Also indiepanda, thanks for the first direct recommendation....!!

[sanity girl]

If you like internet banking, then I recommend cahoot(part of Abbey National) I have used them for years and am really pleased with the service. No monthly charge, and they offer a ?100 interest free overdraft for all account holders. The site is blissfully easy to use and they were winner of the Which? Award 2008 for Best current account provider

[dita-on-tees]

I banked with citibank when I lived in Brussels, they were the only bank that would give me an account as their checks were less than rigorous... got rid of them as soon as I moved back to the UK as the service is shocking. Barclays recently took over an old credit card I have - good grief I never though paying off a ?15 bill from a DD I am too lazy to switch, would be such an ordeal..... In general. I only bank with mutuals as they are not hostage to the fickle fortunes from having shareholders and have restrictions on how they fund themselves. If size matters then nationwide are big and pretty good. Their current account pays reasonable interest - it doesnt have the best rates in the market - but high interest rates sometimes mean higher risk. Their call center staff are good 95% of the time and you can draw money out abroad commission free. If a mutual doesnt float your boat, then Abbey are much better these days - Santander has some really good customer policies which they are *starting* to implement over here. Cahoot does have a decent reputation with consumers

be careful of price comparison sites - firms pay to be on them so you dont see the whole of the market (particularly insurance websites).

hope everything works smoothly with the return of funds from the Icelandic bank

[AcedOut]

On the subject of Icelandic banks, I had to wait 1.5 months to get a reasonable sum of cash back from Kaupting Edge. And now I'm waiting for my interest payment!

Citigroup will be fine, but there are better banks out there if you did want to change. Personally, I'm with Nationwide, as I'd rather be with a mutual. If you do any amount of travelling, then they are really the best option for reasons already mentioned.

[????]

"Comparison sites don't have thw whole of market"...so what, that's not the point,they have enough...what's the alternative phone up every provider in the UK and ask what their current rate is? lol

You're best bet is to go on 1, 2 or 3 (if you can be bothered)price Comparison Sites and look for the best rate and choose that...you're safe with a UK registered bank unless you've got ?50K plus of savings anyway..and I think you're talking about savings rather than a current account anyway...anyone who keeps any extra cash in a CA is financially a bit dim anyway....if you haven't used up your allowance stick up to ?3,300 in a Cash ISA and you won't pay tax on any interest...

[????]

toooo many "anyways"

[Sue]

Can't recommend First Direct highly enough, I've been with them for years and they've been absolutely brilliant in absolutely every respect. I also have an offset mortgage with them which I've been very happy with.

Also second Martin Lewis's website, I think it's MoneySavingExpert.com but there is one with a similar name so make sure you go to his. His financial newsletters are also excellent.

I personally wouldn't stay with any bank where there was the slightest hint there was anything likely to go wrong, but then I'm not a risktaker ....

[ChavWivaLawDegree]

I use my co-operative bank and Nationwide to save and they seem fine so far. I wouldn't trust the greedy big mainstream banks.

[????]

To answer this more generically - No, we've all had bad luck with the banks it's the main reason our economy is f*cked

[Tony.London Suburbs]

All I know is that when I owed the HSBC ?10,000 and when on other occassions they owed me the same amount of money the interest they received was 50 FIFTY times more .....