Reply to: Latest thinking on business banking

[ladymuck]

FTFY

GPWM

[Lance]

Some would say laziness. I suspect that, unless a spouse really pisses you off, what is the point of changing? If they just do what they're meant to do, there's no incentive to switch.

FTFY

[ladymuck]

You’re more likely to get divorced than change your bank... why the chuff is that???

Some would say laziness. I suspect that, unless a bank really pisses you off, what is the point of changing? If they just do what they're meant to do, there's no incentive to switch.

[Lance]

Yep. It's all mostly automated now. Just use the Current Account Switching Service, run by BACS

The Current Account Switch Service - your guarantee to a successful switch

You’re more likely to get divorced than change your bank... why the chuff is that???

[ladymuck]

Jesus’s the whole point of account switching is, the new bank moves all your DD for you within 7 days


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Yep. It's all mostly automated now. Just use the Current Account Switching Service, run by BACS

The Current Account Switch Service - your guarantee to a successful switch

[GhostofTarbera]

I have been thinking about moving away from tide myself... But the hassle of moving all the cash over and recreating all the DD payments.. is it worth it?

Jesus’s the whole point of account switching is, the new bank moves all your DD for you within 7 days


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[cannon999]

I have been thinking about moving away from tide myself... But the hassle of moving all the cash over and recreating all the DD payments.. is it worth it?

[GhostofTarbera]

I've got a Tide account, seems ok so far.

They've massively increased their limits which was the big issue with using them a few years back.

Got a massive kicking over there BBL massive failure, when invested money runs out, they will need monthly service charges to survive

Also only a matter of time until they get a massive fraud attack


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[ensignia]

I've got a Tide account, seems ok so far.

They've massively increased their limits which was the big issue with using them a few years back.

[knowsey]

coconut

I just got email from Coconut bank telling me they are removing the free business banking option at end of Feb...not sure what to do..anyone else in same boat? Are you staying or transferring away and why?

[edison]

Ah. I remember Cater Allens services was abysmal at one point and that was the same year I think Santander won the wooden spoon for customer service. I'm sure someone said on here those teams/processes were the same and just rebranded. Bit like Tesco Mobile and O2 thing.

I think they are in the same call centre and just sit next to each other. They use different IT AFAIK though.

[jamesbrown]

Starling came through this morning, so all sorted. Thanks.

Can't complain about them. Hassle free, FSCS protected, good FA integration (pushes, rather than pulls, so updates are quicker too).

[jamesbrown]

Oh. You do know that the rules changed don't you?
Even with FSCS protection you can still be 'haircut'. Like what happened to Cyprus banking.

Linky?

Not sure that's correct. In terms of your example, were they even protected under the FSCS? More like the European Deposit Protection Scheme? Always something to be wary of as a UK depositor. Also, wasn't the haircut for depositors above the EDPS amount of 100k euros?

[SteelyDan]

Starling came through this morning, so all sorted. Thanks.

[northernladuk]

Santander own Cater Allen, but that's it.
Cater Allen don't even share the same regulator number.

https://www.bankofengland.co.uk/-/me...ber%202019.pdf

Ah. I remember Cater Allens services was abysmal at one point and that was the same year I think Santander won the wooden spoon for customer service. I'm sure someone said on here those teams/processes were the same and just rebranded. Bit like Tesco Mobile and O2 thing.