Conned....but still happy. (Citibank)

Member Name: averagepunter

Product:	Citibank
Date:	12/08/02 (309 review reads)
Rating:

Advantages: Internet banking is great, Knowledgeable telephone operators

Disadvantages: Interest rates not what they once were

My one major annoyance with Citibank......their plummeting interest rates. When I joined four years ago, they were paying about 4% on their current account...today they pay 0.1% on balances to £2000 and then 0.5% up to £20k. This is a disproportionate decrease vs the market.

So yes, I do feel I have been conned. Sucked in by the promise of higher interest rates only to find that they are now no better than the high street. BUT..I am still a happy customer and this is why....

INTERNET BANKING

Not Internet Banking operations are the same. Some still only allow you to check balances and request a new cheque book. Some only let you look at transactions to the close of business yesterday. Citibank's operation is First Class and it is real time, as it should be for one of the pioneers of internet banking. Its dependable - only a few hours a week where transactions are unavailable due to updates. Easy to use and good variety of transactions that can be performed- Make bill payments, Set up standing orders, Cancel Direct Debits, Transfer funds, order foreign currency etc.

TELEPHONE BANKING

Citibank claim that their telephone bankers have 'the power to get things done' or something like that. Because the Internet Banking is so good, I have rarely needed to use the telephone banking service, but when I have, the staff have been knowledgeable and helpful. It certainly makes a change to speak to someone who knows what they are talking about. The phone is usually answered within a couple of minutes and as it is a freefone number, I do not object to holding on for that length of time.

BRANCHES

Just a few, but who needs them??? My memories of bank branches are not particularly pleasant - usually queuing for half an hour during my lunchbreak when inexplicably the bank would not have all its tills open - or being accosted by some financial services guy trying to sell me the latest pension, endowment or insur
ance. With the excellent remote services provided by Citibank why would you ever need to go into the branch? I haven't in four years. You can pay cheques or cash in via any Lloyds/TSB branch, alternatively envelopes are provided for you to post cheques to head office.


Having banked with two of the high street banks previously, I can truly say that Citibank's customer service is in a different league. OK, so I may have been stiffed on the Interest rate, but I don't keep that much money in my current account anyway - there are savings accounts (EGG,SMILE) for that and with good internet offerings at both ends, moving money between accounts is childs play.

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