| Product: |
Comparision of Online Banks |
| Date: |
31.10.00 (569 review reads) |
| Rating: |
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Advantages: 24hr access, flexibility of use, competitive interest rates!!
Disadvantages: only internet access for some (read my individual opinon on each of these)
Recently I have applied and 'used' all 3 of these online banks, so I felt it would be very useful to learn what it’s ‘really’ like to use them and exactly what are the benefits and disadvantages of latest internet banking?
… Here’s the low down ……
1st prize goes to FIRST DIRECT for a FIRST Class Service!
2nd Prize goes to EGG for a fast service
3rd Prize goes to Nationwide for excellent interest rate - e-saving (if they ever open the account…!!
In detail then … I can award First Direct 1st Prize as their service is excellent and they ‘always’ respond to e-mails very quickly. Site is monochrome, simple and basic, very straightforward to use, no fancy graphics or colours here, though slow at times.
Another point that may not have been mentioned about Firstdirect.com is that it is a very secure banking and unlike ‘other’ internet/PC websites you cannot access it from ‘any’ computer, unless you have the set up disc with you, making security a top priority. So if you only use 2 computers e.g. home and work, for example you would set up your disc there, and if you or anyone else tries to access your account from any computer it will not work (unless you have the disc with you). This prevents unauthorised access and is a feature that is not available to other online banking which is merely internet banking. The only down side of First Direct is that their interest rates are not as competitive as other online banks. [For further details read my opinion on First Direct]
Second Prize to EGG because they had the most FASTEST online application I have ever experienced!! I got a decision (e.g. on EGG Card straight away within 2 mins!)and the hard copy application forms to sign within 48Hrs!! Egg savings rates do not look too bad either.
As some other members have mentioned here, activating the card can take s
ome time if the website does not recognise your security info. entered. Activating the EGG card did take 3 phone calls on the 0845 number but after that absolutely no probs. [for further details read my opinion on EGG under Credit Cards]
Third Prize to NATIONWIDE building Society, why? because they have the best savings rate (7.0% as I write this), but application online is a long process (allow 5 weeks!) and they simply do not reply to e-mails or messages sent via their secure website within 4-5 days or more!
Hope this gives you an idea of what is best or worst in each of the 3 online Banks/Building Society and help’s you choose which one is best for YOU depending on what ‘YOU’ want!
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Last comment:
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grahamt - 17.12.00 I am with NatWest and use their online banking. It is also very secure. They require long passwords (12 characters or more) and randomly generated ids. You can only access it from the computer on which the interface is installed.
Actually, that can be a draw-back. I believe that the logon requirements are sufficient to enable adequate protection from any computer, just so long as you close the browser after a session so as to avoid anyone back-tracking you.
However, nothing is as fast as Actionline, the touchtone phone banking they provide. I use this by far the most. You can do everything from it, including getting statements "spoken" to you. You can even speak to a real person if you need to. |
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