Advantages: They are liable to many discrepancies and can be sued
Disadvantages: Delving into your money pot regulary

...it harder to work out which account is best for us, as things get much more complicated; even with the internet, it is time consuming, and time is not what the hard working UK citizen has plenty of. Why banks love complicated products, I can only envisage this as a purposeful smokescreen, geared up for the means to increase their already inflated profit margins. Most people don't understand what they're being charged, so it gives banks a chance to increase their profits; regardless if they are providing a good service or not. The average annual charges rise to £120 or more; this does not include the interest that is incurred. In the UK, we don't have free banking. We pay for our account usage, by just waiting 3 days for a cheque to be processed, or money transfers, foreign, moneygram conversion just to name a few. The list just keeps... Read review

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Advantages: Isn't it about time we told the banks what we want rather then them telling us? As a bank, wouldn't you prefer to know what the customer really wanted then merely guessing?
Disadvantages: The bank who listened to its customers could end up as a monopoly, unless of course other banks listened too.

...UPDATE: Although Abbey National is still a long way from offering the sort of services detailed in this article, they are probably the best bank I have yet seen for smaller Internet businesses, artists and particularly Internet starters. They offer FREE business accounts, an unusual thing in this day and age, when all businesses are deemed ripe plums for the picking. The free banking if offered admittedly within very tight limits and there is a small deposit to open the account. For further details, check out this web address: http://www.anbusinessbank.co.uk/html/accounts/chequeaccountstables.html#indefiniteFreeBanking I have joined them, so look out for future opinions on this service, and let's hope they have the foresight to go one step further by reading this article and providing the sort of service we are asking... Read review

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Advantages: Free accounts which offer bonuses and freebies
Disadvantages: You're only expected to have one, so you need to know which to choose

....support4learning.org.uk/money/banks.htm is a very good site that clearly explains the ins and outs of banking for students. The Sheffield Hallam site at www.shu.ac.uk/finance/bankaccounts.html lists the current benefits associated with the main banks’ accounts. For the individual banks follow the links on the sites to find out about the student services they offer: www.personal.barclays.co.uk www.ukpersonal.hsbc.com/ www.natwest.com/student/ www1.lloydstsb.com/ www.abbeynational.co.uk www.halifax.co.uk/bankaccounts/student.shtml www.rbs.co.uk --- CONCLUSION --- You can’t get through a post-18 course without an account of some sort. If nothing else, you’ll need it to put your student loan cheques in, and most students will also need it for paying for everything from rent to groceries, assuming you’... Read review

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Advantages: All round a great service
Disadvantages: None really

..., which is also on the Highline card, allows you to withdraw cash and in addition is an international point of sale facility allowing you to pay for goods and services at over 4,400,000 retail outlets in over 68 countries in much the same way as you use Switch in the UK.  With our unique Photocard option you can have your photo and signature laser-etched onto your Highline card to help reduce the risk of fraud.  An Interest Paying Current Account includes monthly statements so it’s easy to keep track of your balance.  You can join Direct Banking, The Royal Bank of Scotland’s 24 hour telephone banking service.  We also offer Digital Banking. Our Internet banking service lets you use your PC or Mac, your desktop or laptop to do your banking.” My mortgage is a 2 year fixed rate account, which I'm just... Read review

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Advantages: the knowledge that your money is being used ethically
Disadvantages: no internet banking or branch network in the uk

...Triodos is a dutch bank with a couple of offices in the UK. it has been in the banking business for about 25 years, but it's origins go back to the late 60s. It is an ethical bank, it invests in ethical busnesses. If you don't want your money being lent to arms manufacturers or oil companies and the like, then triodos is one of the best ethical banks around. Where does the money go? (i) Organic farms and businesses (ii) renewable energy businesses such as wind farms and hydro-electricity schemes. (iii) fair trade organisations such as cafedirect (iv) housing projects (v) educational projects (vi) environmental organisations (vii) cultural projects (viii) Charities If it's important for you to know that your investments are helping to make positive changes in people's lives, then triodos could be the bank... Read review

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Advantages: Respectable company
Disadvantages: Not always competitive

...I currently am an account holder with The Royal Bank Of Scotland. (RBS) I am happy overall with the way in which they help me handle my account, and I have no hesitations in recommending the RBS to anyone else. My Account ---------- I currently have a Route 21 Account, which is for people aged between 16-21. This is normally a very popular account with students, as when you are in this account, you are entitled to many offers, ie free entry into loads of top clubs in the UK. With the Route 21 Account, I can have a switch card, credit card, cheque book, and all the usual facilities, (as long as you are over the age of 18)however, with a normal bank account, I would not receive the special deals for clubs etc. The Royal Bank Of Scotland --------------------------- I think this is a great bank... Read review

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Advantages: Local Bank with Prompt dealing
Disadvantages: Inconsiderate towards Customer's needs

...to offer the service to an individual. However the bank should give the customer 28 days notice of closure to enable the customer to find alternative banking arrangements. The questions to ponder from the episode narrated above are: How can a consumer / member of the public find whether the cheque he has received in the post is genuine or fake? Why is a genuine account holder penalised for no mistake of his own? Why can a bank in UK close a bank account at any time without giving any reason what-so-ever? Why can RBS threaten to destroy credit rating of genuine account-holders, who are being victimised both by cheaters and the bank simultaneously? In my opinion, this is a unjust practice and it must be stopped by amending the financial laws of the country. Any bank should not be allowed to penalise an account-holder unilaterally... Read review

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Advantages: Applying online,viewing your account online, and more
Disadvantages: none

...'s website, which mine would be www.natwest .co.uk and click on the option to sign up for online banking. Once you have done that then you will be asked a number of questions about you, your work, bank details, etc, fill them out as accurately as you can. Once you have done all this you will receive a letter from your bank saying thank you for registering online banking, it will give you the activation code and your customer number, which you will need to complete the setup. Follow the steps in the letter for completing the setup process, then follow the on screen instructions, within these instructions you will be asked to enter your activation code, then you will be asked to choose a password and PIN, these will be used every time you log on. This process does not take long to complete, and is simple to complete. Once you have completed... Read review

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Advantages: Great customer service
Disadvantages: Some people just love to hate banks!

...cover, pensions and so on. Barclays has its own representatives from Barclays Life Assurance who deal with these products. The recent tie-up with Legal & General means they are also now able to offer products from other companies. Credit Cards – possibly one of the best known credit cards is Barclaycard. This is Barclays own card and is available as a Visa card or a MasterCard. Business accounts – Barclays does not just cater for personal customers. They also have a wide range of products designed for business of all sizes, from sole traders, clubs, partnerships, and limited companies up to PLC’s. Business managers are available in all outlets to discuss your needs. ONLINE BANKING Via its website (www.barclays.co.uk) you can access your accounts 24 hours a day. The online banking facility enables you to check... Read review

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Advantages: Online Banking, Also good first account for young people
Disadvantages: sometimes can be hard to get through on their phoneline

...limit on the amount of money you can withdraw- this is particulary useful for parents whose children have accounts. The card that I have is Solo which is accepted at most shops around the Island- it can also be used abroad, at any cash machines displaying the Cirrus or Maestro logos- this is the same for Switch, although there is usually a small charge for using the ATMs abroad. The exchange rate and exchange rate transaction fee (ERTF) will show up on your statement, along with the currency amount, location, and date & time of transaction. In conclusion- I would definately reccomend this Bank for young people on the Isle of Man, and for that matter adults. Although I think that there are more advantages to being young here! lol P.s Marandina... Basically there arent that many advantages of being a UK resident and having an account... Read review

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