1: The included Travel Insurance doesn’t meet our needs, as we enjoy going on cruises and it doesn’t cover the additional risks.
2: I don’t like the new mobile app which is being rolled out to everyone shortly. I couldn’t tell you why I don’t like it, I just don’t like it.
3: HSBC have announced they are applying the new criteria for Premier to existing customers from April. I am only eligible under the old criteria.
Number 3 wouldn’t have been enough to push me away. I would have been relatively satisfied with a HSBC Advance account (my partner has one and he is happy enough). However, mixed with points 1 and 2, it became enough for me to jump.
First Direct seem to offer what I need. Their Credit Card seems a bit naff but I’m finding myself using Credit Cards less and less. I seem to spend a lot less when using Debit, which negates any of the rewards on offer with Credit.
I suspect I’m not going to be far behind you. I’m also in this boat and while I could go down to advance and still benefit from the slightly more featured app I don’t get any additional benefit from not being with FD as the credit card would also have to change.
Question; Does FD show you the credit card even if it updates nightly like HSBC? And does insights cover it?
Also, does anyone have investments with FD. Looks like they only show online unlike with HSBC.
Yes - it appears in the app and updates each night (about now actually).
I’ve only made 1 transaction on the Credit Card so far and it’s not appearing in Insights yet. Unsure if it will or not.
The lack of both notifications and pending for Credit Card transactions is quite a significant limitation. There is basically no visibility until it clears.
That being said, I’m planning to use the Debit Card for most of my transactions going forward and that seems to work rather well (notifications are instant and pending items are showing in the app).
That’s good to know. Since I only use the credit card periodically I’m not too fussed about this limitation, it might be nice to have notifications for it though.
Yes, I did a test notification and these came through straight away.
The app Home Screen shows account balance not available balance, but I figured the iOS wallet widget will show you available balance and I rely on that for HSBC and Revoluts widget for accuracy.
Saves time opening the app, and it pulls all transactions through the wallet app if you link it.
I had a sharedealing account with them about 5-6 years ago, I vaguely remember having some sort of cash holding account that showed in the app, however investments only showed on their sharedealing website. Honestly though it’s rubbish - limited investment options and expensive to deal.
The App shows the aggregated balance across all investments held as of close previous day (adding together ISA, non-ISA and cash). In order to see the detail (any breakdown) you have to use online banking and click through.
Not ideal for those who prefer Apps, but their pricing is good and online banking simple and straightforward.
On costs, it is very much a question of what amount you are investing. FD is one of the increasingly few platforms that offers a fixed fee - just over £40/year - and this covers everything (ISA, non-ISA). Many others charge a basis point number on various sliding scales. Above a circa £20k number these are almost always far more. Others build in commission on FX and the like, which is terrible as they claim they are fee-free, but are not.
On range of investments FD have nothing bespoke to them but the whole of the LSEG and almost all ETFs and Trusts are available. So far better than many newer offerings.
Not that FD is perfect of course. I have experience of working with them and their IT and relationship to HSBC is problematic. Insights is a lovely example of something very poorly executed, even if its providers (Bud) had really good technology.
I use Interactive Investor, fee is fixed at £4.99 p/m for ISA + SIPP, and take advantage of their free monthly regular investing, so for me it’s essentially £59.88 per year. In comparison to FD, with their dealing fees and investing monthly, it is an expensive option. However as you say, it depends how much and I suppose how often you invest too, as FD could be similar in fees if you only invest a couple of times per year. Also, I invest mainly in funds which I don’t think FD offer? I can’t remember.
There’s also the risk of having all your eggs in one basket and the 85k protection. Personally, I prefer the separation because of this, and also the fees as there’s not much value for me personally.
Ahh Bud, that was at one point an excellent application. This also triggers a memory that at one point alongside Bud, didn’t FD also have an open banking app separate that closed down?
Yes, I very much got the impression that Joe Gordan rocked the boat a little more than the wider group might’ve wanted, and they moved him on and placed someone in charge who could manage keeping it where it was in terms of advancements. It doesn’t seem to have shifted at all in the last few years - nothing necessarily wrong with that.
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