Account feature matrix

Actually, a good point, the account (like Wise and even :tesco: Clubcard Pay(+)) is very “top up” driven

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Can Atom bank be removed as they don’t do current accounts.

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I’ll update it next time I’m on a computer (bit tricky on the phone), unless someone beats me to it.

It’s set up as a wiki post, so anyone can edit it if they fancy a go

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One thing I noticed by chance today is that the First Direct app lets you set your own daily withdrawal limit (max £500) from an ATM if you have one of their Debit MasterCards.

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@Mathew
Is it possible for the matrix to sit on its own outside the thread - pinned?

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I can remove my little write up so it’s alone. It’s also available here - https://fintechforum.uk/pub/account-overview

Not sure if that does the job? Can also pin the thread though - that’s not a problem.

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Just thinking that the longer the thread gets, the further away from said matrix we get. :relaxed:

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Try that! I’ve closed the thread so we don’t end up with more posts there. Not sure if you can still edit the post, but hopefully you can :crossed_fingers:

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Is the notifications column supposed to represent instant notifications?

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Yes, it is!

Edit: push notifications only

In that case, what’s the difference between notifications column and the instant column?

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I thought the instant column referred to an instantly-updating live available balance?

Sorry if I’m wrong about that.

Edit: Reading the rest of the thread more carefully, instant means push notifications whereas notifications means it might be SMS, I think.

At least, that’s my impression from @N26throwaway’s comments about Triodos!

Based on the first couple of posts in the thread it seems to refer specifically to bank transfers. Not sure there’s a need for that column - I suspect every bank is instant in relation to bank-to-bank transfers. But if it stays it would be worth clarifying the column heading directly on the matrix post.

Whether or not card transactions have instant notifications is more likely to be a differentiator between banks so if the notifications column is referring specifically to that it would also be worth clarifying on the post.

With card transactions I think another differentiator is whether it not account balance is updated instantly. The behaviour of Monzo (and I believe Starling and a few others) is to update balance instantly (ignoring pending status). Whereas many/most high street banks may update a pending transactions balance instantly but don’t update overall balance until transaction clears. Not sure how to capture that differentiating characteristic in a word or phrase but may be worth having in the table.

No Virgin Money current account?

Also (pedants’ corner) the NatWest logo isn’t the most recent iteration (actually it isn’t even the one before the most recent). And I say that through gritted teeth because I hate the 3D logo.

I actually think NatWest had nailed it in 2014.

But, thank you, this is an excellent matrix.

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Unfortunately not. Triodos faster payments transfers take two hours both to arrive and be delivered. I wouldn’t call those instant.

Instant refers to instant transfers and updates, as @Seb mentioned.

It doesn’t work on a mobile, but on a desktop computer you can hover over the underlined words and it’ll give you a definition.

Happy to look at any changes though! I was just mindful that the headings took up a lot of room so tried to keep them short.

@pootle - if you know the features of the Virgin current account, happy to get it added. Or you’re welcome to give it a go yourself if you fancy.


Edit
Made a few changes on the standalone version. Hopefully that’s a bit clearer :crossed_fingers:

Is that conflating bank-to-bank transfers and updates following card transactions?
There seem to be banks that are instant on one but not the other so not sure they should be conflated.

I don’t get this. Viewed through both Edge and Firefox.

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I would regard any bank which shows the transaction instantly as instant, even if they show it as pending (rather than in the main transaction list like Monzo, Starling, et al). As you say, that is most (but not all) banks for debit card payments.

Instant bank transfers is everyone except Triodos, Tesco (often takes up to 2 hours), Metro and Co-operative/Smile (often takes a few minutes).

I’ll try to login to the community on a computer when I have a bit of time next week and update a few banks, as I have accounts with nearly all of them!

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Sorry - my fault! I should mentioned in my edit above that I expanded the text there and removed the hover option.

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I’m not sure including this column actually adds that much value. All the banks now use the Faster Payments system as it is.

In addition:

1.Bank of Scotland should show the same features as Lloyds (and Halifax!)

  1. The Apple logo is invisible in dark mode

  2. First Direct features should be the same as HSBC apart from the logo, notifications and card brand.

  3. Dozens offers notifications and card controls (and instant payments)

  4. Santander offer all the features listed apart from i in-app cheque deposits, app notifications and free free use overseas (though some customers have that!)

I am a bit confused though, if the table is designed for features in banking apps (rather than what an institution offers) why cheque deposits and free fee abroad are included as they are not really app related?

I would edit the table but it seems much more complex to do than iterations I recall from other sites.

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