Hardly any interest in online banking
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I've recently opened an online savings account with a building society. I say recently. I actually started the process nearly a month ago but I initiated my first transfer into said account just before starting this blog. I suppose in the grand scheme of things, it's still recent. It just feels like I've been in the process of setting the thing up for most of my adult life. I'm only vaguely aware this isn't the case.
The first thing I've noticed about the online account is that so far, aside from the initial application, it hasn't been very online. They've written to me seven times by post. I've had to write back twice. I even visited a local branch at one point so that they could take copies of my ID. One of the things they wrote to me for was to return it; meaning they effectively just sent me a photocopy and a letter that said thank you. I got a paper clip out of it though, so I figure on the whole I'm winning.
It's only as of today that I've been able to access the account online. They did write to me last week giving me details of how to use their telephone banking service, but that's not my thing. If I enjoyed repeating myself and gradually raising my voice, I'd have got a job in a care home. Needless to say, I only skim read that particular letter. I applied for an online account to avoid visiting branches or calling people I don't know.
That being said, the sign-in process for the online version isn't exactly plain sailing. I have to enter several seemingly random letters and numbers into various different boxes across several pages before I can see the details of my (currently empty) account. This, of course, is in addition to the numerous security questions I need to answer and passwords I'm required to enter. I've had shorter interviews. And at least with the interviews, I got the job and a pay rise.
Granted the account has what is currently the best available interest rate of its type. That doesn't mean it's a lot. It just means it's a bit more than the very-definitely-not-a-lot that the other providers are offering. I'm quite hot on things like that. After all, I have some big, house-related plans for my savings in the not too distant future, so how well I invest now could make the difference between an en suite bathroom and a bench with a hole in it.
I just wish it wasn't all such a fuss. These things seem so convoluted these days. Surely there must be more efficient ways to set up accounts and then get access to them. My main bank is no better. It has recently taken inconvenience to new levels by issuing digital key pads that one has to use to generate additional passcodes. Mine has the added benefit that the buttons are about as responsive as a Sun reader in a general knowledge quiz. Getting anything useful out of it requires far more effort than it should.
It's all a lot of effort for very little reward. Truth be told, with interest rates as low as they are at the moment and inflation staying high, I don't stand to gain a great deal by having money in this or any other account. I just have some very long winded ways to watch my money doing not very much. Three weeks and seven letters later, I'm still looking at a bench with a hole in it.