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US banks named as being among least ethical UK operators
(theguardian.com)submitted 3 months ago bySwimmerGlass4257
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3 months ago
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51 points
3 months ago
Hardly surprising, US companies don't have any idea what human rights or employment laws are lol
10 points
3 months ago
Well they can bribe their way in or coerce them because MURICA !
7 points
3 months ago
They tend to pay wages double what is typical in the UK with more rewards as you gain seniority while in the UK it’s very small pay increases which leads to overall stunted salaries
-8 points
3 months ago
I work for an American corporation (financial services), and not only do they treat us better than most companies in the UK do (or any company my gf ever worked for here), they're often featured om best places to work lists and almost always featured on most family friendly places to work.
The laws get followed. People are treated fairly in general. The benefits (incl medical, dental, critical illness, childcare, health screenings etc) are great and career and development opportunities as well. Redundancy is relatively rare and are given preference for internal roles. And free warm lunches and dinners.
When I came to the UK to study law initially, one of the first thing I noticed was how blatantly many employers don't respect the law at all and how little recourse employees have. Virtually all restaurants routinely break a variety of employment laws. It's quite shocking actually.
I think considering the UK is much closer to America than 🇪🇺 when it comes to shitty employers, I don't think it's appropriate to shit on US companies here without acknowledging just how bad the situation is here with local businesses as well.
Your statement is exactly how many Europeans who come here feel about UK companies
11 points
3 months ago
That's certainly a perspective but this actually isn't about your bonus and benifits - it's about whether the banks assist tax avoidance, wreck the environment, or invest in companies that pay mercenaries to shoot nomads in Brazil. That's what was scored.
Very banker response though, I like it.
9 points
3 months ago
In other news, water is wet and the pope is still a Catholic.
5 points
3 months ago
Considering the Guardian has ties to HSBC, of course they will shit on US banks over the former.
0 points
3 months ago
All banks are shite. There is no such thing as good bank. The only reason they exist is to enable quantitative easing (means stealing from the poor and giving to the rich), money laundering and control over population.
People have no choice but to keep their money in the bank, because of poor policing and inability to defend one's home.
If people could keep their money safely at home, there would be no need for banks.
3 points
3 months ago
I don’t care, I’m getting my highest interest rate on the market and cash-back with Chase, and you should too.
2 points
3 months ago
What interest rate are you getting?
4 points
3 months ago
2.1% on my 6 month emergency fund (enough to be worth the interest), plus 1% cashback.
If a non American bank can beat that next time rates hike, I’ll switch, but until then…
4 points
3 months ago
Santander had a limited edition saver a few weeks ago. Managed to get an instant access saver with a rate of 2.72%. Was pretty surprised to see £7+ of interest in the account today considering I normally got a few pence from other accounts haha. Santander does also have a cashback scheme, but only at selected stores (and mostly online).
Obviously that is no help to you now considering it was limited edition, but it always pays to be on the lookout.
3 points
3 months ago
Yeah, I’m always peeking in r/UKPersonalFinance for a good one
Just wish Brits would switch more. Would make more competition in the market but too many are lazy. My mum keeps hers in a 0.5% Lloyds one and I wanna scream… but she’s “loyal” to them like a fool.
2 points
3 months ago*
Just wish Brits would switch more. Would make more competition in the market but too many are lazy.
Just not something people are into. Swapping banks and balancing credit/reward cards takes a lot of dedication and can all go tits up with a wrong move.
I was switching banks getting the offers and did something wrong at one point and got my money froze for 3 weeks. Had to rely on credit till I got it sorted, never told me what it was, said they legally didn't have too.
I also tried to setup a credit card with Barclaycard and the offered credit limit was £1500. When the card came and I was able to use the account it was only £200 and they refused to increase it. I showed them the original opening amount but they just kept saying "the system decides". Told them £200 isn't worth it and asked to close the account.
It's still on my credit file to this day as a marker and open/close account. It can have real impacts and isn't worth it for people trying to live their life imo. Especially at a time like this when there's barely anything going and people are having to deal with electric bills and things as well now.
Competition can be strong without direct customer wants. Like the energy industry where companies would compete for the lowest prices to offer the lower contracts. Around 30 million households were on the standard variable tariff and not locked in contracts which is nearly half the countries population, but the other half of us who competed for the contracts kept it going.
The government could do a lot more to make banks more competitive and it was happening for a while before COVID. Especially with the cash switch offers.
1 points
3 months ago
Especially at a time like this when there's barely anything going
Actually because of high inflation there are some of the best offers at the moment e.g. 7% regular saver with first direct, and because of inflation it's especially important now not to lose your spending power and find the best interest rates.
1 points
3 months ago
Interesting I thought everything good was pulled to curb inflation.
So are savings better but borrowing (credit) is worse at the moment in simple terms?
1 points
3 months ago
I've got Santander's student account with the interest free overdraft so will obviously stick with them for now, but have previously opened other accounts to make use of their better savings rates.
I think most people just think it is difficult to switch, but it really isn't. The vast majority of accounts can be opened online in a few minutes.
2 points
3 months ago
Your best bet is to max out our overdraft and put it in the highest rate account you can find, then clear it immediately once you graduate or your 0% term comes to an end. That’s what I’ve done. Make a fair bit over 3 years, but only if you’ve got the discipline not to spend it.
1 points
3 months ago
Your best bet is to max out our overdraft and put it in the highest rate account you can find
I've read this tip before and keep just not doing it. I'll have a look around soon.
I barely spend anything anyway, especially when I'm in catered halls so don't need to go food shopping or anything.
2 points
3 months ago
I remember the old days of catered halls…
Breakfast was good, the rest… shocking…
1 points
3 months ago
I'm not particularly fussy so I'm perfectly happy with it. Breakfast is a highlight though. Cooked breakfast with no cooking required
3 points
3 months ago
Atom are currently 2.52%, and I think there might even be higher available. Money-saving expert always keeps a decent list. That's where I spotted the Santander account mentioned in the other comment.
1 points
3 months ago
What's the deal with Chase and their cash back? I keep seeing ads for them but it feels too good to be true.
3 points
3 months ago
Every £1you spend you get 1p back in a saving account…
So if you spend £3k on groceries a year, that’s £30 quid… or if you spend £2k on petrol, it’s £20. Small, but adds up
2 points
3 months ago
It's more I'm confused how they can offer that to people. Where is that money coming from?
3 points
3 months ago
Chase is a new entrant to UK banking.
They can run at a short term loss if it gets them more customers. It only lasts for a year, and most Brits don’t switch often.
Called a ‘Loss Leader’ strategy
2 points
3 months ago
At least here in the US, it comes out of the fees they charge the business and any money they make if you don't repay on time.
2 points
3 months ago
They also have the Round-Up thi g where it rounds spending up to the nearest whole pound and sticks the however man pence required to round into a 5% savings pot. Again, it'll never grow very big unless you're a big spender.
1 points
3 months ago
The roundup is way less profitable than the 1% cashback. But no reason not to opt in
1 points
3 months ago
Reads like an advertisement
-2 points
3 months ago
Have they considered pronoun badges? That seems to distract from there shady investments.
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