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This is the easiest online banking account I have ever opened. The process was simple but security was maintained throughout.Account details were sent almost immediately and I was able to fund the ISA with ease, and initial payment was in my account within minutes.The only glitch was my o
This experience dates back to 2004/5 and our dealings with the bank during 2024/25. In 2004, my parents were misled into purchasing financial services they didn't actually need from a third-party provider. At that time, my mother was unwell and was later diagnosed with Alzheimer's. One of the services they received was an equity release of about £90,000. The property was valued around £250,000, meaning the bank was entitled to 90% of the equity upon future sale. To put it into perspective, the bank's gross profit could have been £135,000 had the property been sold immediately after signing the contract. My parents assured me not to worry about their passing since the bank would take care of the property. Fast forward 20 years: my mother passed away in 2021, and my father in 2023. It was during the Probate process for my father's estate that we discovered the bank had a claim against their home. By then, the property's value had risen to £450,000, meaning the bank's share was now approximately £405,000 from an initial outlay of £90,000. While it's true that the bank acted within legal bounds and the services sold weren't regulated until 2007, can anyone genuinely argue that the contract wasn't at least questionable? This is how banking operates, I suppose. Throughout the Probate phase and property sale, our interactions with the bank were devoid of empathy or understanding regarding my distress over losing what my parents intended to pass down after their years of hard work. Even after acquiring 90% of the property, the bank was stingy, only covering insurance and utility costs for the last three months before the sale, despite having taken over the property at my father's passing and leaving me to cover all bills for 18 months. I understand that other financial institutions may operate similarly, but my experience with this bank, particularly concerning older and vulnerable individuals, has been troubling. Be cautious with equity release schemes; banks prioritize profit over the moral implications of their actions.
This experience stems back to 2004/5 and our interactions with Hodge Bank during 2024/25.In 2004, my parents were mis-sold financial services that they, in hindsight, never actually needed, by a third party company. Mum was unwell at the time, and soon after buying these services was diagnosed with Alzheimer's. One of the services provided was an equity release through Hodge Bank of around £90,000. At the time the property was valued at around £250,000. In return, Hodge Bank would be entitled to 90% of the equity raised when the property was sold in the future. Let's just run that again, 90% of the equity in the house! Even at the time, the bank's immediate gross profit would have been £135,000 if the property had been sold straight after the ink had dried on the contract! My parents explained to me at the time that I didn't need to worry when they die because the bank will buy the property.Fast forward 20 years. Mum had passed away in 2021, and Dad passed away in 2023.It was only during the process of Probate for Dad's estate that we found out that Hodge Bank had this claim against my parents' house. The property by this time was valued at £450,000 so Hodge Bank's share was now around £405,000, from an outlay of around £90k.Now it's important to say here that Hodge Bank had done nothing illegal, and the services that were sold through the broker weren't subjected to regulation until 2007, but can anybody reading this honestly say that the contract wasn't at the very least immoral? I guess that's the banking business for you.Our interactions with Hodge Bank during the Probate phase and the sale of the property lacked any empathy or sympathy for my shock and distress over losing what my parents had thought they were passing on to me after their lifetimes of hard work and dilligence.Even at the end, now owning 90% of the property, the bank penny-pinched and only contributed towards insurance costs and utility bills for around the last three months before the property was sold as opposed to when they took over the property on Dad's death, forcing me to pay all bills for at least 18 months.I recognise that other financial institutions have also gained financial benefits in a similar way but my experience is wholly with Hodge Bank and the way they do (or did) business, particularly where older and more vulnerable people are concerned. Please be very careful when using equity release schemes. Banks are after profit, nothing more, and really don't seem to care about the moral implications of how they make their money.
What would I say about Hodge Bank? It gives me the feeling of olden times, back to the Victorian era, which isn't a bad thing. But the process of getting an account, easy to understand. They help you a lot and I really like that. And they're always on hand if you need help. What they're lacking in my view for a bank that's been around a long time, they are lacking a mobile app. They really need to move with the times and launch a mobile app for us customers and then we will be content. So if you're looking for a bank with savings accounts, then you need Hodge Bank.
I wanted an easy access account that paid a reasonable amount of interest. Initially I came across Hodge as a recommendation on MSE. Applying for account was relatively painless and my account was accessible within 24 hours. I highly recommend them
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