The Banking Community with Rewards: Germany’s Fidor Bank Launches at www.fidorbank.uk
Fidor Bank launched in the UK earlier this month at www.fidorbank.uk. This online-only banking operation arrives from Germany where they have attracted close to 70,000 clients and 250,000 community members since they launched in 2009. It is their interactive online community that distinguishes them against other web banks such as First Direct and Smile. Interaction in this community earns financial rewards, although there are caps applied on how much you can earn from any given activity each month. It is still early days here and most of the products will be rolled out over time. This suits them as they want to build products with the user in mind, whereby feedback is essential.
Flexible savings bonds was their initial offering. Speed is of the essence, with 60 second services coming soon. We’ll importantly soon see the launch of the Fidor Smart current account with a debit card following. This will boast attractive interest rates that you can even influence with Facebook likes. This is interestingly a no credit check bank account solution. For validation, you’ll need to show your driving licence or passport as well as proof of address. Various other products are in the pipeline, although it doesn’t appear that personal loans will be added anytime soon. It’s more likely that they’ll curate a list of third party lenders via their network.
This interesting tech start-up has been attracting high praise online and their community approach is the first of its kind. The option to earn rewards is also fresh and they even offer referral incentives that extends 2 levels deep and so you are rewarded for the activity of your friend’s friends. You can obviously reach someone in the chat sections on any day. However, their current business hours run between Monday and Friday only (8am to 6pm). This is an area that they’ll need to expand on in time. The First Direct and Smile support teams can for instance be reached 24/7 and most leading banks take calls on Saturdays and Sundays.
The design of www.fidorbank.uk has a modern feel to it and once entering the Fidor Bank login the interface within is impressive. It is just a shame that it is going to take time before the products are released. Fidor’s no credit check bank account with rewards I’m sure will prove popular. For anyone struggling to find a current account (perhaps due to bankruptcy) this would be an ideal solution rather than the usual route of picking up a pre-paid debit card that tends to have limited functionality. We’ll be keeping an eye on their progress over the coming months. Let’s hope they can enjoy the same level of traction that they enjoyed in their home country.