Are building societies easier to get an account

99CENTS

I would like to know from those who have opened accounts with building societies, are they any easier to open an account. Do they ask less questions? How about general approval ratings? Cheers.

Chadsman

In comparison to... banks?
It is no easier to open a building society rather than a bank account BECAUSE it is with a building society. It depends on what sort of account you try to open
Most building society accounts do not offer any sort of overdraft (but some do) and are purely savings accounts. In general you wont need a credit check to open a savings account so it is generally easier to open a savings account than say a current account offering an overdraft when a credit check will be carried out. Banks also offer savings accounts- it is no more difficult to open a savings account at a bank than at a building society.
For all accounts whether they are savings or current accounts you will need to prove your identity with your passport/drivers licence and a bank statement/utility bill with your address.

paulmcerlean

For a current account - NO.

99CENTS

Yes compared to banks, for example, opening a basic account with a bank vs basic account with a building society such as Coventry, Leeds, Britania. I am looking specifically for an account to make direct debits to utility bills only. I feel uncomfortable when banks ask me what I do for a living; how much I make; what I'm using the account for; where's my money coming from; and all these personal questions. I also do not like it when they try to sell me all these other products and services that they offer. I also don't particularly like it when they run full credit checks on me because that brings down my score, and I'd much rather reserve full credit checks for when I'm actually applying for a loan that I am asking for instead of one that they are trying to sell to me.

noah271007

Building societies such as Nationwide, Coventry who offer full accounts are more strict in their credit scoring when applying for full bank accounts/credit card/loan etc than the high street banks. So the answer to that is NO. They are not easiest to get, quite the opposite!!

karatedragon

If you are looking for a "current" type of account then Building Societies are far stricter in their scoring criteria than banks. FACT!

For example the Coventry First account which provides a VISA Debit Card and £250 interest free overdraft is very hard to get. I have a very high score and had to appeal my application for it as I was initially declined. I also know of others that had to as well. Also you can extend the overdraft beyond £250 but you must have been with them for 18 months and maintained the account impeccably.

The Leeds offer a current account and again this is strictly scored and you have to have used it impeccably for 6 months before they will consider you for any overdraft.

To be honest I think the way they operate is a better example of responsible lending and a way in which the industry should be operating whether a bank or building society.

I am unsure about the Nationwide if they are strict or not.

99CENTS

Can you pay bills with a savings account?

BASFORDLAD

99CENTS wrote: »

Can you pay bills with a savings account?

Yes

With the coventry (whom i do all my banking with) there is an account called money manager (similar to the FIRSt account but no scoring etc etc), which is a instant access account with card etc.

You can pay all your bills online , water bills, credit cards etc. Thier online banking is very very good

They have a good selection of accounts. So would recommend using them. The money manager account is NOT credit scored.

http://www.coventrybuildingsociety.co.uk/savings/ProductFeatures.aspx?ProdCode=BMM1

martinman3

99CENTS wrote: »

Can you pay bills with a savings account?

Yes, the Yorkshire BS has the Cash Transactor Card account which has no credit facilities but allows direct debits, standing orders, LINK card and online access.
http://www.ybs.co.uk/savings/easy_access/cash_transactor.html