Building Society Accounts

Nickyj63

I'm looking into opening a Building Society account as I'm apalled at the figures released today regarding the £42billion paid to the top 5 banks during 2010 from UK tax payers. Can anyone recommend a Building Society current account? I don't have the best credit rating but I'm happy with a basic current account with no overdraft facility as long as i can set up direct debits and have a debit card

opinions4u

Do you really think building societies have kept their savings rates high as rates fell?

They have had the same pressures on them as the banks and responded accordingly.

If you're after a basic account (that pays nil interest) and wish to harm the banks, open one with a bank. They lose money on them.

If you want a savings account, look after yourself and choose the one with the best rate and access for your circumstances.

A one man moral crusade on a news story that says the banks have lost £8bn between them because rates fell seems a bit odd.

Nickyj63

I'm not interested in savings, I'd just like to remove myself from the UK banking system as it stands because, in my opinion, it is they who are not only running this country but also destroying it financially, I would therefore like to disassociate myself from them if possible.

Nickyj63

I'm not on a crusade and I have no wish to harm anyone, this is just my personal feeling and I would be more comfortable dealing with an institution that has it's customers interests (excuse the pun) at heart and not just it's own

opinions4u

Google "Credit Unions" and see if you can find local to your area that gives you the facilities you want.

Nickyj63

Thank you, I'll take a look

le_loup

Have you looked at the Co-Op?

opinions4u

le_loup wrote: »

Have you looked at the Co-Op?

But that's a bank that cut it's interest rates when ... err ... rates were falling!

EarthBoy

There aren't many building societies that offer current accounts, -certainly if you want the full service with a debit card. Nationwide is the only well known one, although Norwich and Peterborough (soon to become part of the Yorkshire) also provide a current account that is quite popular with members of this forum.

You could also try the Co-operative bank which prides itself on being more ethical than the big banks.

Stuart_W

Do I understand your original post correctly? You are after a current account, but don't want to be a customer of any bank that has received any of the £42billion paid to banks by UK taxpayers? Is that correct.

If that is the case, like other posters, I would probably also point you in the direction of the Co-op Bank. They are owned by The Co-operative Group, the world's largest co-operative society, which is owned by over 6 million ordinary members (so, albeit indirectly, along the same lines as a building society in terms of mutuality). The Co-operative Bank received no direct bailout support from the government, and remains fully financed from customer deposits. If you have a local branch of Britannia, that is now a Co-operative Bank branch.

If you want to "remove yourself from the UK banking system" opening a Building Society account won't actually do that - you'll still be part of it because they are.

Even when I pay in to my credit union account in cash at my local paypoint shop, the payment is processed by the Co-op Bank so even that doesn't avoid "the banking system". I not sure how you expect to be able to, or indeed what you intend to achieve.

Certainly check out The Co-operative Bank, though. I think they are probably what you are looking for (if you can bring yourself to actually deal with a bank)

This is probably the sort of thing you're interested in:
http://www.goodwithmoney.co.uk/weathering-the-financial-storm/

kevin52

Nicky, I completely agree with your sentiments. I bank with Nationwide and they offer excellent internet banking.