Practical and competitive alternatives to Banks

thenudeone

We all need the functionality of banks to operate in the modern world. Without an account to pay our earnings into, a card to make purchases in the net, or somewhere to keep spare cash that's safer than than under the mattress, modern life would be very difficult.

But are you fed up with bankers:

• paying themselves huge salaries, bonuses, and pensions even when the bank is only solvent because of taxpayers' investments?
• Squirrelling profits away in tax havens so that they can pay as little as 10% tax on their global profits (eg:Barclays in 2009)
• speculating (i.e. betting) on the prices of basic essentials of life such as wheat, maize and sugar, creating volatility and hunger for the poorest of the world
• investing in regimes and companies involved in slavery, torture, oppression, child labour, illegal harvesting (eg: logging) and environmentally unsustainable fuel extraction?

There are practical and competitive alternatives, which are highlighted by http://www.!!!!!!.uk/

• Mutually-owned Building Societies. Financially conservative because by law, 75% of their investments must be in residential property, and they have no shareholders expecting a dividend. Investing in a local society will also ensure that your money will go straight back into your local economy.
• Member-owned Credit Unions. Designed to encourage savings and good management of money, particularly to those who are not "valuable" to to mainstream banking. They offer small loans to individuals at much lower interest rates than they would pay to a commercial bank. Many now offer Cash ISAs and current accounts.
• Ethically-focussed banks. They restrict their lending and other facilities to organisations meeting various ethical criteria, or in one case, purely to charities.

The best bit is that some of these organisations can still offer market-leading services and rates.
Three of the top five best interest rates listed in January 2012 by Which? were mutual-owned organisations, and the current best-buy instant access Cash ISA is also by a mutual (3.1% at Nationwide)

So you have nothing to lose. Move Your Money today

dtsazza

thenudeone wrote: »

But are you fed up with bankers:

• paying themselves huge salaries, bonuses, and pensions even when the bank is only solvent because of taxpayers' investments?
• Squirrelling profits away in tax havens so that they can pay as little as 10% tax on their global profits (eg:Barclays in 2009)
• speculating (i.e. betting) on the prices of basic essentials of life such as wheat, maize and sugar, creating volatility and hunger for the poorest of the world
• investing in regimes and companies involved in slavery, torture, oppression, child labour, illegal harvesting (eg: logging) and environmentally unsustainable fuel extraction?

Nope.

But I do support your message that people should think about what they're getting for what they're paying, and move their service if another one is going to fit in more with what they want. That's the MSE spirit after all - and just because something is free at point of use (bank accounts) that doesn't mean it should change.

So have a bump and a +1 for something that's arguably more fundamentally important than asking which savings account will pay an extra 0.05% interest.

dealer_wins

Im fed up with fools bashing banks I know that!!

thenudeone

dealer_wins wrote: »

Im fed up with fools bashing banks I know that!!

"Im" isn't in my dictionary - what does it mean?

I'm fed up with people who can't use punctuation properly.

thenudeone

dealer_wins wrote: »

Im fed up with fools bashing banks I know that!!

Wow!

The strength, breadth and persuasiveness of your arguments overwhelms me.

I didn't realise that just by calling someone a fool, you immediately win the argument without having to explain anything.

I surrender!