why bank with a Building Society ?

IGraham

Hello

A question, why bank with a Building Society ?

Given that the big banks seem driven by money grabbing unethical 'not nice' get rich quick people and that I'm not to happy with supporting them (in a very small way) is a Building Society a usable alternative.
Other than possibly feeling smug are there reasons to change or not

My local Building Societys are Yorkshire Building Society, Nationwide, Britannia, Newcastle Building Society

Gromitt

Yes they are a usable alternative.

But would I exclusively use a building society? No.

I take advantage of whatever is available regardless of whether its a bank or a bs. So I have accounts with TSB, LLoyds, Santander, Nationwide, BoS, Halifax, etc.

IGraham

Hello

That was quick, and thanks

but (other than the smug value) would there be reasons to change

grumbler

IMO, for a customer there is no any real difference between a bank and a BS. Just chose the one that suits you better.
And there is no point in *changing* as there is no a bank/BS that is the best overall. Use the best products in various banks/BSs:

• Best Bank Accounts
• Top Savings Accounts
• Regular Savings
• Cheap Travel Credit Cards
• ....

EarthBoy

IGraham wrote: »

A question, why bank with a Building Society ?.....

My local Building Societys are Yorkshire Building Society, Nationwide, Britannia, Newcastle Building Society

If by "bank with" you are referring to savings accounts then any building society is as good as any bank. Just search for the one with the best interest rate. If you referring to current accounts then you're mainly limited to banks because the majority of building societies don't provide current accounts.

Out of the ones you listed only the Nationwide is a building society with a full current account. The Yorkshire do a basic account (Cash Transactor) which allows direct debits and standing orders and comes with an ATM card for cash machines, but there is no debit card or telephone banking and only a very limited internet banking service. Newcastle doesn't provide anything like a current account and the Britannia isn't a building society, -it's just a division of the Co-operative Bank and they are in the process of re-branding all the Britannia branches as Co-op Banks.

Gromitt

IGraham wrote: »

but (other than the smug value) would there be reasons to change

Possible. It depends on what you want. Weigh up whats on offer.

For example, Nationwides 5% current account with no overdraft fees for 12 months could be ideal if your currently paying Halifax's daily overdraft fees.

'smug value' doesn't come into it.

molerat

IGraham wrote: »

Hello

A question, why bank with a Building Society ?

Given that the big banks seem driven by money grabbing unethical 'not nice' get rich quick people and that I'm not to happy with supporting them (in a very small way) is a Building Society a usable alternative.
Other than possibly feeling smug are there reasons to change or not

My local Building Societys are Yorkshire Building Society, Nationwide, Britannia, Newcastle Building Society

And Nationwide, for one, is run by fluffy bunnies who have the interests of their members at heart ........ OK, if you say so

IGraham

hi
the reason i started wondering about this is i came across an article recently (cant remember where) in which some university lecturer in ? sustainability ? said he'd changed to the Cumberland building society. the article never gave detail as to why only that he would no longer be supporting greedy bankers and that building society's were in some way inherently better.

the article got me wondering and as google didn't give strait answer i thought someone here is bound to have a pro's and con's answer.

the answer seems to be theres little point in changing unless your dead convinced you need to be a 'fluffy bunny'

thanks for the answers people, between you you supplied my answer

kirkbyinfurnesslad_2

The cumberland is a very good regional society as is the Coventry,

What surprises me is the number who for any reason cant get a bank account, yet instead of going to their local building society, and opening a basic savings account in which they can have their wages/benefits paid in to they choose some silly £11 a month account with someone like Secure Trust when they can ill afford to!

Hominu

There can be some reasons that people dislike some Building Societies, as in some are not clearing banks and only have a handful of account numbers. Each member is then given the same sort code and account number, and then also a "Reference Number", so the members have to remember the sort code, account number, and reference number to let other people deposit funds into their account.

I don't know which BS's still use this antiquated system, but Nationwide are both a clearing bank and give everyone their own unique account number, so references are not required.

innovate

kirkbyinfurnesslad wrote: »

The cumberland is a very good regional society as is the Coventry,

Awful interest rates though