Airdrie Savings Bank

colsten

Sounds as if you haven't been involved in the Iceland debacle where the country's protection scheme wasn't worth the paper it was printed on. Retail investors did eventually get their money back but this was due to Alistair Darling producing some money out of his empty coffers, not due to the Icelandic protection scheme. You might argue that the Dutch scheme is safer than the Icelandic one but I wouldn't share your optimism.

It's everybody's decision how much risk to take. I personally would not risk any of my money in a financial institution that chooses not to afford FSCS membership. This membership is open to non-UK headquartered banks - BOI, Bank of India, State Bank of India, Bank of Cyprus to mention but a few are all examples of foreign banks that are members.

Hazzanet

Armorica wrote: »

They couldn't be covered by FSCS as non-UK incorporated. There is equivalent minimum protection of 100,000€ for eligible customers across the EU now. As Tridos is Dutch registered, it would be covered by the Dutch scheme.

Icesave was covered by the Icelandic scheme, when it suited them.

Zanderman

Paul_1977 wrote: »

When I say a decent place I mean a good, small ethical bank. I do not care about charges when they are quite low.

I'm not sure I'd regard a bank that loses you money on your savings (with a below inflation rate) as ethical, or one that charges you for everyday transactions (such as using an atm) as good or decent.

Me, I want to save money, not lose it (and that's why I visit this forum). But as others say, each to their own.

If you want ethical, and better terms, you could still consider the Coop which, though much criticised for the management crisis and bail-out etc, has recently re-affirmed its ethical policy.

zappster

It's got a good local reputation (Lanarkshire), seems popular enough. Folk are attracted by it's whole "Bedford Falls/George Bailey" local kinda thing. I'd guess it's mainly older folk who use it, less well off although it's big on the whole social inclusion stuff, trying to bring banking services to people who maybe get left behind by the bigger banks. Depends what you're looking for I guess.

Paul_1977

I just want my money in a simple bank, yet most other banks are involved in this and that, co-op which makes nearly all its profit from interest charged on loans etc, not very ethical but I understand a bank must make money.

Triodos is based outside the UK so I would not bank with them.

ASB is small, you can more or less see what is going on with it, where it is and what its up to, it has a board who look after the bank etc, and I like that sort of thing.

I think it works both ways and paying a £5 a month and the odd 30p is acceptable to me.

Co-op is owned by who knows who, and lots of anarchists use the bank from what I have seen.

Metro Bank we have in London but again I am not sure where the money is coming from to fund it and most of it is from the US.

TSB is according to its chairman not getting involved with anything like large business or trading, and if that is true perhaps I should move to them, but its a bit uncertain at the moment with them.

System

It's basically the only savings bank that refused to join TSB.

It's very much a local bank so why would you wish to operate it you're not local(ish) or have some connection to the area?

If you're looking for 'ethical' then one of Building Societies or even Clydesdale / Yorkshire are relatively high of the scale.

Paul_1977 wrote: »

Is anyone with Airdrie Savings Bank?
I am wondering if they allow you to have an account without the need for a branch.
They seem quite small and safe without being involved in arms trades and all that.
cheers.

Paul_1977

Heng_Leng wrote: »

It's basically the only savings bank that refused to join TSB.

It's very much a local bank so why would you wish to operate it you're not local(ish) or have some connection to the area?

If you're looking for 'ethical' then one of Building Societies or even Clydesdale / Yorkshire are relatively high of the scale.

Its in the UK, which these days is something. Most other banks have devisions all over the world and you never know where your money is going.:o

Armorica

colsten wrote: »

Sounds as if you haven't been involved in the Iceland debacle where the country's protection scheme wasn't worth the paper it was printed on. Retail investors did eventually get their money back but this was due to Alistair Darling producing some money out of his empty coffers, not due to the Icelandic protection scheme. You might argue that the Dutch scheme is safer than the Icelandic one but I wouldn't share your optimism.

It's everybody's decision how much risk to take. I personally would not risk any of my money in a financial institution that chooses not to afford FSCS membership. This membership is open to non-UK headquartered banks - BOI, Bank of India, State Bank of India, Bank of Cyprus to mention but a few are all examples of foreign banks that are members.

Iceland predates the EU wide protection requirements. Your statement are out of date and misinformed. http://ec.europa.eu/finance/bank/guarantee/index_en.htm if you want to inform yourselves... (and ofc Iceland wasn't in the EU and still isn't...)

It's not a matter of 'affording FSCS' membership. It's not necessary or possible. The banks you list operate in the UK through subsidiaries. Tridos operates through a branch. FSCS is required for the former, it's not possible for the latter.

I've not looked into it for the Dutch one, but the concept of pre-funded schemes is now floating around. Pre-funding schemes reduce risks even further.

Hazzanet

Armorica wrote: »

Iceland predates the EU wide protection requirements. Your statement are out of date and misinformed. http://ec.europa.eu/finance/bank/guarantee/index_en.htm if you want to inform yourselves... (and ofc Iceland wasn't in the EU and still isn't...)

It was and still is a member of the EEA. At the time, they were doing the same as Triodos, "passporting" their Icelandic authorisation to the UK.

Armorica wrote: »

It's not a matter of 'affording FSCS' membership. It's not necessary or possible. The banks you list operate in the UK through subsidiaries. Tridos operates through a branch. FSCS is required for the former, it's not possible for the latter.

As was Icesave.

https://web.archive.org/web/20070208195552/http://www.icesave.co.uk/legal.html

Icesave is a registered trading name of Landsbanki Islands hf, incorporate in Iceland (id no. 540291-2259), whose registered address is Austurstraeti 11, 155 Reykjavik, Iceland. Registered in the UK under Company Number FC26112 at Beaufort House, 15 St Botolph Street, London EC3A 7QR.

Landsbanki Islands hf is Authorised by the Fj!rm!laeftirlitið (FME) in Iceland and by the Financial Services Authority and is Regulated by the Financial Services Authority for the conduct of UK business. FRN: 207250.

Deposits made with Icesave are protected under the Icelandic Deposit Guarantees and Investor-Compensation Scheme (details of this scheme may be obtained from https://www.landsbanki.com/legislation). Payments under this scheme are limited to the first €20,887 (or the sterling equivalent) of your total deposits held with us. You have further protection from the UK Financial Services Compensation Scheme (https://www.fscs.org.uk). Payments under this scheme are limited to 100% of the first £2,000 of all your deposits with us, plus 90% of the next £33,000 of your total deposits with us, less any payments made under the Icelandic scheme. This means that the maximum claim amount as at June 2006 is £31,700. The total financial protection given to you under both schemes is no less than you would receive if your deposit was only protected by the UK scheme. Further details about both schemes can be obtained from our web site or by post, on request.

Yes, the limits have changed, but once bitten, twice shy.

colsten

Armorica wrote: »

Your statement are out of date and misinformed.

Not so, in either regard. A passport scheme such as the Dutch scheme is no safer today than a passport scheme was at any point in the last 10 years.

Armorica wrote: »

It's not a matter of 'affording FSCS' membership. It's not necessary or possible.

Nonsense. It is entirely down to Triodos' willingness to set up a UK subsidiary, like all the other foreign banks did, and to become a member of FSCS.