Using Building Society Like a Bank

8082

Hi,  I'm looking to put my money elsewhere and Newcastle building society seems like the best option. Is it possible to use it like a bank? I mean with direct debits, standing orders etc.? I don't just want to use a savings account to store savings. I want to pay bills through it.

colsten

If you are asking whether the Newcastle BS offers a current account, the answer is no. I am not aware they have savings accounts that offer DDs or SOs. 

If you want to use a Building Society for some reason, Nationwide BS do offer current accounts. Apart from an introductory rate on their FlexDirect account, however, their savings rates are dire (more dire than savings rates are, anyway).

There is no need to keep your current and savings accounts with the same company. In fact, it is quite a good idea to use at least 2 different companies, in case there is a problem with one of them.

8082

Thank you for your reply.

I'm currently using HSBC and want to take my money out of it for moral reasons. A building society seemed like it would be the best option but I need an account that offers DDs.

jimjames

8082 said:

Thank you for your reply.

I'm currently using HSBC and want to take my money out of it for moral reasons. A building society seemed like it would be the best option but I need an account that offers DDs.

Nationwide is your best bet then

EarthBoy

The only other building society offering a current account, as far as I know, is the Cumberland, but you have to live in their operating area, they aren't open to everyone. 

[Deleted User]

Why just look at a Building Society?
Metro, Starling, TSB and even Virgin Money are all relatively good options

Zanderman

8082 said:

Thank you for your reply.

I'm currently using HSBC and want to take my money out of it for moral reasons. A building society seemed like it would be the best option but I need an account that offers DDs.

Not sure what particular moral reasons you're thinking about but if you want 'ethical' current account banking Triodos Bank is the most obvious option, though they do have a monthly £3 charge on their current account. 
And there are some detractors - there may even be one along in a minute - who say they're not as ethical as they purport to be - but you can be reasonably assured they're more ethical than most!
(edited to add Triodos have, I understand, just upgraded their online banking, which used to be a bit clunky, but might be fine now)
https://www.triodos.co.uk/current-accounts/current-account

Also, of course, Coop Bank still make ethical claims.  Their claims are more doubtful these days (as they're no longer part of the Co-op) but again they're likely to be more ethical than most.

colsten

Oh, detractor here 👩‍💼

All this 'ethical' banking stuff is just opinions, and some of the 'ethical' ones, at times at least, are rotten to the core. As demonstrated by both, Triodos and the COOP.

Not going to engage in further debates on this as I have to rush to watch some paint to dry.

Zanderman

colsten said:

Oh, detractor here 👩‍💼

All this 'ethical' banking stuff is just opinions, and some of the 'ethical' ones, at times at least, are rotten to the core. As demonstrated by both, Triodos and the COOP.

Not going to engage in further debates on this as I have to rush to watch some paint to dry.

I knew there'd be one along in a minute!
I'm not engaging further either, other than to say OP is posting because he or she has 'opinions' on HSBC's 'morality' and wants to move because of those opinions.  The entire reason for the thread is because of 'just' an opinion.  . 

gsmh

colsten said:

All this 'ethical' banking stuff is just opinions, and some of the 'ethical' ones, at times at least, are rotten to the core. As demonstrated by both, Triodos and the COOP.

At the very least you are consistent in your unwillingness to support banks which at least try to be ethical. There is no controversy as to what 'ethical' means, it is crystal clear. Given that human beings are not perfect there will be aspects the likes of you can nitpick at, but there is no way you could say HSBC and Triodos, or Barclays and Nationwide are equal when it comes to ethics. There is a scale which most of us can understand, but you can only see 1 and 10.

Not going to engage in further debates on this as I have to rush to watch some grass grow.

gsmh

8082 said:

I'm currently using HSBC and want to take my money out of it for moral reasons. A building society seemed like it would be the best option but I need an account that offers DDs.

The Ethical Consumer magazine puts Triodos Bank at no. 1 for ethics. The Cumberland BS is very high on the list too, but as pointed out earlier you need to live in its catchment area to open a current account. The Co-operative Bank has an excellent ethical policy but is owned by hedge-funders who are not particularly ethical. If you want mainstream, The Nationwide is probably your best bet.

I listened to the arch-detractor on here and closed my Triodos account but after some research and contact with Triodos over the issue she raised I have since opened another account and am enjoying the experience.