Scottish Building Society. Any thoughts?

Fingerbobs

Coincidentally, my Regular Saver with the Scottish Building Society has just matured this week, and changed into an Instant Access account.
I don't recall what ID documents I sent them when opening the account, but I certainly never sent any photo ID (passport or driving licence) either originals or certified copies. I know I didn't have any problems with confirming my identity. 
Just logged in to close the account and withdraw the funds by electronic transfer to my nominated account. No problem at all. (Actually, quite impressed their online system has a function to close an account - that is not all that common. Most institutions make you contact them to close an account. ) 
Now actually thinking I should have kept a small amount in the account as a "foot in the door" but never mind, it's done now. 

soulsaver

Fingerbobs said:

Now actually thinking I should have kept a small amount in the account as a "foot in the door" but never mind, it's done now. 

Yes, SBS had post code restricted access to their regular saver accounts... or if you'd had held an unrestricted standard saver account for at least 6 months.

david72

I have been keeping a vague eye on Scottish BS for a while (ever since Dunfermline BS over-reached itself and foolishly self-destructed), but it unfortunately gives the impression of being too small to be viable (unlike, say, the remaining small BSocs which are strongly connected to a very local area, which seems to give them trust and local support), and essentially in a slow decline (like Airdrie Savings Bank, which maybe could have carved out a niche for itself after the two largest Scottish banks embarrassed themselves (do I sense a recurring theme here?), but, after sparking some golden investor interest, just seemed to fizzle out, sadly).

They should have realised a long time ago (literally, last century) that, if they couldn't have a usable/accessible branch network, moving into online servicing would be pretty much the only way forward and the way to grow their membership base. It is good that they have finally, umm, clicked to this, but at a minimum of £100 for opening online accounts, and fairly mediocre interest rates, I'm not sure they'll get many takers, whereas, with a minimum of £10 or £25, coupled with a cheap web or bus stop advertising campaign playing the 'patriotism-lite' card of "Join your local building society" they'd probably get a fair chunk of the population of Scotland opening accounts "just because" (rightly or wrongly), and helping them grow and remain viable… «shrug» (Yes, they can have that idea for free, if they want to use it.)

Grouchy

I've come across SBS recently and wondering if anyone had a recent experience with their Online Saver?

refluxer

Grouchy said:

I've come across SBS recently and wondering if anyone had a recent experience with their Online Saver?

Would you really want an easy access account with such a low rate ? You can do a lot better than 1.8% at many well-established banks at the moment.

Grouchy

For clarity and to avoid wasting peoples time, my question was not intended to discuss rates, but simply to ask if anyone had any experience of opening and operating the Online Saver and if so some feedback.  Ta.

Malchester

I tried to open a SBS on line ISA a while back but did not succeed. The process was horrible, unwieldy, useless. It seemed then to be a Building Society that either wasn't bothered about online or had such a crap online team they didn't know what they were doing. I posted a review on Trustpilot (one of only 2 on there)

Band7

I had an easy access account and a Regular Savings accounts with them, in 2019/20, when their rates were still competitive. The account opening process was tedious, required posting a cheque to them with the initial deposit for the RS, and involved a passbook. Online banking was very basic and largely of no use as the RS wasn't visible online and I didn't use the easy access account. My notes say I closed the RS early because the interest rate dropped below what I could get in an easy access account. My online login doesn't work any longer, so I assume they closed my online access. I don't miss them as I still find their rates very unattractive.

Albermarle

It only has 6 branches, so unrealistic to expect an all singing and dancing on line service.  I guess there 'online team' is just one person. Probably better to avoid these small BS's unless you live local.