Best Building Society/Banks

Alfie2020

Due to an inheritance I need to look at opening a couple of accounts with different building societies/banks.  I am more interested in the security of the £85,000 protection and service than rates.  That can always come later.  I was looking at the N&S&I but have seen another thread on the forum saying people have had problems registering/getting hold of their money/getting a response etc.  It also doesn't say on their website how you get hold of your money (I presume it has to be transferred into a bank account).  I would prefer an establishment where I could see the white of their eyes should there be a problem.  I know that is becoming more and more difficult.  Any recommendations to help me select would be gratefully received.

wmb194

Alfie2020 said:

Due to an inheritance I need to look at opening a couple of accounts with different building societies/banks.  I am more interested in the security of the £85,000 protection and service than rates.  That can always come later.  I was looking at the N&S&I but have seen another thread on the forum saying people have had problems registering/getting hold of their money/getting a response etc.  It also doesn't say on their website how you get hold of your money (I presume it has to be transferred into a bank account).  I would prefer an establishment where I could see the white of their eyes should there be a problem.  I know that is becoming more and more difficult.  Any recommendations to help me select would be gratefully received.

Last I checked Nationwide and Coventry are the best capitalised BSs, Nationwide a bit less so once it buys Virgin Money though. 

With FSCS cover you don't really need to worry about any bank or BS and I've never had any issues with NS&I. I think you're worrying too much.

Middle_of_the_Road

Building society options with good branch network include-
Nationwide 
Coventry Building society 
Yorkshire Building society 
Skipton Building society

All have had decent savings rates recently, especially if you've been with them for a year to qualify for the loyalty products.

Alfie2020

Thanks.  I'm with Nationwide already.  I just want to spread savings around and not have all my eggs in one basket.  

Sarahspangles

Alfie2020 said:

Thanks.  I'm with Nationwide already.  I just want to spread savings around and not have all my eggs in one basket.  

Have you checked who is in your local town? There are certain banks with a commitment to maintaining a branch presence, already listed above.

Alfie2020

That was going to be my next move after asking for experiences etc.

Hinchandrossi

Alfie2020 said:

Due to an inheritance I need to look at opening a couple of accounts with different building societies/banks.  I am more interested in the security of the £85,000 protection and service than rates.  That can always come later.  I was looking at the N&S&I but have seen another thread on the forum saying people have had problems registering/getting hold of their money/getting a response etc.  It also doesn't say on their website how you get hold of your money (I presume it has to be transferred into a bank account).  I would prefer an establishment where I could see the white of their eyes should there be a problem.  I know that is becoming more and more difficult.  Any recommendations to help me select would be gratefully received.

I'm in a slightly similar situation, I'm based in the West Midlands and those mentioned above (Cov, WB, Yorks) all have branches within a couple of miles of me, Skipton's nearest is 20 miles if I needed branch access although I tend to do most things online if I can.

I would say those 4 are probably the best/most accessible building societies. There is always the possibility of a slightly better deal online (regular savers in particular) but sometimes it is good to be able to physically visit a branch.

Alfie2020

Thanks for that.  I have a Coventry 2 miles from me but not the others.  I'm going to ask a very daft question now.  It's a very long time since I opened an account with a new provider.  How do they money launder you these days.  Back in the day you had to take in your driving licence, statement etc etc.  If things are online how can they do that?

Hinchandrossi

Alfie2020 said:

Thanks for that.  I have a Coventry 2 miles from me but not the others.  I'm going to ask a very daft question now.  It's a very long time since I opened an account with a new provider.  How do they money launder you these days.  Back in the day you had to take in your driving licence, statement etc etc.  If things are online how can they do that?

They tend to ask for photo ID so if you have your passport or driving licence you take a selfie and they compare them.
National Insurance number is usually asked for too.

I've opened a lot of accounts this last 18 months, some are easier than others but tbh if I can do it (my appearance tends to change a lot so my ID photos can be an issue) anyone can.

Bigwheels1111

The best ones are the ones that pay the best rates.

I have 20 ish,5  Bank & 15 or so savings accounts.

With banks you may not of every known exist.

All are covered by FSCS.

Every type of account is here, All FSCS protected.

I only go for accounts that have contact number, if things go wrong you don't want to send messages back and forward for days on end do you ?.

https://moneyfactscompare.co.uk/

Just remember 85k is protected, interest over that would not be.

So only put 80k in an account that pays interest away every year.

At 5% that would be 4k interest keeping you under the 85k limit.

allegro120

Alfie2020 said:

Thanks for that.  I have a Coventry 2 miles from me but not the others.  I'm going to ask a very daft question now.  It's a very long time since I opened an account with a new provider.  How do they money launder you these days.  Back in the day you had to take in your driving licence, statement etc etc.  If things are online how can they do that?

When you open account in branch as a new customer they will require to see your photo ID and proof of address, which is usually passport and driving licence.  They would normally tell you what ID they need from you when you book an appointment.  Not very different from back in the day.