Recommendations?

nexus · Post by **nexus** » 30 Jul 2013, 16:05

If a young person was opening an account to have wages paid in which bank or building society would people recommend? I would ordinarily suggest the Co-op but I'm not confident about recommending them now.

Can anyone recommend a bank/building society which seems reasonably stable, with good customer service?

emordnilap · Post by **emordnilap** » 30 Jul 2013, 16:14

2¢

First choice for me would be a credit union; second choice a building society which has no policy to demutualise; in both cases, the more local to me, the better.

Banks wouldn't feature in any decision of mine except in the "totally excluded" list.

biffvernon · Post by **biffvernon** » 30 Jul 2013, 17:45

I'd still go for the Co-op/Smile, despite all.

woodburner · Post by **woodburner** » 30 Jul 2013, 19:59

They are now shareholder owned and no longer a mutual.

Oxenstierna · Post by **Oxenstierna** » 30 Jul 2013, 20:09

I'm with the Nationwide. Everything that you would expect from a bank - chequebook, debit card and online.

At least with a mutual the members get a vote (which they never seem to use) every year where they can approve or disapprove the remuneration of the directors, and even, in theory, eject them from the board.

nexus · Post by **nexus** » 30 Jul 2013, 21:03

Thanks for the feedback, food for thought.

Post by **kenneal - lagger** » 31 Jul 2013, 02:00

I can recommend the Ecology Building Society, especially if they're going to do some eco building/renovation at some time in the future. With some types of building/renovation the Ecology are the only BS which will loan and they offer a cheaper rate for eco work.

nexus · Post by **nexus** » 31 Jul 2013, 07:40

Thanks Ken, that sounds very interesting- will check it out.