Do you still trust building societies?
building societies used to be very tradtional and small and you went to the one in your local area. These days they are more like banks especially The Nationwide which has just got so huge over the years that it doesnt need to answer to its members any more. let building socieities be building societies and let banks be bank please!!!!
Fri, 12/06/2009 - 12:16
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Yes, but keep below the £50000 level !
Sun, 14/06/2009 - 14:32
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Building societies have had a rough ride over the past 18 months - we've seen several high street names merged into bigger players and the collapse of Scotland's biggest mutual, the Dunfermline, amid cash-flow problems.
The Financial Services Authority (the City watchdog) has introduced new rules to protect people who save with building societies and is also demanding that organisations diversify away from 'traditional business models" and have systems in place to ensure they do not take undue risks and can operate safely. READ MORE HERE
The concerns stem from the impact of the credit crunch on building societies and the fact that many organisations have experimented in more risky areas (including sub-prime and buy-to-let lending) without being fully prepared for the additional risks.
Do you still trust building societies? Can such mutual business models survive the current climate or is it a question of adapt or die?
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