I must admit I didn't initially realise how stringent the changes are for RBS.
The most surprising was that RBS are to sell their English RBS branches (and customers) and sell their Scottish Natwest branches (and customers)
I bank with Natwest up here and have a mortgage with them. Apart from the insane amount of letters they send out on nothing particularly important, they have been very good. Easy to get in touch with online or by the phone, good banter in the branches and, crucially, free of any screw-ups in my accounts.
However, with the news that the market is being prised open to allow another couple of banks in, one can't help but wonder if one should move elsewhere.
We may have Tesco Bank, Virgin Money, a foreign big name or a brand new start up bank run by a consortium of Scottish businessmen on our High Street before too long.
The question is, would any of the above move you to move bank and do business with them?
If there's a new Scottish bank I reckon I would feel a duty to support it by moving my accounts and mortgage to it. (I can't say I'd feel the same about Tesco Bank, needless to say). But would I be in the minority and would the lack of customers ultimately freeze out any new entrants to the market?
And, stretching this even further, would the sight of a new Scottish bank, run by successful Scots, getting off the ground and being successful help to turn the tide of opposition to independence? A new 'can do' attitude?
Carla in bronze
3 minutes ago
15 comments:
Jeff,
I 'bank' with the Clydesdale and I have to say, I have few complaints about them.
However I am also a member of a Credit Union. In general, if I wanted to borrow money, I'd rather approach the latter.
Perhaps someone who knows more than I about the whole savings sector could comment, but my Credit Union seems to be trying to turn itself into a retail bank, or the retail banking model is based on Credit Unions?
J,
I'd change my banking to a purely Scottish Bank, having been badly let down by RBS post bank fraud on my account I'm very wary of big banks and use a building society.
Watch out for the Co-op they are ruthless!
CD
I'm a bit confused by the negativity shown here Jeff. How could you be in the minority if a new Scottish bank opened and you moved to it? Surely there would be huge numbers signing up for accounts, otherwise, if there were such apathy with a Scottish BANK, what chance would we have of getting our independence? And do we need a 'can do' attitude to arise from the banking sector? I thought we had our ingenuity already and didn't need a bunch of businessmen, however good at their jobs, to show us the way. You don't seem to have alot of confidence in our ability to break free and make a go of it on our own. With friends like you, who needs the English?
Hi Douglas, I'm afraid I know very little about credit unions so hopefully someone else can help you there.
Cd, i was going to suggest the Coop when i read the first half of your email. Maybe I'll have to think again!
I'm a bit confused by your confusion Anon. I don't think I am being negative in suggesting that a lot of people, perhaps a vast majority, will ultimately decide it's too much effort to move banks or compare rates etc. It's understandable, we all lead busy lives. Alternatively, maybe there will be a massive groundswell of public support for a new Scottish bank, backed up with financial support when accounts are transferred. You seem confident it would be the latter which is great. I don't have much to go on so I'm not suggesting either way, merely asking IF i'd be in the minority. I could just as easily asked 'would i be in the majority?'. As for a can-do attitude, I admire your faith in fellow Scots but let's be realistic, it's only an experienced 'bunch of businessmen' that will get a new bank up and running.
Could it be that the SNP's idea of a Scottish bank focussing on 'homegrown' investment be nearing reality?
Could such a bank be our central bank in an independent Scotland?
Interesting times ahead.
I've never had a problem with the Co-op, and I would like to think I'm an ethical investor, and therefore the only 2 banks I would EVER go near would be Triodos and Co-op- they may not give you such high returns, but at least you know your money is going to good causes.
Until other banks adopt such a good ethical stance then I'm not interested.
Anon,
"With friends like you, who needs the English?"
The English being a single homogenous group intent on the destruction of Scotland, presumably?
Wouldn't it be really cool if 'anonymous' was deanonymised just a little bit?
For I assume anonymous @ 3 is not the anonymous(es) @ 8 or 9.
But who can tell?
Though I'd agree with anonymous @ 9. The English are far from a homogenous group and I quite like some of them. If they are intent on my destruction, they have yet to tell me....
Wouldn't it be really cool if 'anonymous' was deanonymised just a little bit?
For I assume anonymous @ 3 is not the anonymous(es) @ 8 or 9.
But who can tell?
Though I'd agree with anonymous @ 9. The English are far from a homogenous group and I quite like some of them. If they are intent on my destruction, they have yet to tell me....
Interesting point from Wardog. Assuming we enter the euro if/when independent, a central bank would surely be duty-bound to promote growth in the Scottish economy - as I think the American central bank is. Other central banks take inflation are their main priority. In these deflationary times a change of emphasis might be in order!
"Interesting point from Wardog. Assuming we enter the euro if/when independent, a central bank would surely be duty-bound to promote growth in the Scottish economy - as I think the American central bank is. Other central banks take inflation are their main priority. In these deflationary times a change of emphasis might be in order!"
The National Central Banks in the Eurozone enact the policy of the Governing Council of the European Central Bank. I'm not sure how much scope there will be to act solely in the interests of Scotland.
I too would feel obliged to move my overdraft to a Scottish bank if they offered the same limit as the Clydesdale!
Yeah, I'm not convinced a Scottish Central Bank is a go-er.
Perhaps in the meantime if there is a gap between being part of Team UK (with all my English friends) and Team EU.
Indeed, if that is to happen, a Scottish Central Bank would be a near-necessity (we could still use the Bank of England but politically it would be damaging to have to rely on it after independence)
Post a Comment