Which Banks are Safe?

[Vague_Boy]

What are the safest banks to store your hard earned cash with that have harboured very little controversy?

 

Saw this on my Twitter feed this morning.

 

Guessing if your bank is "safe" or not is pointless, by the way. Dexia went tits-up weeks after regulators deemed one of EU's safest lenders

[epiphany]

The Co-op are a decent bank. No, their history is not absolutely squeaky clean, but they have stood strong throughout the recession and even grown to acquire Britannia. They have no external shareholders to answer to or compromise their profits. The board has more democratic accountability (being a consumer co-operative) than most other banks.

 

Unlike some of the largest banks, they do not invest in the arms trade or conflicts of interest that benefit dictators and undermine basic human rights. While consumers may not care much about what banks do with their money, the ethics behind a bank's investment portfolio says a lot about their integrity. Most banks (understandably) don't share their investment charters with their members/customers.

 

Furthermore, since banks fuel our industries with credit, the lifeblood of our economy if you will, the types of banks that dominate our economy will have a direct influence on the nature of that economy. For example, banks that preferentially fund green, sustainable businesses, or businesses who have profit share schemes will create an economy that requires less need for the state to come in and regulate the excesses of the market.

 

http://www.moveyourmoney.org.uk/what-about-my-bank

[L00b]

The Co-op are a decent bank.

Heard that before (from you I'm sure, actually! ) and I keep meaning to look into them, just can't find time atm

For example, banks that preferentially fund green, sustainable businesses

This would be laudable indeed...if most such "green, sustainable businesses" were not elaborate corporate escalators designed to siphon Gvt grants away, with little actual greenery/sustainability to show for it. Worked with plenty enough of them in the UK, so far, to know better In that context, I'm not too sure such investments (well, a sizeable portion of them, at any rate) are very ethical indeed.

, or businesses who have profit share schemes

à la John Lewis, which by-and-large are doing well indeed

 

@mjw47 - goes without saying, I did not mention over-arching coporate umbrellas for economy of time/not stating the obvious. The rule of thumb I apply, is to stay away for US/EU groups, unless necessary (I bank with Crédit Agricole in France...and there ain't much of mine in there I can tell you - they're into Greek debt up to their ears!)

[Itrytoplease]

Question

 

I was told by more than one person that if your only income is "Income support - Benefits etc" the bank's can't make charges on that account. Would that be correct?

[medusa]

Safety is a relative term, not an absolute

[mjw47]

Whilst I have to confess that the entire Financial sector baffles me, & I wind up with a headache if I give it too much thought, one thing does appear obvious. If you take into account the amount of money owed by country's throughout the world & combine it, there simply isn't enough wealth or asset value to match it.

We therefore appear to be involved in what can only be described as the most enormous Ponzi scheme ever devised.

 

Now I'm sure I must be mistaken in that thought, & hopefully someone can explain that my lack of knowledge has caused me to worry unnecessarily & all is well in the best of all possible Worlds.

[epiphany]

This would be laudable indeed...if most such "green, sustainable businesses" were not elaborate corporate escalators designed to siphon Gvt grants away, with little actual greenery/sustainability to show for it. Worked with plenty enough of them in the UK, so far, to know better In that context, I'm not too sure such investments (well, a sizeable portion of them, at any rate) are very ethical indeed.

 

Valid point, but without ethical banks the government, who are arguably less transparent and accountable when it comes to investments, would have a near monopoly over such investments.

 

You would have to highlight specific investments that were made by banks vs government to weigh up who steers the economy in the right direction as far as sustainability. I would be interested to see such a study, but given successive government's obsession with perpetual growth and short term booms over long term sustainability, I think ethical banks, even with their not-so-ethical investments are by far more capable of steering the economy in the right direction.

[Manlinose]

Question

 

I was told by more than one person that if your only income is "Income support - Benefits etc" the bank's can't make charges on that account. Would that be correct?

 

don't think so - i think it depends on the type of account rather than the source of the money

 

most banks offer accounts which don't have charges (assuming you stay in credit)

[erebus]

Cyprus has informed the world that banks, and their puppets politicians cannot be trusted, well not for too long. Rules like war can be changed overnight, and getting your money out of the banks as Cyprus demonstrates is made impossible outside of a regulated amount.

 

We have a failed economy. We have banks involved in perpetual frauds. We have banks that are outside the law, can do what they want how they want, and care deeply about profit and bonuses, their bonuses.

 

So having a selfish, self interested friend, who looks after your money, pays the bills and appears trustworthy, just might need a keeping an eye on.

 

If you have some savings, then a bit of gold or silver, in elemental form might be a long term, very safe bet. Sadly making quick returns on gold and silver are impossible, as the market is run by gangster fraudsters, you got it the banks.

 

Cyprus will make many savers move into the metal markets, as most currencies like ours are devaluing, or have you not noticed bills, food, fuel, etc rising above the ridiculous government propaganda, do not panic 2-3%.

 

Its interesting times, and confidence globally is falling as populations demonstrate, that they want a life, as the economic shackles are applied to those outside certain circles.

 

War in Syria is a step towards Iran, which is a further step to control CHINA. It could go all tits-up anytime, just keep your eyes and ears open, things slowly unfold, and some have the opportunity to leave the sinking ships, as the powerful tend to lie it seems.

[BEDROCK]

Yes bang on, I think we are all agreed that money = debt and debt will never be paid back, never...

 

So, the only thing that is really worth it is gold, silver and bonds, without any of these you may as well turn up to a gun fight with a knife!