"I have never been tempted to switch to a bank - even though from time to time I've noticed them paying one or two per cent extra - because I trust building societies
"It is a significant development that the boards of two 'top 11' building societies
have concluded that the interests of stability will be better served under Nationwide - and one which makes further consolidation in this sector almost inevitable."
'It seems incredible that building societies
who spend millions of pounds on advertising for new customers should turn down cash deposits from existing customers simply because they can't be bothered to take them to the bank.
Nikki Foster, of Chase de Vere, said: "The big banks keep an awful lot of money for themselves, so it's nice to see something being given back to savers by building societies
In effect private clubs for the economic betterment of members living within a limited geographic area, terminating building societies
flourished in Great Britain in the first half of the nineteenth century, but by 1850 were being replaced by permanent building societies
that operated more like modern savings banks (although some new terminating building societies
were still being formed in the 1860s and 1870s).
All five building societies
have impaired loans ratios below 1%.
Susan Hannums of Savingschampion.co.uk, said building societies
and smaller banks challenging the big ones for business "continue to show their support to savers".
Nearly two years ago, rules came into force which mean that banks, building societies
and credit unions must prominently display stickers or posters in branches to help raise consumer awareness of compensation levels.
Its Building Societies
Database, which tracks the financial performance of the mutual sector, saw healthy results for most building societies
, which are now well-placed to benefit from an upturn in the economy and increasing demand for mortgages.
5 July 2013 -- UK-based building societies
Nottingham Building Society and Shepshed Building Society said they have completed their merger.
M2 EQUITYBITES-July 4, 2013-Nottingham, Shepshed building societies
complete merger(C)2013 M2 COMMUNICATIONS http://www.m2.com
A MERGER between two UK building societies
has been confirmed.