Wednesday, November 06, 2013

Unco-operative banking - the 'ethical' question: the expensive Swedish alternative

Appalled by the hedge fund sell-out of the Co-operative Bank, I decided to look for an 'ethical' alternative. Handelsbanken looked good: local branches that will offer a personal service but only if you either live or work locally (within sight of the top of the local church spire, apparently), and its Swedish - the Ikea of cash?. Maybe even offers fish and meatballs, I wondered. However, a cold Scandinavian chill soon descended when I spoke to an account manager at the paragon of Nordic finance. Free banking is only available if you keep £85,000 in your accounts - otherwise its £15 a month. And what do I get for that, I asked? A dedicated account manager and the chance to drop in for a chat. A chat? For £15 a month I expect meatballs and a slice of Dime bar cake - and none of those disgusting berries no-one's ever heard of, thanks very much. So, while the hard-nosed capitalists prepare to carve-up the Co-op, I won't be looking to Sweden for banking salvation, thanks very much.

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