UK Money News
26th November 2007
Building societies 'provide greater financial autonomy'
Customers who are choosing to seek help with money not at a bank but at a building society do so because they feel that they have more autonomy, it has been suggested.
Personal finance commentator AWD Chase de Vere states that, should there be any difficulties experienced by their financial institution, the level of protection remains the same.
Anna Bowes, investment manager for AWD Chase de Vere, said: "It's probably clearer to know what would happen with a building society if it got into trouble; it would be bought by somebody, which is what is likely to happen now with Northern Rock anyway."
She added that, while reputation and risk do play a part when people are choosing a personal finance provider, interest rate offerings remain the primary deciding factor.
The money news follows recent figures, quoted in thisismoney.co.uk, suggesting that building societies received a record level of deposits in September.
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