Advantages None for the small investor
Disadvantages Low interest rates on modest accounts
I had been a member of my local building society - The Heart of England ever since I was a little girl and had always been impressed with the way they handled both my mortgage and my modest savings account.
The Heart of England was then taken over by the Cheltenham and Gloucester Building Society. It was one of the first takeovers to make a payout to members so I only got £200 or so, but it was very welcome.
The Cheltenham and Gloucester soon made it plain that they weren't interested in the small investor. If I wanted to pay cash in I had to pay at least their minimum amount as they were trying to discourage cash payments and their interest rates for small investors were a joke.
I moved my savings to my savings account at the bank almost straight away and moved my mortgage to the Brittania Building Society shortly afterwards.
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