We have been speculating about what new store could be taking over the space given up by Marks and Spencer’s for a while. The result has finally been revealed. It’s a bank but not one of the usual high street banks.
Banking and finance are finally going through a massive disruption which quite honestly is well overdue. I am a big fan of the British FinTech revolution going on and follow it closely. I also hold one account with a challenger bank. It’s Revolut if you wanted to know. I really do recommend that everyone has at least two bank accounts. One each from separate banking groups. If anything has been shown over the past five years it is banks can no longer be considered to allow you access to your own money 24/7.
Why from different banking groups? Simple, the FSCS will only guarantee your money up to £85,000 per banking group, not per bank. By spreading your money around in chunks of 85k (if you are lucky enough to have that much) you can make sure you will get most, if not all of it back in case those banks go bust.
As has been shown banks seem to be having great difficulty in maintaining their own sites, mobile apps and services. One of the problems is certainly down to outsourcing to large Indian companies. Most companies will say they have all the skills just to get the work. This happens in the UK too so don’t get me wrong but if you ask if a company provides a service they are bound to say yes and they can also do it cheaper.
I work in IT and have many contacts I have met over the years from the belly of the beast and they assure me this is true. They have told me at length how their employers work, which is why I have several accounts. Each at a different bank including one challenger bank. It may be about to double that when Metro Bank finally opens in Bath. I first changed banks when NatWest had its second outage stopping me taking my own money out. I was trying to put the deposit down on a flat at the time. Having seen issues with most established banks over the last few years in particular I started looking at up and coming challenger banks.
If you are able to have multiple bank accounts and can put a few hundred in each then you will be able to afford food and petrol if one stops working. The old diversify for security mantra applies very well in this case. In fact just a few weeks ago several banks all had issues at the same time. I am not sure what is more worrying, that this happens or that it now appears to be the new normal.
Metro Bank is a serious contender in the challenger banking world and whilst I don’t like what I have read about certain news stories I am not looking at them as an investor would. Hell, I don’t like any banks at all but we all need to store our money somewhere right?
Their website shows that Metro Bank is coming soon and I believe the September 2018 is merely talking about when it was added to the website, not when it will open. They have just taken down the boards outside and it is now possible to see inside. It is a great location and a very decent size as with all the other banking locations. They are starting to hire so get your CV in. I imagine the hours could suit students with flexible working requirements. Students have returned in force for the start of the new semester over the last week. This is a great opportunity to jump in and secure a job before you run out of cash.