Hello everyone, first of all, thanks so much for creating this space and these tools. I am brand new in these waters and I am trying to dive and swim as best as I can.
Little foreword: We are in the process to set up an alliance of ships, brokers, sailors, producers, and more, to establish a network able to improve the way we produce, ship and trade worldwide, reducing the environmental impact and promoting more sustainable and circular, inclusive ways of doing business inside the supply chain.
Our community has global features but for the moment the headquarters will be in the UK, and we found that a CIC would be the best at the moment even if we plan to convert it at some point.
One of our main issues now is to find something that probably doesn't even exist, yet: an ethical bank that is ethical, trustworthy, reliable, efficient, doesn't cost a fortune and which provide a business account and allows our members to pay their fees in multiple currencies.
I am researching and found out that Co-op bank, Starling bank, Nationwide and Triodos could be potentially good but Trustpilot shows some very bad reviews on all of them. Of course... I know the perfect bank doesn't exist yet, but I was wondering if you could help us by answering one or all of the following questions, and thanks in advance for any support you might decide to give to our project:
- do you have experiences to share with any of these banks?
- do you have some useful tips, advices and/or recommendations regarding a good bank for a CIC that wants to be as sustainable as possible?
- which bank does your CIC uses and are you happy with it?
Once again, thanks for your help and be sure I'll be popping around these groups quite often. I wish you all the very best in your life and your CIC ! Giulia
I've used Co-op and CAF banks and had a largely positive experience but neither have a lot of branches. If you intend to keep things electronic that shouldn't be a problem. I've used Nationwide for personal stuff but not business, and would recommend on that front. I've also used Currencyfair which allows you to send and receive payments in foreign currencies with lower fees than banks charge.
Hi James, and thank you very much for your reply and feedback.
We aren't particularly interested in having a physical branch round the corner and we look more for a efficient and reliable online banking service, so that should be fine.
I will check Currencyfair, which seems to be very interesting and serving our purpose.
At the moment Co-op seems to be our best bet here in the UK even if I am very interested in Triodos. I will keep on collecting information and feedback and soon make our decision.
Thanks again, all the best!