How do you set up your own bank?

[MarillionFan]

Or building society for that matter.

Bank interest rates are low and so subsequently so are interest rates for savers.

Interest rates for mortgages have been high and so are personal loans.

Childrens savings are tulip.

So what would the process be for setting up a new bank/building society? Ignoring the actual business model(for now). What are the setup costs? What do you have to have? FSA? Licence?

Recently when looking for interest rates for savings(the best have been based in the North. ie. Coventry, Yorkshire, Strathclyde)?

So what do you need to do? A revolution is needed!

BBC News - Metro Bank opens doors in UK

[Ruprect]

Give all your money to me. I'll look after it for you.

[MarillionFan]

Give all your money to me. I'll look after it for you.

Actually. It's a serious question.

How come Metro bank is the only one to have set up in the UK in the last 100 years, whilst Building Societies have dwindled.

How does it work?

[Paddy]

Actually. It's a serious question.

How come Metro bank is the only one to have set up in the UK in the last 100 years, whilst Building Societies have dwindled.

How does it work?

Start here.... Thinking of setting up a credit union? - ABCUL

then get bigger...

[RichardCranium]

Rather than give you a google.com LMGTFY link, try this: how to start a bank uk - Google Search

[d000hg]

You can set up a micro-finance bank in a poor country with only a few grand. In the UK there are "informal banks" where you can sign up and loan someone your money. Kind of a collaborative affair, you put your money in, others borrow it out, you get the interest. There was a piece on it on Working Lunch a while back, I can't remember the name though, sorry.

[Tingles]

You can set up a micro-finance bank in a poor country with only a few grand. In the UK there are "informal banks" where you can sign up and loan someone your money. Kind of a collaborative affair, you put your money in, others borrow it out, you get the interest. There was a piece on it on Working Lunch a while back, I can't remember the name though, sorry.

Zopa



Tone

[Freamon]

Actually. It's a serious question.

How come Metro bank is the only one to have set up in the UK in the last 100 years, whilst Building Societies have dwindled.

How does it work?

Metro Bank are the only traditional high-street bank to have set up in the last 150 years, but there have been plenty of other bank or bank-like start-ups in the UK over that time.

Egg is the first one that springs to mind. Zopa are a bit like a bank too.

In the old days all you needed was a bench, a safe to store gold coins, and a paper and pen.

That's still all banks are, but it's dressed up in fancypants regulation and complexity.

This video does a good job of explaining how banks started:

http://www.youtube.com/watch?v=vVkFb26u9g8

Or you could download and watch "The Ascent of Money", an excellent documentary that was on TV a while ago.