Kent Reliance Building Society banking deal 'calls for caution'

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Kent Reliance Building Society banking deal 'calls for caution'

Wed 14th Jul 2010

Customers should be slightly wary of the Kent Reliance Building Society banking deal that has seen the organisation merge with JC Flowers, according to moneysupermarket.com.

Head of banking at the comparison site Kevin Mountford explained that the reality of seeing such mergers take place is that more jobs could be lost in the high street.

In his view, members of the Kent Reliance Building Society banking organisation should act cautiously.

However, Mr Mountford accepted that for some firms on the market it is a question of survival and this latest arrangement with JC Flowers could lead to greater competition.

"The landscape for building societies has changed over the last couple of years and it is becoming more difficult for the smaller societies to grow in these difficult economic times," he added.

Last month, moneysupermarket.com advised savers that they should shop around for their banking provider, since it could leave them £300 better off, according to the organisation's research.

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