niallpaterson

That's cool. Business accounts aswell? CU's seem much more developed in the US. I think if you were to look at the three things I mentioned - online, non profit and open source, non profit is the one I think is least differentiable if that makes any sense. I think an online open source bank is the real innovative part, not the non profit part.

- Open Source - Online (no physical presence) - Available 24/7 - Checking account - Debit card

I think people have seized on the non profit word here. I think credit unions and this would be non profit in different ways if that makes sense.

Agreed, I think it would make most sense to keep it really simple for now. So like a checking account at heart. No loans or anything like that. I think that's what most people would need - if you need a savings account you don't need an accessible online back.

That's pretty nice. Is there some kind of online/mobile setup for adminstering? Also actually, do they do business accounts?

That's pretty nice. Is there some kind of online/mobile setup?

Will do. Is that setting up a bank from scratch though? Partnering would/should remove a lot of the logisitics.

See how simple do it in the US? They've a partner bank, which handles that side of things. I'd be optimistic the same could work.

current account = checking account in US terms :)

My issue with Credit Unions is that they don't offer stuff like current accounts, atms etc, are really open, are exceptionally slow at allowing you withdraw. That's just my experience, but I don't think you could actually bank with a credit union, which is what I'm trying to get at

I can see why you're linking credit unions with the non profit thing, but I think the non profit thing is there, for me at least, as more of a statement to show aims, so not nessecarily the same reason why a credit union is non profit. My experience with CU's here is that they are even worse than banks (almost impossible to withdraw, no current accounts, no atms, rarely open) is that similar in the US?