Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Building Society

What is a Building Society?

A Building Society is a financial institution originally set up to help people in a particular area to buy their own homes. A Building Society makes money by paying savers less interest than is charged to mortgage borrowers. Some Building Societies are ‘mutuals’ – which means that they are owned by their customers. Others have demutualised following the Building Societies Act of 1986 which allowed mutual Building Societies to convert into limited companies if more than 75% of members voted to do so.

Most Building Societies focus on one geographical area, except for Nationwide, which operates across the whole country.

For many years Building Societies have been merging with one another or have been bought by banks. Building Societies are now very similar to banks in many respects, although banks generally provide a much wider range of financial services and are considerably bigger.

Q: What is the difference between a Building Society and a bank?

A: Account holders in a mutual Building Society becomes a member of a mutual institution, which gives them voting rights on key issues that affect the governance of the business whereas banks operate to generate revenue for their shareholders.

Because Building Societies need to pay dividends to shareholders, better savings rates than banks are usually offered.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.