Why choose a Building Society or Credit Union over a bank?
Building Societies & Credit Unions are different because…
We reinvest our profits, so you get better rates.
We don’t pay out to external shareholders, because we don’t have any.
We’re owned by you, so it’s you we’re working for.
We value you as an individual.
We take pride in treating you fairly.
We’re genuinely committed to supporting communities.
We’re keeping branches open, and we’re opening more.
We’re purpose driven, and we are truly sustainable.
We’ve got 250 years doing the right thing.
Unlike banks who…
Prioritise making as much profit as possible.
Pay dividends to their external shareholders.
Don’t offer the same long-term value to customers.
Close branches and abandon high streets.
Proudly different
The numbers add up…
£5.4bn
more interest
paid to
savers.*
497k
mortgages to
first-time buyers
in five years.**
30%
share of high street
branches, up from
14% in 2012.
93%
of customers say
we provide good
customer service.
93%
of customers say
they would
recommend us.
72%
of customers said
we are an important
part of the
community.
*compared to the average savings rates offered by banks in 2019 – 2023 (latest data available)
**in the five years to September 2024
Find a better place for your money
Is it time you considered a Building Society or Credit Union?
The original money movement
Building societies since 1775
Building Societies have been part of our communities for 250 years.
In 1775, Richard Ketley, the landlord of the Golden Cross Inn in Birmingham, got his regulars to pool their savings each week. When there was enough money in the pot, they used it to buy land and build a home. They drew lots to determine which of them would get the home. They all carried on saving and building houses until each member owned their own home. Ketley’s Building Society was the first ever Building Society.
There are 42 Building Societies in the UK today, with over 25 million members, more than 1,300 branches on our high streets and they employ around 52,500 people.
Credit Unions are member-cooperatives, providing savings and loans to these members who all share a common bond. This typically means they are either based in their local community or their members work in the same sector, e.g. the police. Credit Unions promote regular saving, offer personal loans and some also provide mortgages. Their members’ needs are at the heart of their business. The first Credit Unions in the UK started in the 1960s, often founded by recent immigrants with experience of Credit Unions in both the West Indies and Ireland.
Building Societies and Credit Unions are still owned and run for the benefit of their members, the customers, and all profits are reinvested back into the business, which is reflected in their rates, products and services.
Genuinely committed to supporting communities
From charity fundraising to community projects, read how Building Societies & Credit Unions work with their communities.
Helping Dementia UK’s Admiral Nurses
Nationwide Building Society Fairer Futures will fund an additional 30 experienced, compassionate dementia specialist nurses.
New branch in Solihull
Leeds Building Society has opened a new branch in Solihull, demonstrating their commitment to the high street and face to face financial services.
Helping to fight food poverty
Cumberland Building Society made its biggest-ever charity donation, committing £500,000 over two years to help combat food poverty.
Partnering with over 90 organisations offering payroll savings
Employability programme helps hundreds
Partnering with a local hospice
Loughborough Building Society has partnered with Rainbows Hospice for Young showing a commitment to supporting their vital work.
Volunteering with Mission Christmas
Vernon Building Society employees volunteered to pack presents with Cash for Kids for their Mission Christmas appeal.
Investing in face-to-face financial services
Sponsoring Edinburgh Rugby women's team
All together, for each other
The Building Societies Association
The Building Societies Association (BSA) was established in 1869. It is the voice for all 42 UK building societies, including both mutual banks, and 7 of the largest Credit Unions.
