How can I find out which are giving the better deals - banks or building societies?
| Print page | Email |
The personal finance pages of the national press carry tables showing the 'best buys' in terms of financial products, such as mortgages and savings accounts; these appear in the main on Wednesdays, Saturdays and Sundays. A more comprehensive list also appears in the publication Moneyfacts, which can usually be found at your local library or click the link below
Annual Surveys
The January 2006 Moneyfacts survey of all mortgage lenders, 10 of the top 20 best value lenders over 12 months are building societies. Only one high street bank made it into the top 20. (The survey shows the total interest paid on a £150,000 standard variable rate mortgage between 1 January 2005 and 31 December 2005.)
Building societies took 16 out of the top 20 spots in the Moneyfacts 2007 Mini Cash ISA Survey (March 2007). The survey calculated the projected value of £3,000 invested.
Awards
Building societies took six of the possible nine mortgage awards at the annual Moneyfacts awards (June 2006). Mutuals took 75% of the top three places in the nine mortgage categories, building further on their performance in 2005 of 60%.
Building societies outperform other lenders in offering good value to borrowers, as demonstrated at the What Mortgage Awards in February 2007. Large, medium and small building societies dominated the best value lenders (over ten years) category, and one of the smallest societies won the Top Lender of the Year Award.
Better Service from Building Societies
Don't forget that, while rates of interest are very important, the level of service you receive will also be a consideration when choosing who to invest with, or borrow from. Building societies offer a higher level of service than banks, as a recent research report shows -
Back to the FAQ List
