Newsbite article

Building societies dominate independent best buy tables for mortgages and savings accounts

Building societies are dominating the top-end of independent best buy tables when it comes to consumers preferred savings accounts and mortgage providers. Fairer Finance is an organisation which helps consumers to find a bank or building society that offers a good service, not just a good rate.

Customer happiness, trust, complaints performance and transparency are all factors which determine the placing of providers. Financial service providers in the running include high street, digital and challenger banks, building societies and other mutuals.mortgage-piggy-bank.jpg

 Six of the top 10 savings account providers are building societies, including the Coventry, Principality, Skipton, Nationwide, Leeds and Yorkshire building societies. Extend to the top 20, and Newcastle and the Chelsea also appear.

In addition, half of the top ten mortgage providers are building societies. The Coventry, Yorkshire and Nationwide make up three of the top five lenders, with Skipton and Chelsea building societies appearing in the top ten.

Robin Fieth, Chief Executive of the Building Societies Association said:
“I am delighted but not surprised to see building societies topping tables for both mortgages and savings accounts.

“Customer satisfaction, trust, great service and, of course, competitive rates have always been the foundations of building societies’ values. I am glad to see that these qualities are also recognised by customers when choosing their mortgage and savings account providers.”

Fairer Finance commented:
 “Mutuals now top five of the nine sectors that we look at – bank accounts, mortgages, savings, car insurance and travel insurance. And in the other four sectors – you’ll find a mutual in the top five in all but life insurance (which is tellingly the only sector where we don’t include customer polling).

“So from a customer happiness perspective, mutuality appears to be working. Customers are starting to appreciate that being part of a mutual means that you are an owner of the business, and should be the beneficiary of a more customer centric approach than some of the privately held companies around. On customer service and customer values, they are leading the way.”

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