Building societies ‘offer best value’

Building societies are offering a better standard of service in most areas than banks, according to new research.

As well as providing higher service standards, the study also claims that building societies’ mortgages and savings, on average, represent better value than those offered by banks.

The research has been carried out independently for the Building Societies Association (BSA), a trade body which represents all of the UK’s 59 building societies.

Speaking at the Association’s annual lunch last Thursday, BSA chairman Iain Cornish said: “Building society savers and borrowers are significantly more satisfied with the services which they receive from building societies, than are customers of banks.

“The whole building society model is more transparent, simpler, more prudent and more trusted and we simply do not have the same motivation as banks to take massive risk positions in pursuit of profits for shareholders.”

Pointing to two recent reports published by a price comparison site, Mr Cornish claimed that building societies offered 70 per cent of the UK’s best value mortgages and 70 per cent of the best-paying savings products in the last 18 months.

Mr Cornish is also chief executive of the Yorkshire Building Society.

Tags: building, standard, new research, Yorkshire Building Society, societies, Mr Cornish