Building societies

redmist1950

Does anyone know if savings in Building societies i.e. Nationwide are protected in case of one going bust, the same way as Banks.

ManAtHome

Yes, all UK Building Societies are part of the compensation scheme (and they don't have the 'several institutions trading under one license' trap).

Vibrant

Building societies are also far less likely to go bust than banks, as there are more rules governing their activities and they must carry a greater asset reserve.

savemoney

Yes especially a mutual BS that normally only borrow money from savers rather than the larger ones and banks borrowing on open market

redmist1950

Thanks for you help
With all the talk of were your savings are safe in the media
Non-bank Building societies are never mentioned.

Husband_of_a_spendaholic

I'm in the process of moving the majority of my dealings to Building Societies, mainly because I've seen first hand the results of de-mutualising and because the banks have been the primary cause of the credit crunch in the first place.

I can still get near market leading rates and at least I know my money is not being "gambled" away on risky investments!