Manchester Building Society

Applesarefree

This company came up on a site as having a decent interest rate for a fixed ISA. I've never heard of them and I'm from Manchester. Has anyone ever used the company?

Hattie627

It's owned by Newcastle BS

Stuart_W

Yes, they exist. The society has been around for 100 years, but in 2007 bought a small bank which then got sold to private equity and there were issues with auditors, and a court case. They stopped lending in 2013, which will be why no one has heard of them, but in 2022 Newcastle Building Society bought them, so what you see today is a brand of the Newcastle. Past history is broadly irrelevant, Newcastle essentially bought a name. They have recently relaunched the name with an in-person branch focus for Manchester.

wmb194

https://forums.moneysavingexpert.com/discussion/6663789/manchester-building-society

It also has a reasonable regular saver, 5.4% variable £500pm for two years.

Currently it looks like Newcastle's Isa rates are identical.

https://manchester.co.uk

Applesarefree

https://forums.moneysavingexpert.com/discussion/comment/81959383#Comment_81959383

Thanks for the information.

Applesarefree

https://forums.moneysavingexpert.com/discussion/comment/81959414#Comment_81959414

That sounds decent, thanks.

PeskyBlunder

For what it's worth I once had a TESSA with them - remember those?

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/81959907#Comment_81959907

Yes. I opened a TESSA with Abbey National when John Major introduced them, around 1991 I think. You could save £9K (?) into a tax free account but you had to build up to it over 5 years, or was it 7. Who'd have thought the idea would take off 😌

35har1old

https://forums.moneysavingexpert.com/discussion/6663789/manchester-building-society

Santander currently paying 4.5% plus a possible £50 bonus if transferring £10000

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81959907#Comment_81959907

Yes, I had TESSA with First Direct in the late 90s until it was replaced with ISA.

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/81960096#Comment_81960096

Build up over 5 years, then leave it in for a further two, all getting tax exempt interest.

By the time the 7 years were up ISAs had been introduced, and the TESSA became an ex-TESSA ISA, additional to the ISA allowance.

Mine was with Nationwide.