Scottish Building Society

Advantages: Now part of a much larger Mutual organisation
Disadvantages: Currently only offers Pension products

...Their has been a lot of misinterpretaion about how Scottish Life has compensated members for loss of their voting rights. Scottish Life only Mutualised (ie became owned by its policyholders and NOT share holders) in the late '60's and because of this only certain members have qualified for the £500 windfall. People have become far to accustomed to large had outs on these occasions and seem forget their is no such thing as a free lunch, a windfall payment is only a "Bribe" to get the member to give up his voting rights. Historically Mutual companies have paid out larger sums to investors or in the case of Building Societies, often had much lower rates for mortgage borrowers. Scottish Life has not "Sold Out" to large institutions like Scottish Widows did to Lloyds TSB but has merged with another, bigger Mutual Life Company in Royal London... Read review

Ciao members have rated this review on average somewhat helpful

Advantages: great small building society with a good range of accounts
Disadvantages: none

...The yorkshie building society is a traditional building society which really does seem to be there for its members not only in the range of accounts competitive intrest rates on mortgages and savings accounts but on that old fashioned thing called costomer care. I have been saving with them for a number of years and when one of my accounts became an obselte one I was alerted to the fact practically straight away and changed to the new higher interest account. This is not a building society for the carpet baggers! you sign away your rights when you open your account these days... Read review

Ciao members have rated this review on average helpful

Advantages: none
Disadvantages: not nice people to do business with

...Having been a policyholder (twice over) since the 80's I was looking forward to receiving a bonus with their takeover by Royal London. HOWEVER, it seems that because our policies were assigned to a building society (they aren't now and haven't been for a few years) we have lost membership rights and therefore not only any windfall, but also our right to vote! Now, the first I heard of this was a month ago. We were not told when we purchased either policy that assignment of the policy would remove any rights of membership. In my opinion this is tantamount to the company lying to it's policyholders and is therefore makes it eligible for a charge of mis-selling. I could under no circumstances recommend a company that I feel tells lies. I am an Independent Financial Adviser and have supported them over a period of 20 years - and guess... Read review

Ciao members have rated this review on average helpful