Pandemic fuels growth in building society product usage

Sixteen per cent of people in the UK took out products from building societies over the past 12 months, as a result of the COVID-19 pandemic and its impact on how people view their finances.

According to The Nottingham Building Society, one in eight adults - the equivalent of around 6.3 million people - plan to do this over the next year.

Fifteen per cent of adults say they are now more likely to take out products from a building society or other mutual. However, customers are not just interested in getting the best deals from the UK’s building societies. Around 36% of customers said they took out products because building societies are within their local community, just slightly behind are the 37% who say it is because rates are more competitive. Around 31% said they choose building society products because they like the giving back ethos of mutuality while 24% choose societies because of the service. Fourteen per cent use them because they have a say on how they are run.

The Nottingham’s research found that of those people with a product from a building society, 46% have a savings account, followed by 44% who have a current account. Around 21% have a cash ISA, 13% have insurance through them and 12% have mortgages.

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