Cambridge Building Society business banking review
Cambridge Building Society is a UK-based mutual financial institution that offers savings accounts, mortgages, and financial services. Unlike traditional banks, it is a member-owned organisation focused on helping individuals and businesses with property finance and savings solutions.
Key features of Cambridge Building Society
1. Savings accounts
- Instant access savings: Flexible savings with easy withdrawals.
- Fixed-term savings: Higher interest rates for locked-in deposits.
- Cash ISAs: Tax-free savings options for individuals.
- Children’s savings accounts: Encouraging young savers with tailored options.
2. Mortgages
- Residential mortgages: Various fixed and variable-rate mortgage products.
- Buy-to-let mortgages: Designed for landlords and property investors.
- Self-build mortgages: Tailored loans for individuals building their own homes.
- Later life mortgages: Options for older borrowers seeking financial flexibility.
3. Business and commercial finance
- Commercial mortgages: Property finance for businesses and investors.
- Development finance: Funding for property development projects.
- Bridging loans: Short-term finance solutions for quick property purchases.
4. Customer support and branch access
- Local branch network: Multiple locations across Cambridge and nearby regions.
- Dedicated mortgage advisors: Personalised service for property finance needs.
- Online account management: Digital tools for savings and mortgage applications.
Cambridge Building Society fees and pricing
1. Savings account fees
- No monthly fees on standard savings accounts.
- Withdrawal restrictions may apply to fixed-term savings products.
2. Mortgage fees
- Arrangement fees: Vary depending on the mortgage type.
- Early repayment charges: Apply to some fixed-term mortgage products.
- Valuation and legal fees: Typically required for mortgage processing.
3. Business lending fees
- Commercial mortgage arrangement fees: Customised based on loan size and risk assessment.
- Bridging loan costs: Interest rates and fees depend on the loan term and amount.
Pros and cons of Cambridge Building Society
Pros
- Competitive mortgage products with tailored solutions for homeowners and investors.
- Diverse savings accounts with tax-free and fixed-term options.
- Personalised customer support with access to dedicated advisors.
- Strong local presence with a focus on community-driven banking.
- Mutual structure ensures profits benefit members rather than shareholders.
Cons
- Limited nationwide reach, with a focus on Cambridge and nearby regions.
- No business current accounts, restricting full-service banking options.
- Branch-dependent services, with some products requiring in-person visits.
- Mortgage availability is limited to UK residents and certain eligibility criteria.
How Cambridge Building Society compares to competitors
| Feature | Cambridge Building Society | Nationwide Building Society | Yorkshire Building Society | Coventry Building Society |
|---|---|---|---|---|
| Savings accounts | Yes | Yes | Yes | Yes |
| Mortgages | Yes | Yes | Yes | Yes |
| Business lending | Yes | Limited | Limited | No |
| Current accounts | No | Yes | No | No |
| Branch network | Limited | Extensive | Moderate | Moderate |
| Ideal for | Homebuyers, property investors, savers | Nationwide banking | Homeowners, savers | Mortgage customers |
Who should use Cambridge Building Society?
- Homebuyers and property investors: Offers competitive mortgages and expert guidance.
- Savers looking for flexible options: Provides ISAs, fixed-term, and easy-access savings.
- Local businesses needing property finance: Offers commercial and development mortgages.
- Individuals seeking personalised service: Provides tailored support through local branches.
Our verdict
Cambridge Building Society is a customer-focused mutual institution offering savings accounts, mortgages, and business finance. Its strong mortgage offerings and personalised customer service make it an excellent choice for homebuyers, savers, and property investors. However, its limited nationwide presence and lack of business current accounts may not suit all customers.
For those seeking competitive mortgage rates, dedicated support, and a community-driven financial provider, Cambridge Building Society presents a reliable and customer-first alternative to high-street banks.