Banks and building societies are the providers most people in the UK use for a current account, savings and a mortgage. Both types of provider offer broadly the same products, and both are regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The main difference is ownership: building societies are owned by their members, while banks are owned by shareholders.
Your money is protected in the same way at both. The Financial Services Compensation Scheme (FSCS) covers eligible deposits up to a set limit per person, per bank or building society. If two brands share a banking licence, that limit applies across both combined, so it is worth checking before you split your savings1.
Banks and building societies must also meet rules on accessibility, so their information and services are as accessible as possible for disabled customers2. The 14 largest providers must carry out cash access assessments when local services change, which can lead to new ATMs or banking hubs3.
If something goes wrong, you can complain to the provider first and then to the Financial Ombudsman Service, which is free and independent. It handles issues such as frozen accounts and blocked payments4. Citizens Advice can also help you understand your options5.
Use the list below to find a provider and see what it offers. You can filter by type and by nation.
Sources5 cited
- FSCS podcast episode 46 transcript Financial Services Compensation Scheme
- How to open, switch or close your bank account MoneyHelper
- Access to banking services and cash House of Commons Library
- Frozen accounts and blocked payments Financial Ombudsman Service
- Complaints about banks and building societies Citizens Advice
