Bath Investment & Building Society

Bath Building Society is a small building society based in Bath that offers savings accounts, cash ISAs and mortgages. On the savings side it sells fixed rate bonds, regular savers, children's accounts and a range of ISAs, including an Instant ISA, a Junior Cash ISA and a Lifetime ISA, and most accounts can be opened on its website, in its mobile app or in one of its two Bath branches¹. On the lending side it is known for specialist mortgages that many high street lenders do not offer, including Buy for Uni mortgages for students, Rent A Room mortgages, holiday let mortgages, self-build mortgages and retirement mortgages².

Bath Building Society is a member-owned building society offering savings accounts, including Fixed Rate ISAs with terms of one, two or five years, and mortgages, and it is owned by its members rather than shareholders³. It appears on the Bank of England's list of building societies incorporated in the UK⁴. Eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000 per person, applied to the total of everything you hold with the society⁵.

Savings accounts: fixed rate bonds, regular savers and children's accounts

Bath Building Society's savings range covers the main types most savers look for, and the society publishes the current details of each account on its own website. Fixed rate bonds lock money away for a set term in return for a rate that does not change, and the society confirms that a Fixed Rate Bond can also be opened as a joint account, which suits couples saving towards a shared goal⁸. Because the money is tied up, a fixed rate bond tends to suit savings you will not need in an emergency rather than a rainy day fund.

Regular saver accounts are aimed at people who can put aside a sum each month, and the society describes them as suitable for savers who are prepared to save monthly⁹. Its 16-25 Regular Saver is a version for young people, with monthly deposits between £10 and £50, and it can be opened on the website, in the app or in a branch¹⁰. As a general point worth knowing, Which? has looked at whether a regular saver works well as a home for an emergency fund and found the monthly deposit caps that define these accounts can make them awkward for that purpose, since you cannot move a lump sum in quickly¹¹. A regular saver therefore tends to suit someone building a saving habit, while an instant access account suits money that may be needed at short notice.

Children's accounts can be opened on behalf of a child under 18⁶. The rules on who can do what depend on the account and the child's age: a child can apply for and manage a Junior Saver account in a branch from the age of seven, but needs to be over 13 to open and manage it online or through the app⁶. The Junior Cash ISA works differently, and is covered in the ISA section below. For a wider comparison of account types, see our guide to savings accounts.

Cash ISAs and how transfers in work

Bath Building Society offers a range of tax-free accounts: an Instant ISA, Fixed Rate ISAs with terms of one, two or five years, a Lifetime ISA and a Junior Cash ISA¹². The One Year Fixed Rate ISA pays interest calculated daily and added at maturity, and withdrawals are allowed but with a penalty, so it is designed for money you can leave alone for the term¹². It is not a flexible ISA, which means taking money out does not free up subscription room to put back in later¹². The Instant ISA, by contrast, is for money you want access to, and both accounts can be managed online, in the app, by phone or in a branch¹⁴.

Transfers in are accepted for all ISA products that are available to open¹⁵. The mechanics matter here. You open the new account first, then complete and sign an ISA Transfer In form, which must carry a handwritten signature and is sent by post or handed in at a branch¹⁵. Partial transfers are only accepted from deposits made in previous tax years: anything paid in during the current tax year must be transferred in full¹⁵. Junior Cash ISAs and Lifetime ISAs can only be transferred in full, not in part¹⁵.

Timing depends on where the money is coming from. A transfer from another cash ISA should be completed within 15 working days, while transfers from stocks and shares ISAs and Lifetime ISAs can take up to 30 calendar days, after which the society will chase your existing provider if the funds have not arrived¹². There is one deadline to watch: if you want to transfer into a Fixed Rate ISA, the transfer request must be submitted within 14 days of opening the account, and later requests will not be accepted¹². You can also transfer into an existing Junior Cash ISA, Lifetime ISA or Instant ISA, but a Fixed Rate ISA always requires a new account¹⁵.

The Junior Cash ISA can be opened by a parent or legal guardian for a child under 16, or by the child themselves at 16 or 17, and the child can start managing it themselves from their 16th birthday¹⁷. Existing Junior ISAs and Child Trust Funds can be transferred in¹⁸. The Lifetime ISA allows up to £4,000 to be saved tax free each year, up to and including the day before your 50th birthday, with both the government bonus and interest free of tax; it is a government scheme and its rules may change¹⁹. For how ISAs work in general, see our ISAs guide.

Specialist mortgages: Buy for Uni, Rent A Room, holiday lets and retirement

Bath Building Society's mortgage range is where it is best known, because several of its products are unusual. Its ranges cover Buy for Uni and student mortgages, Rent A Room mortgages, residential mortgages, credit repair mortgages, holiday let mortgages, buy to let mortgages and retirement mortgages². The society's own selection tool asks about your circumstances and shows which of its mortgages fit².

Buy for Uni is the headline example: the society offers mortgages to university students of up to 100% of the purchase price, with no minimum deposit required, so a student can buy a home near their university, live in it and let rooms to friends²⁰. Rent A Room works on a similar idea for other borrowers, using expected rental income from letting a room to help qualify for the loan. Holiday let mortgages are for properties let to holidaymakers, and the society accepts properties of traditional construction that are suitable to let from day one, though it does not offer holiday let mortgages on mixed use properties²¹. Retirement mortgages are available for purchase and remortgage into later life²², and self-build mortgages are available for builds in England, Scotland and Wales, released in tranches at different stages of the development process, exclusively through the intermediary BuildStore²³.

Residential mortgages are also available, including options with a 5% deposit, and the society now offers increased borrowing potential on residential homes with an EPC rating of A²⁴. Repayment can be by capital repayment, interest only, or a part and part combination²⁵. For how mortgages work generally, see our mortgages guide and our guide to buying a home.

Who can get a Bath Building Society mortgage

Eligibility depends on the product, and the differences between them are large. A Buy for Uni mortgage needs no deposit at all²⁰, while a retirement mortgage is limited to lower loan to values on purchase and remortgage²². The deposit itself must come from the applicants' own resources, not from borrowing such as a personal loan or credit card; the exceptions are a deposit gifted by a family member subject to a deed of gift, funds raised against another owned property, and builder incentives, which are acceptable subject to a full UK Finance disclosure of incentives form being given to the valuer²⁰.

Location matters too. The society lends across the whole of England, Wales and Scotland, including the Scottish islands it lists, and its self-build products cover England, Scotland and Wales²⁶. Its retirement mortgages are available on properties in England and Wales²². Joint Borrower Sole Proprietor, where a helper is added to the mortgage but not the property deeds, is a feature of its residential and Buy For Uni mortgages²⁰.

Applications can be made direct or through a broker. New customers applying direct can use the society's online portal to check eligibility, get a Decision in Principle, submit the application, upload documents securely and track progress²⁷. The Decision in Principle email confirms whether you can proceed online or need an appointment with one of the society's mortgage advisers first²⁸. The documents typically wanted are proof of ID such as a passport, three months' bank statements, and either three consecutive payslips plus a latest P60 or, for the self employed, the last three years' accounts or SA302 documents²⁶.

How the mortgage fees and early repayment charges work

Rather than quoting individual fee amounts here, it is more useful to understand how the society's charging structure works, because the current figures are listed in its published tariff of mortgage fees and in the Illustration and Mortgage Offer you receive before committing²⁹.

The main components are these. A product fee varies by mortgage and is listed in your Illustration and Mortgage Offer; you can pay it at completion, where it is deducted from the advance, or add it to the mortgage, in which case interest is charged on it at the same rate as the rest of the loan²⁹. An administration fee covers assessing, underwriting and processing the application up to a formal mortgage offer, and a completion fee covers setting up the account on completion, including assessing your insurance arrangements and transferring funds electronically to your solicitor²⁰. A valuation fee depends on the purchase price or estimated value of the property, and some products may refund the cost of a Mortgage Valuation Report up to a specified amount on completion; a further collateral valuation fee applies only where the mortgage is secured against a second property as well as the mortgaged address²⁰. Self-build products carry valuation fees of their own³⁰.

Early repayment charges apply if you repay the mortgage during a product term or overpay beyond the preferential rate allowance, and the charge is a percentage of your current balance²⁹. The society's glossary describes the general form as either a percentage of the loan repaid or a number of days' interest²⁰. Overpayments are allowed: during the early years of the mortgage you can overpay up to an annual allowance based on the outstanding balance as of 1 January each year, and an overpayment of £500 or more is treated as a capital repayment, which triggers a recalculation of your monthly payment³¹. If you move home and there is an early repayment charge on your existing mortgage, you can avoid paying it by porting, but your new mortgage needs to be for at least the same amount as the old one³¹. Interest is charged up to the date cleared funds are received when you redeem²⁰.

Savings account charges and payment services

Day to day, savings accounts at Bath Building Society are largely free to run, but there are charges for particular payment services, and the amounts are set out in the society's own documentation. A same day payment service is available if the request is made before 3.30pm, and a charge applies for the facility⁶. A telegraphic transfer (CHAPS) payment carries its own charge, debited from your Bath Building Society account⁶. For anything outside routine withdrawals, check the current figures with the society before instructing the payment.

Payments out of savings accounts are usually made only to your nominated bank account, which is a fraud control rather than an inconvenience³². The society also uses Confirmation of Payee, the name checking service that tells you whether the name you have entered matches the account you are paying, and it publishes guidance on how to select the right payee type: for a sole personal savings account you select "Personal" and use the account holder's full name, for a joint account you select "Personal" and use one account holder's full name, and for business accounts such as pensions, trusts and charities you select "Business" and use the organisation's full name³³. Payments into a mortgage account are arranged through the Mortgage Operations team, whose contact details are on the society's website³³.

On the mortgage side, the tariff also lists event driven charges, such as a fee for a change of borrower, solicitors' fees at cost in connection with possession proceedings, and a fee for temporary consent to let a mortgaged property²⁹. The consent to let point matters for residential borrowers: with a residential mortgage it is against the conditions of the mortgage to let the property, so permission must be sought first, and temporary consent can be granted for up to two years²⁹. For general help with payment problems, see our guide to sending money.

Banking with Bath Building Society: branches, Bath Online and the app

Bath Building Society is a local society with a small footprint. It has two branches, both in Bath: one in Oldfield Park and one in Wood Street⁶. There is no wider network, so for most customers day to day banking happens remotely. Savings accounts can be managed online through Bath Online, through the mobile app, by phone or in the branches¹, and the society also offers Live Chat as a way to reach its customer service team⁷.

Most accounts can be opened online, in the app or in a branch, though some accounts need a downloaded application form or a branch visit⁶. Accounts opened through Bath Online or the app do not come with a passbook, though the society says one can be requested via its customer service team¹⁴. Assistance dogs are welcome in the branches⁷.

One restriction is worth knowing before you travel: access to Bath Online and the mobile app is restricted to UK IP addresses only, which the society says is to maintain enhanced security⁶. If you live abroad or spend long periods overseas, you would need to manage your savings by phone or in a branch instead. The society does not have call centres, so a phone call goes directly to a member of staff, and staff have received Dementia Friends training⁷. Mortgage applications from new customers applying direct can be made through the online portal²⁸.

Opening an account: identity checks and documents

When you open a savings account, account holder identification is required, and this is usually obtained through an electronic identity verification service¹. The society's preferred way to identify you is through a Financial Crime Prevention Agency check; if that fails, or if you are under 18, further identification is requested³⁴. Existing customers get a small break here: if you open an account less than one year after the last one you opened, no new identity check is needed, and after a year a check is performed³⁴.

Where documents are needed, the rules are strict. A document can be used either to confirm who you are or to confirm your name and address, but not both, so you need one proof of identity and one proof of name and address³⁴. Accepted identity documents include a current valid full passport (UK or foreign), a current Armed Forces ID card, a Home Office issued UK biometric residence permit showing your full name and date of birth, a firearms certificate or shotgun licence, an HMRC tax document less than a year old, a DWP pension entitlement letter valid for the current year, and, for under 18s only, a birth or adoption certificate or an NHS medical card or document showing name, date of birth and NHS number³⁴.

Certified copies must be certified within the last 12 months using the words "I confirm that I have seen the original document", and the certifier must sign and give their full name, profession, business address if applicable, phone number and the date of certification, and certify a photographic ID as a good likeness³⁴. Acceptable certifiers are a legal professional, a qualified accountant, a medical professional, a Post Office official or an Embassy official, and they must not be related to you, must not be a joint account holder or borrower on your mortgage, and cannot certify their own documents³⁴. A non-UK passport can only be certified by a UK bank or building society manager (not an employee of Bath Building Society), a solicitor or an Embassy official³⁴. The society does not encourage sending originals by post and will not usually return original documents by special delivery³⁴. Non personal accounts have extra requirements: incorporated businesses need a Certificate of Incorporation, charities need a letter from their governing body naming the signatories, trusts must have UK resident and UK citizen trustees and beneficiaries and share the trust deed, and pension schemes must provide member details and scheme documents³⁴.

Support for vulnerable customers, bereavement and complaints

Bath Building Society describes itself as a Dementia Friendly organisation, and its accessibility and specialist support pages set out the help it offers, including that assistance dogs are welcome in its branches and that staff have received Dementia Friends training⁷. Because it has no call centres, calls go directly to staff who have received that training, which matters if you or a relative finds scripted phone banking difficult⁷.

For bereavement, the society's customer service team offers support and practical guidance to help you through the process of dealing with a Bath Building Society savings account after a member's death³⁵. Its bereavement guidance covers what to do with the account and what documents will be needed. If you are handling someone's affairs, it is also worth knowing that applying for a Bereavement Support Payment from government requires your bank or building society account details, so having the account information to hand helps³⁶.

If you cannot pay your mortgage, the society points customers to free, independent debt advice from the Citizens Advice Bureau, MoneyHelper and StepChange Debt Charity²⁶. A new Money and Pensions Service toolkit, launched to strengthen collaboration between creditors and debt advisers, aims to improve support for customers experiencing vulnerability, mental health challenges or economic abuse³⁷. More generally, if you have a complaint about the society and cannot resolve it directly, a financial services firm's customers can take an unresolved complaint to the Financial Ombudsman Service; our guide to consumer protection explains how that works, and our debt guide covers where to get free help with arrears.

FSCS protection for Bath Building Society savers

Eligible deposits with Bath Building Society are protected by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme⁵. The limit is £120,000 per person, and it is applied to the total of any deposits you have with the society, not to each account separately⁸. So if you hold a fixed rate bond, an Instant ISA and a regular saver with the society, those balances add together towards the one limit, and any deposits over the £120,000 limit are not covered⁸.

The protection applies across the society's savings range: the Instant ISA, the Instant Access account, the 16-25 Regular Saver, the Junior Cash ISA and the Lifetime ISA are each stated to be protected by the FSCS¹⁴. Money in a Junior Cash ISA is the child's deposit, held in the child's name, which is worth knowing for families planning how much to hold with one institution. The £120,000 limit is applied to the total of any deposits you have with the society, and any deposits over that limit are not covered¹. If the society were ever to fail, FSCS compensation is intended to be paid quickly and automatically; our consumer protection guide explains the scheme and its limits in full.