Penrith Building Society

Penrith Building Society is a small, single-branch building society that offers savings accounts and cash ISAs for adults and children, and mortgages, including finance for self and custom build projects and a Buy to Let scheme. Its branch is at 7 King Street, Penrith, Cumbria, CA11 7AR, and its phone number is 01768 863675¹. Because it is a mutual building society, its savings account holders are members: the society states that the holder of one of its ISA accounts "is a member of the Society and as such is bound by the Rules of the Society"¹. In practice this changes nothing about how you bank with it day to day, but it is the reason the society describes the people who save with it as members rather than customers.

Money you hold with the society is protected by the Financial Services Compensation Scheme up to a total of £120,000 per person for eligible deposits held by a UK establishment of the society, a limit that has applied since 1 December 2025². Some of the society's own product pages still quote the previous £85,000 limit³, so treat £120,000 as the current figure.

Savings accounts and ISAs at Penrith Building Society

Penrith Building Society's savings range is built around cash ISAs and savings accounts for adults and children. On the ISA side, the society states that it only offers Cash ISA savings accounts, alongside an Additional Permitted Subscription (APS) ISA, which exists for people who have inherited an ISA allowance from a spouse or civil partner, and a Junior ISA⁵.

The society's notice ISA is a variable rate cash ISA, and it is listed as available through branch, post and online⁶. Payments in can be made by faster payment, standing order, or by cash or cheque in branch, and a cheque can also be sent through the post⁶. A notice account of this kind trades immediate access for the terms the society sets out in its product leaflet, so check the withdrawal conditions for the specific issue before opening one.

Alongside its standard range, the society runs affinity accounts tied to local causes. Its Junior Affinity Regular Saver accounts have supported Penrith and District Red Squirrel Group and Penrith RUFC Juniors, with interest calculated daily and added to the balance annually on 31 December and on maturity⁷. The society also offers an Affinity Instant Access Shares account⁸. These accounts work like their ordinary counterparts, with the affinity arrangement benefiting the named local cause.

If you are weighing a savings account against an ISA, the general guides to savings accounts and ISAs explain the differences, including how the ISA tax wrapper works and how notice periods affect access to your money.

Junior Saver Account: how the bonus and interest work

The Junior Saver Account is the society's savings account for children. It is available to UK residents from birth to 18 years old, and it is limited to one account per junior customer⁹. Where the account is opened by a trustee for the child, the junior is the beneficial owner of the account and any credits paid into it are treated as a gift⁹.

The account can be opened in branch or by post, and application packs can be downloaded from the society's website⁹. If the child is under 7, the application form must be signed by a parent, guardian or trustee⁹. Once open, the account comes with a passbook, which the society says helps keep track of the savings⁹.

Interest on the account is variable, calculated daily and added to the account balance on 31 December each year⁹. The rate can change, and where it does the society states it will give reasonable notice in advance of the change⁹. On top of the variable interest, the account carries a bonus. The bonus is guaranteed for the life of the account, and it is calculated from the date the account was opened or the child's birthday, whichever is the later date⁹. The society's product page sets out the current bonus and interest figures, which change over time, so check there for today's rates.

Money can be paid in by faster payment, standing order, or by cash or cheque in branch, and a cheque can also be sent through the post⁹. Payments must be made in pounds sterling⁹. Withdrawals can be made at any time without notice or penalty, either by visiting the branch with the passbook or by post⁹. The account matures on the child's 18th birthday, and the society says it will contact you before then⁹.

Penrith Building Society mortgages, including self and custom build

Penrith Building Society lends against homes, and it is one of the smaller number of lenders active in self and custom build. A Building Societies Association factsheet lists Penrith among the building societies that provide finance for self and custom build projects, alongside names such as Bath, Beverley, Buckinghamshire, Chorley, Mansfield and Progressive¹⁰. Self build is where you organise the construction of your own home yourself; custom build is where a developer handles the build but you commission the home at the outset¹⁰.

A self build mortgage differs from an ordinary mortgage in how the money is released. Rather than a single advance on completion, funds are released in stages as the build progresses, which is how these mortgages are designed to work¹¹. That staged release matters for budgeting, because you are drawing money against a property that does not yet exist in its finished form.

The society also operates a Buy to Let mortgage scheme: its tariff of charges refers to consent to let arrangements on residential mortgages, and states that the consent to let fee is not charged on mortgages under the society's Buy to Let scheme¹². Buy to Let borrowing is treated differently from residential lending in several ways, including the support available if you fall behind: the society's short term support scheme is not available for Buy to Let mortgages¹³.

For the general background on how mortgages work, how much you might be able to borrow and what lenders look at when you apply, see the guides to mortgages and buying a home.

Mortgage fees and charges: what you may pay and when

The society publishes a tariff of mortgage charges setting out what you may pay for the administration of your mortgage, and it directs existing mortgage customers to that tariff for the current figures¹². The charges themselves are the society's own, so its tariff is the place to check today's amounts; what follows is how each charge works and when it bites.

At application stage there are up to three charges. An application fee is payable when you apply, and the society states this fee is non-refundable¹². A product fee may also apply, but unlike the application fee it is refundable if the application does not proceed¹². A valuation fee covers the society's valuation of the property, and it becomes non-refundable once the valuation has been carried out¹².

During the life of the loan, further charges can arise from changes you request. If your mortgage offer documents need amending, a charge applies to each set of amended offer documentation from the second set onwards¹². Adding or removing a borrower, known as a transfer of equity, carries its own fee, excluding legal costs¹². Borrowing additional funds while a second charge with another lender remains in place triggers a deed of postponement fee, and a separate second charge request fee also appears in the tariff¹². If you want to let out a residential property, a consent to let fee applies, though not on the society's Buy to Let scheme¹².

At the end, a product switch and end of scheme fee applies when a new product is taken out with the society, and a mortgage exit fee applies when the mortgage ends at the end of its term, transfers to another lender, or moves to another property¹². Administrative items carry charges too: a duplicate or replacement annual statement, a copy of title deeds, and multiple redemption quotations, which are charged from the third request onwards¹².

Switching to a new mortgage deal: no new affordability check

When a fixed rate period is coming to an end, borrowers with the society can move to a new deal without going through the full application process again. The society states that, as long as you do not want to make any other changes to your mortgage account, it does not re-assess your affordability¹⁵. A straight product switch also needs no solicitors or surveyors, just a couple of signatures¹⁵.

The society writes to all eligible borrowers around 8 weeks before their mortgage deal comes to an end¹⁵. If you would like advice on the most appropriate product for your needs, the society says it can assist with that too¹⁵. Its existing mortgage support team can guide you through the process of switching your current deal to a new deal with the society¹⁴.

This is not only the society's own practice. Under the Mortgage Charter, customers who are up to date with payments can switch to a new mortgage deal with their lender at the end of their existing fixed rate agreement without a new affordability check¹⁶. The House of Commons Library describes the same entitlement: support for customers who are up to date with payments to switch at the end of their existing fixed rate deal without another affordability check¹⁷.

The condition matters: the no-reassessment treatment applies only where nothing else about the mortgage is changing. Borrowing more, changing the term or making other alterations take a switch outside this simplified route, and the society's advice team can set out what would be involved in those cases.

Help if you are struggling with mortgage payments

If you are worried about meeting your mortgage payments, the society asks that you contact it. Its support team says it is on hand to answer any questions or concerns existing mortgage customers may have, and it can also support you to find free independent debt advice¹⁴. The society's financial difficulty pages set out a short term support scheme, with eligibility conditions: borrowers must not be in arrears, must have a capital and interest (repayment) mortgage, and the mortgage must be residential¹³.

The support options the society describes work in two ways. As a short term option, if you have a repayment mortgage the society may be able to accept interest only payments for a short period, which lowers the monthly payment because you are not repaying the capital¹³. As a longer term option, it could consider extending the term of your mortgage to reduce your payments, but the society is clear about the cost: you would have the mortgage for longer and pay more interest over the term¹³.

This reflects a wider duty on lenders. Citizens Advice sets out that if you are struggling to pay your mortgage, your lender should help, and that help could include reducing your monthly payments or taking a break from your payments for a few months¹⁸. Banks and building societies are expected to have specialist teams who can offer additional support to customers in difficulty.

For the wider picture on arrears, arrears charges and where free debt help fits in, see the guide to debt.

How to open an account and pay money in

Accounts with the society are opened in branch or by post. Application packs can be downloaded from the society's website, completed and returned⁹. Some accounts are listed as available through branch, post and online⁶, so the channel depends on the account: check the product page for the account you want before applying.

Paying money in is straightforward. Payments into an account can be made by faster payment, standing order, or by cash or cheque in branch, and a cheque can also be sent through the post⁶. All payments must be made in pounds sterling⁹. For a children's account opened by a trustee, the application form is signed by a parent, guardian or trustee where the child is under 7⁹.

Because the society has a single branch, post is a working part of how it operates rather than a fallback, and the passbook it issues for some accounts is used for withdrawals in branch⁹. If you are used to app-only banking, this is the main practical difference: the society offers online availability for some accounts, but its model is built around branch, post and phone. The guides to savings accounts and everyday money tasks cover the general steps of opening and running a savings account.

How to complain to Penrith Building Society

The society's complaints procedures are detailed in its Savings Accounts Terms and Conditions, and its complaints page sets out how the process works¹⁹. A complaint can be made in the branch, by phone on 01768 863675, by post or by email¹.

Once a complaint is made, the society will respond in writing within 3 working days¹⁹. Where a complaint is resolved quickly, it closes with a Summary Resolution Letter¹⁹. Where an investigation is needed, a full and final response is issued on completion of that investigation¹⁹. If the complaint cannot be resolved within eight weeks, the society will write to you advising of the reasons why¹⁹.

The society's own process is the first step, and its final response letter is the document that matters if you want to take the matter further afterwards. The guide to consumer protection explains your rights when a financial firm has not followed the rules, including how to check whether it has and what your options are once the firm's own process is finished.

Scams: what the society will never ask you to do

The society publishes clear markers for spotting a fraudster posing as it. It states that it will never ask you for your password, Penrith Online login details, or one-time passcodes; never call or message you asking you to move money out of your account; and never send someone to your home to collect money, your passbook, or anything else²⁰. Anyone who does any of these things is not from the society, however convincing they sound.

This matters because impersonation scams work by pressure. Scammers may contact people by email, post or a phone call, claiming to be from a real organisation or using the name of a real employee, to appear legitimate²¹. A caller who references the society, quotes your account details or creates urgency about a "problem" with your savings is following that pattern.

If you receive a suspicious call, message or visit, do not engage and do not share any codes or passwords. Contact the society independently on its published number, 01768 863675, or visit the branch at 7 King Street, Penrith¹. The guide to scams and fraud covers the main types of scam, how to report one and what help exists for victims.

FSCS protection: how your savings are covered

Eligible deposits held by a UK establishment of Penrith Building Society are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme, a limit that has applied since 1 December 2025². The £120,000 figure is per eligible depositor, so if you hold money in more than one account with the society, those balances count together towards the single limit.

Because Penrith Building Society is a single society with no sister brands, all your accounts with it share the same £120,000 protection. The limit applies to the society's savings accounts and cash ISAs alike, since both are deposits.

If the society were ever to fail, the FSCS would pay compensation to eligible depositors up to the limit. The scheme's coverage, how it works and what it does not cover are explained in the guide to consumer protection.