Tipton and Coseley Building Society

Tipton and Coseley Building Society, known as "The Tipton", is a small building society based at 70 Owen Street in Tipton in the West Midlands. It sells two kinds of product: savings accounts, including cash ISAs, and mortgages. It has five branches, in Tipton, Coseley, Codsall, Bilston and Sedgley, and a mobile app through which savings accounts can be viewed and opened¹. There is currently no facility to access savings accounts online through a website, so the app and the branches are the main ways of managing money with the society¹.

As a building society, it is owned by its members rather than by shareholders. Anyone who opens a savings account or takes a mortgage with the society becomes a member, and members joining on or after 1 November 1999 also assign any windfall rights to the society's charitable foundation, which receives a donation of £10,000 a year from the society and passes it on to local health and education causes². The society is authorised by the Financial Conduct Authority, with firm reference number 159601, and appears on the Bank of England's list of building societies incorporated in the UK³.

What Tipton and Coseley Building Society offers

The Tipton's permissions on the FCA Register cover two activities: entering into regulated mortgage contracts as lender, and accepting deposits³. In practice that means the society offers savings accounts and ISAs on one side of its business, and residential mortgages on the other. It does not offer current accounts, credit cards, personal loans, insurance or investment products, so anyone looking for a full banking relationship will need another provider alongside it. Our guides to savings accounts, ISAs and mortgages explain how each of these product types works in general.

The society states that all of its residential mortgages are regulated, which means they fall under the rules the Financial Conduct Authority sets for home lending, including how affordability is assessed and how arrears are handled⁶. Its savings business is protected by the Financial Services Compensation Scheme, the UK's deposit guarantee, up to a total of £120,000 per customer¹.

Being small shapes what the society does. Its mortgage lending is concentrated on the kinds of borrower and property that larger lenders can be slower to take on: self-build projects, holiday homes, lending in retirement, family assist mortgages, and non-standard construction such as timber framed walls with brick cladding, thatched roofs, Grade 2 listed buildings and repaired prefabricated reinforced concrete homes⁶. Its savings business is built around branches and an app rather than a full online banking platform¹.

Savings accounts and ISAs at the Tipton

The Tipton's savings range covers the main account types you find across the building society sector. Its application forms point to the shape of the range: a fixed rate savings application form, a general savings application form, a fixed rate ISA application form, a variable rate ISA application form, and an ISA transfer in form for moving ISAs from other providers⁷. So the society offers both fixed rate accounts, where money is tied in for a set term, and variable rate accounts, alongside cash ISAs in both fixed and variable form.

To understand what each type does, the general definitions are worth having. Instant access accounts allow withdrawals to be made quickly and easily without notice or immediate penalty, and are typically branch based, giving physical access to money during opening hours⁸. Fixed rate accounts pay a rate set for a term, and notice accounts sit between the two, requiring a period of notice before withdrawal. The main types of savings accounts are explained in our savings accounts guide.

Cash ISAs work like other savings accounts but with the interest free of income tax, within the annual ISA allowance. Providers across the sector offer several ISA types: easy access and fixed rate cash ISAs, stocks and shares ISAs, Lifetime ISAs and Junior Cash ISAs⁹. A Junior Cash ISA is a long-term account set up by a parent or guardian for a child, with the child taking control of the money at 18¹⁰. The rules on ISAs, including the allowance and how transfers work, are covered in our ISAs guide, and the government has increased the flexibility available to ISA savers over the years, for example by allowing the replacement of cash withdrawn from a flexible ISA without it counting against the allowance¹¹.

The Tipton's own current rates, terms and minimum deposits are published on its website, www.thetipton.co.uk³. As with most providers, savings products across the sector can be withdrawn from sale at any time and without notice, so an account on offer today may not be available tomorrow¹².

Instant access: withdrawals without notice

The society states that its savings accounts can be withdrawn without notice at any time⁷. That is the defining feature of instant access saving: you can get at your money when you need it, rather than giving a set period of warning or waiting for a fixed term to end.

What this means in practice depends on how you hold the account. Because the society has no online banking facility for savings, access is through the app, by phone, or in person at one of the five branches during opening hours¹. Branch-based instant access suits people who want to be able to walk in and take out cash, and who live near enough to Tipton, Coseley, Codsall, Bilston or Sedgley for that to be practical. Someone who wants to move money at any hour, or who lives outside the West Midlands, may find an app-only or online account from a provider with full digital banking a better fit, though the Tipton's app does allow accounts to be viewed as well as opened¹.

The trade-off with instant access is generally the same across the market: accounts that let you withdraw freely tend to pay less than accounts that lock your money in, because the provider cannot rely on the deposit staying put. Fixed rate bonds and ISAs usually pay more for the loss of flexibility. The Tipton publishes its current rates for each account on its website, and the figures there are the ones to compare against other providers³.

One point to watch with any dormant account: if a Tipton account has been classed as dormant, all account holders will be required to provide acceptable identification before any transaction takes place on the account, so reactivating an old account takes an extra step¹³.

Mortgages from a local building society

The Tipton's mortgage business is where a small building society most differs from a high street bank. The society states it will consider residential mortgages for homebuyers, people looking to build their own home, those lending in retirement, holiday homes, and family assist mortgages, where family members help a buyer raise the funds⁶. It currently accepts the Right to Buy and Forces Help to Buy government schemes⁶.

On property types, the society will lend on most properties built using standard construction methods and materials, meaning brick or stone walls with a tiled or slated roof⁶. Beyond that it will consider some non-standard types: timber framed walls with brick cladding, thatched roof properties, Grade 2 listed buildings, and prefabricated reinforced concrete (PRC) repaired properties that have the benefit of a 30 year insurance backed guarantee and structural warranty, subject to valuation⁶. For flats and maisonettes, the maximum is a 10 storey block inclusive of any basement level storeys, with flats in blocks of more than 4 storeys requiring lift access; ex-local authority flats and maisonettes are considered up to a maximum of 6 storeys and also require lift access¹⁴.

The society offers two kinds of interest rate: fixed rates, and discount rates, which it also describes as variable rates⁶. A fixed rate holds for an agreed period; a discount rate moves with the society's rate, so payments can go up or down. Our mortgages guide explains how each behaves, and our buying a home guide covers the process end to end.

A few practical points from the society's own guidance:

• At enquiry stage the society completes a credit check, and once a full application is submitted it carries out a full credit application that will leave a footprint on your credit file⁶. Our credit scores guide explains what footprints mean.
• Once the society has made a mortgage offer, it is valid for 6 months¹⁴.
• Redemption statement requests are answered within 2 working days⁶.

For context on how building society lending compares: self and custom build finance is a recognised specialism of the building society sector, with societies including Earl Shilton, Chorley, Beverley, Darlington, Loughborough, Buckinghamshire and Scottish all providing it¹⁵. Joint borrower sole proprietor (JBSP) mortgages, which let a family member's income be counted without their being on the title deeds, are available through societies including Market Harborough, Furness and Hinckley & Rugby¹⁶. Which? has also examined whether choosing a building society rather than a bank for a mortgage makes a difference, and how income multiples affect borrowing, with some lenders offering deals at 4.75 times annual income¹⁷. When applying for a mortgage anywhere, the general process of gathering documents, getting a decision in principle and making a full application is set out in independent guidance¹⁹, and the choice of fixed rate term, such as whether a three year deal suits your plans, is worth thinking through before committing²⁰.

Banking with the Tipton: branches and the app

The society has five branches, located in Tipton, Coseley, Codsall, Bilston and Sedgley¹. Its head office is at 70 Owen Street, Tipton, and the phone number there is 0121 557 2551⁵. For a society of this size, keeping five branches is notable: building societies across the UK operate through approximately 1,300 branches in total, holding a 35% share of branches across the country²¹, and branch closures have hit the sector as much as the banks.

Digital banking with the Tipton is app-based. The society states it does not currently have the facility for customers to access their savings accounts online, but accounts can be viewed and opened on the Tipton App¹. This is a different setup from some larger societies: Skipton, for example, requires customers to sign up to its online service before using its app²², and Newcastle's mobile savings app is only available to those who opened a savings account online with Newcastle²³. The Tipton's app is available from the Apple Store or Google Play Store, and both new and existing members can open savings accounts directly from it⁷.

What this means day to day:

• In person: five branches in the West Midlands, plus head office, with no appointment needed to open an account⁷.
• By phone: head office on 0121 557 2551⁵.
• By app: view and open savings accounts, on Apple and Android⁷.
• Online: not currently available for savings accounts¹.

For anyone managing money for someone else, such as under a power of attorney, the position varies across the sector: Family Building Society, for instance, allows instructions online, over the phone, by post or at its Epsom branch for attorneys and deputies²⁴. The Tipton's own arrangements for third party access are best checked directly with the society. People experiencing economic abuse can also ask banks and building societies for help with their accounts; specialist support is available from charities in this area²⁵.

How to open an account with the Tipton

There are two routes to open a savings account: in a branch, or through the app. The society states you can open an account at any of its branches without an appointment⁷, which is simpler than some larger societies: Skipton recommends calling ahead to set up an appointment before visiting a branch²⁶, and Chorley takes applications online, in branch or by post²⁷. The Tipton's app route lets both new and existing members open savings accounts directly⁷. The society will notify you about the status of your application within 10 days⁷.

Identification is the other thing to have ready. If the society needs further proof of identification, it requires one item from each of two lists, one for identity and one for address²⁸. Acceptable identity documents include a current signed passport, a current photocard driving licence (full or provisional), a valid old style UK driving licence, recent evidence of entitlement to a state or local authority funded benefit, tax credit, pension, educational or other grant no older than 12 months, a firearms certificate or shotgun licence, and a biometric residence permit²⁸. The same one-from-each-list approach applies to mortgage applications, where documents can be certified by an appropriate person, including an accountant, a bank or building society official, a local authority councillor, a dentist, a doctor, a minister of a recognised religion, a police officer, a Post Office official, a solicitor or a teacher or lecturer²⁹.

For dormant accounts, the requirements are stricter: once an account is classed as dormant, all account holders must provide acceptable identification before any transaction takes place, and reactivation can be done by phoning head office on 0121 557 2551, speaking to a branch team, or visiting a branch with the relevant identification¹³.

One thing that is unique to building societies is the charitable assignment. Members joining on or after 1 November 1999 assign their windfall rights to the Tipton & Coseley Charitable Foundation². In opening a new account, a member authorises the society to give the selected charity any information about them and their account, now and in the future, if the charity needs it regarding the agreement². Each year the society donates £10,000 to the Foundation, which in turn makes donations to locally based health and education linked causes². This is standard practice among smaller building societies: it protects their mutual status by removing the incentive for someone to buy a demutualisation windfall.

Complaints: how the Tipton handles them

Complaints can be made in three ways: in writing to Tipton and Coseley Building Society, 70 Owen Street, Tipton, West Midlands, DY4 8HG; by calling 0121 557 2551; or by speaking to staff at any branch office or at head office⁵.

The society's stated timetable is:

• Aim: to resolve the complaint and ensure a fair outcome by the close of business on the third business day following receipt⁵.
• If resolved within three business days: a written summary of the resolution is sent, confirming the outcome and the right to go to the Financial Ombudsman Service⁵.
• If not resolved within three working days: a written acknowledgement is issued promptly and no later than five working days of receiving the complaint⁵.
• Final response: no more than eight weeks from receipt of the initial complaint⁵.

This timetable matches the rules that apply across the market. Banks and building societies must investigate a complaint and give a clear answer within eight weeks³⁰, and under the FCA's complaints handling rules consumers may complain to the firm and seek redress from it, and refer the complaint to the Financial Ombudsman Service if the firm does not satisfy the complaint³¹.

Taking a complaint to the Financial Ombudsman Service

If the society does not respond within eight weeks, or if you are unhappy with its response, you are entitled to refer the complaint to the Financial Ombudsman Service, within six months of the date of the society's response⁵. The ombudsman is a free and independent service for resolving complaints between consumers and financial firms⁵.

The process is straightforward: you fill in the ombudsman's complaint form³². The ombudsman can be posted to at Exchange Tower, London, E14 9SR³³. The service covers complaints across financial services, from savings and mortgages to insurance and claims management companies, so the same route applies if a complaint with another provider goes nowhere³².

There is no charge for using the ombudsman, and you do not need a claims management company or credit repair firm to complain: those firms charge fees for something you can do yourself for free, and you can complain to the ombudsman about something a credit repair company has done³¹. Free, impartial help with money problems is also available from Citizens Advice, which explains how to complain about banks and building societies³⁰.

How your savings are protected

Money saved with the Tipton is protected by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme, up to a total of £120,000 per customer¹. The same £120,000 limit applies across eligible deposits with building societies generally: Skipton states the same protection for its accounts¹², as does Melton³⁴, and Scottish Building Society's E-ISA deposits are likewise protected by the FSCS²².

What the limit means in practice:

• The £120,000 is a total per customer per provider, not per account, so several accounts with the Tipton count together¹.
• The limit applies to the society as one provider. Money with a different bank or building society has its own separate allowance.
• If the society failed, the FSCS would pay compensation up to the limit; balances above it would be at risk.

Because the Tipton is a single building society with one banking licence, all savings held with it count together towards the one £120,000 limit. Anyone with more than that amount to save can spread deposits across separate providers to keep everything within protection, which is explained in our consumer protection guide.

The society's regulatory position underpins this protection. It is authorised by the Financial Conduct Authority with firm reference number 159601, a status effective since 1 December 2001, with permissions for entering into regulated mortgage contracts as lender and accepting deposits³. It also appears on the Bank of England's Prudential Regulation Authority list of building societies incorporated in the UK⁴. You can check its current entry yourself on the FCA Register at register.fca.org.uk³.