The Cambridge Building Society is a Cambridge-based independent mutual society, which can trace its history back to 1850. The Cambridge Building Society is heavily focused on supporting local businesses and community enterprises. There are 13 branches located throughout Cambridge.
There are three competitive savings products available for sole traders, partnerships, limited companies, and registered charities, housing associations, clubs and associations. There’s no current account available.
Cambridge Building Society Business Banking Services
Current Accounts
Not available.
Savings account
There are three savings accounts available to small businesses and sole traders, and local councils.
Business Saver
Earn 0.10% AER on your savings. You can deposit a minimum balance of £1,000 up to £2,500,000. You can’t open an account online, but you can open one in branch or through the post. You can withdraw cash up to twice a month.
Council Saver
This account is only available to parish and town councils. Earn 0.10% AER on your savings. You can invest between £1,000 and £2,500,000. You can only manage your account in branch or through the post. You can withdraw cash up to twice a month.
Overdrafts
Not available.
Business finance and loans
Not available.
Cambridge Building Society Reviews and Ratings
There are only a few customer reviews available with mixed reviews on their customer service on Trustpilot and Smart Money People. There were no reviews on Reviews.co.uk.
Cambridge Building Society isn’t included in the Which? list of ‘Best & Worst Banks’.
The Cambridge Building Society opened a new store in Great Shelford in July 2019, with upgraded counters and plenty of space for customers to speak to advisors and manage their accounts.
Trustpilot – 3.4/5 (based on 2 reviews)
Reviews.co.uk – not available
Smart Money People – 5/5 (based on 2 reviews)
Which? – not included
Pros
- A more community-focused way to invest savings.
- Choice of savings accounts available.
- Ideal for businesses local to Cambridge.
Cons
- You can’t bank online, so the accounts are less useful for businesses based outside of Cambridge.
- Interest rates are better elsewhere.