If you are a sole trader or SME based in Cambridge, the Cambridge Building Society is a great place to secure your funds and watch them grow in a savings account. If you are anywhere else in the UK, or are looking for a banking provider that offers current accounts and lending streams, there is little to recommend this institution.
This building society is a local service for local businesses. There is nothing wrong with focusing on such a niche, but it does make for a limited service that is unlikely to appeal to anybody based in a different postcode.
Featured pro tools
The Cambridge Building Society business banking services
- Pros and cons
- Business current accounts
- Business overdrafts
- Business savings accounts
- The Cambridge Building Society at a glance
- Other business finance products
- The Cambridge Building Society reviews
- Business eligibility criteria
- Business finance alternatives
- Additional considerations
- FAQ
Pros and cons of Cambridge Building Society for business services
| Pros | Cons |
|---|---|
| ✓ Three choices of savings account | ✗ No current accounts |
| ✗ Branches only in Cambridge and no online banking | |
| ✗ No lending streams or additional services |
Business current accounts
✗ The Cambridge Building Society does not offer current accounts to business customers. See best business bank accounts.
Business overdrafts
✗ Not available through this building society. See best business overdrafts.
Business savings accounts
The Cambridge Building Society offers three business savings accounts:
These cannot be managed online – you will need to visit one of the 13 branches in Cambridge, or manage your savings accounts by post or over the telephone (you can use the phone to make transfers into your savings account from a debit card account.)
Business Saver account
An interest rate of 1% AER is calculated and paid daily. The minimum deposit for a Business Saver account is £1,000, and the account can hold up to £2,500.00. Withdrawals can be made at a branch without notice up to twice a month. Withdrawals are limited to £500 in cash and £250,000 by cheque unless otherwise agreed.
Notice Business Saver account
An interest rate of 1.5% AER is calculated and paid daily. The minimum deposit for a Notice Business Saver account is £10,000, and the account can hold up to £2,500.00. Withdrawals can be made with 100 days’ notice – if you need access to your money faster, you will be liable for a penalty fee. Withdrawals are limited to £500 in cash and £250,000 by cheque unless otherwise agreed.
One Year Fixed Rate Business Bond account
An interest rate of 3% AER is payable upon the maturation of the bond after 12 months. The minimum deposit for a Notice Business Saver account is £1,000, and the account can hold up to £2,500.00. You cannot add or withdraw funds to or from the bond once opened until maturation. After one year, your deposit and any accrued interest will be automatically transferred to a Business Saver account.
The Cambridge Building Society at a glance
| Phone number | 0345 601 3344 |
| App downloads | iOS; Android |
| Website | www.cambridgebs.co.uk/savings/business-savings |
| Number of branches | 13, all in Cambridge |
| FSCS protected? | Yes |
| Founded | 1850 |
Other business finance products
✗ The Cambridge Building Society does not provide additional financial services beyond the savings accounts we have discussed.
The Cambridge Building Society reviews
What are other business banking customers saying about this organisation?
| Review platform | Score | Number of votes |
|---|---|---|
| TrustPilot | 3.1/5 | 11 |
| Feefo | Not reviewed | N/A |
| Reviews.co.uk | Not reviewed | N/A |
| Smart Money People | 5/5 | 2 |
| Which? | Not reviewed | N/A |
| Average score | 4.05/5 | 13 |
Business eligibility criteria
You do not need to be based in Cambridge to open a savings account with this building society, but it helps. You cannot open an account online, so unless you can get to a branch in person, you’ll need to make the arrangements through the post. Anybody aged 18 or over can then open a savings account upon presentation of proof of ID and making the minimum deposit.
Business finance alternatives
Unless you are based in Cambridge or the surrounding area, there is little point in saving your business income with this provider. Even if you are local, you may want a building society that offers a little more, such as lending streams. Consider a national building society like Nationwide, or an online savings specialist like Aldermore – the latter offers better interest rates too.
Additional considerations
The Cambridge Building Society clearly has a social conscience, as this employer gave all staff a £1,000 bonus in 2022 to ease the pressures of the cost of living crisis.
FAQ
No, it is a building society rather than a bank. It is regulated by the Prudential Regulation Authority and authorised by the Financial Conduct Authority and the Prudential Regulation Authority. The society also holds a deposit protection scheme with the Financial Services Compensation Scheme so that customers’ deposits are safe and secure. As a building society, it provides savings accounts, mortgages and loans to thousands of customers across the country.
To open a business savings account, you will need to fill out an application form and provide the relevant documents. You will also need to provide two forms of identification and proof of address. This can include your passport, driving license or National Insurance number. Once your application has been approved, you will be provided with a bank card and access to online banking facilities. With a business savings account, you will be able to manage your finances securely and conveniently. This organisation also offers competitive rates on savings accounts, mortgages and loans so you can get the most out of your business.
The Cambridge Building Society does not charge any fees for its savings accounts, mortgages and loans. However, it does impose a minimum deposit amount that must be met in order to open an account. The society also charges overdraft fees when customers go into the red on their account, as well as transfer and foreign exchange fees. Some of the services offered also attract fees which vary depending on the services used. For more information about fees, please refer to your product terms and conditions.
The Cambridge Building Society offers a range of services to its customers, including savings accounts, mortgages and loans. It also provides overdraft and transfer facilities as well as foreign exchange services. The society also offers insurance and investments products so that customers can protect their financial future.
This building society accepts a variety of payment methods, including bank transfers, debit and credit cards, and direct debits. Customers can also make payments online through the society’s secure online banking facilities. Payments can also be made via telephone or in person at one of the branches.