A better place for your money

At the Tipton, we’re lending our voice to a  national campaign encouraging more people to choose a building society when managing their money. 

Building societies across the UK have joined forces to celebrate the sector’s rich heritage and collective achievements.

Together, they want consumers to think carefully about who they do business with and consider the benefits building societies and other customer-owned financial institutions can offer versus a traditional bank.

The first known building society was set up in 1775 to help ordinary working people to own their homes and provide a safe place for their savings. Now, some 250 years later, building societies continue to protect people’s savings and use these as the means for others to buy a home, ultimately creating thriving communities.

The culture, behaviour and decisions at building societies are different to banks because they are owned by their customers. When people take out a mortgage or open a savings account with a building society, they automatically become members, giving them a say on how that society is run.

Building societies don’t have external shareholders to satisfy and their ownership structure means they operate purely for the good of their customers. This is reflected in their rates, products and service. They make enough profit to remain safe and sustainable and regularly reinvest money back into their business and local community.

Adam Evetts, the Tipton’s Chief Executive, says: “We never lose sight of our purpose to help our customers achieve their most important financial goals.

“We’re proud to be part of a movement that started 250 years ago just a few miles down the road in Birmingham with the formation of Ketley’s, the first recognised building society. The sector still thrives to this day, not least right here in the West Midlands, which is home to multiple successful Societies, including our own.

“Our way of doing business is different to the banks. We are the original money movement, set up for the benefit of ordinary workers and their communities.

“Like all building societies, the Tipton is here so people can make the most of their money. We genuinely care about our customers and place their interests at the heart of everything we do.”

The building society sector – fact file

There are 42 building societies in the UK, all represented by trade body the Building Societies Association. More than 25 million people are building society customers.

Building societies hold £399 billion of retail deposits and account for 40% of all cash ISA balances. They also hold residential mortgage balances of over £395 billion, 24% of the total outstanding in the UK.

In the first nine months of 2024, building societies provided 87,500 mortgages to first time buyers.

Building societies operate approximately 1,300 branches and hold a 30% share of all branches across the UK. Around 52,300 people are employed by building societies. 

The Tipton & Coseley Building Society – fact file

 We were founded in Tipton in 1901, then a new office opened in Coseley in 1934. Today the Society has two additional branches in Bilston and Sedgley, making four in total.

We have more than 37,000 members and employ 120 colleagues.

The Tipton offers a variety of mortgage products designed for all stages of life, plus a wide selection of savings accounts, including fixed rate, easy access and tax-free ISAs. 

In 2024, the Society made combined charitable donations of £58,000 to causes including Midlands Air Ambulance Charity, Black Country Foodbank and four individual charities chosen by our colleagues. This year, we are fundraising for White House Cancer Support in Dudley. 

Follow these links to read about our history  and discover more about  buildings societies and the sector’s 250 year celebrations.