As a building society, our members come first, and we’re here to support you during the coronavirus (Covid-19) outbreak.
We are updating our FAQ regularly with the most commonly asked questions.
Frequently Asked Questions
Are your branches open?
Our branches in Edinburgh, Glasgow, Inverness, Galashiels and Troon are currently open 9.30am to 12.30pm on Mondays and Fridays only.
Phone lines are open as normal from 9am to 5pm, Monday to Friday (from 10am on Wednesdays).
To protect our colleagues and members, please do not visit our branches unless you are making any of the following essential transactions:
- Cash withdrawal
- Cash deposit
- Bank transfers
Please see below for other ways to transact on your savings account if you can't get to a branch.
Some of our agency partners are operating reduced hours or have closed temporarily. Please check our Location Finder for the latest information.
When will your branches be open normally?
From 1st June, our main branches will be open 9.30am to 12.30pm, Monday to Friday. To keep our staff and customers safe, we will continue to operate strict social distancing in branches, limiting branch capacity to two customers at any time.
How do I access my savings if I can't get to a branch?
We are able to accept your instructions by post. We can only make payments to a nominated bank account in your name. If we have not made a transfer to the account previously, please include evidence that it is your account (e.g. statement). Remember to sign the request so we can verify your signature and enclose your passbook.
Postal requests should be sent to:
Scottish Building Society
193 Dalry Road
EDINBURGH EH11 2EF
How do I pay money into my savings account without visiting a branch?
If you can't get to a branch, you can pay money into your account by bank transfer or by post:
By bank transfer
You can use the details below to make a bank transfer or set up a standing order:
Name: Scottish Building Society (not your own name)
Sort Code: 83-06-08
Account No: 00255419
Reference: Your Scottish Building Society account number*
*You MUST use your Scottish Building Society account number as a reference to ensure funds are credited to your account.
We will accept deposits by cheques made payable to yourself by post. Please send your cheque with your account details and passbook to:
Scottish Building Society
193 Dalry Road
EDINBURGH EH11 2EF
We will return your updated passbook and receipt to you by post.
You can also pay money in using an eligible debit card. Call your local branch to make a payment.
Can I ask someone to make a withdrawal on my behalf?
Should you wish a trusted friend or relative to make a branch withdrawal on your behalf, you can give them a letter authorising the withdrawal. The letter of authorisation must include the name of your nominated person and your signature. Your nominated person will also need to produce photographic ID. We will check your signature against our records and, if the request is for cash, we will call you to confirm the request using a number we have on file.
Are my savings safe?
Your eligible deposits with Scottish Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. For more information see FSCS.
I'm having trouble paying my mortgage. What should I do?
If you are having difficulty paying your mortgage as a result of the coronavirus outbreak, please download and complete the form in section below and send it to us at firstname.lastname@example.org
Where can I find more information on payment holidays?
The Building Societies Association has published some FAQs for those looking for more information on payment holidays:
Q: Will all customers receive an automatic three-month payment holiday?
A: A flexible approach will enable all types of lenders to offer the right support for customers. Many lenders will want to speak to customers to find out how they can tailor the best option for them. Firms will help customers the best way for the individual, but an automatic payment holiday may not always be the most suitable approach and may not be required by all customers. Firms will be speaking to credit reference agencies to ensure consistent treatment of those customers to whom a repayment holiday is made available.
Q: How do I apply for a payment holiday?
A: Lenders recognise that these are unprecedented and difficult times for customers. This is why they are offering customers who are up to date with their mortgage payments and impacted by COVID-19 the ability to self-certify if they need help. Under usual circumstances, the lender would have to assess the customer’s finances and consider what forbearance options may be the most suitable. This is being waived to allow firms to implement a more straightforward process in an otherwise stressful time.
Should the customer wish, the lender could conduct a full assessment of their finances. It’s therefore important that customers who believe they may be impacted by COVID 19, either directly or indirectly, contact their lender at the earliest possible opportunity to discuss if the payment holiday is a suitable option for them.
Q: Are all customers eligible for a payment holiday?
A: This is one of a number of options that lenders can offer. The offer of a payment holiday can be made available to customers not already in arrears and up to date with payments. Under FCA rules, lenders must ensure that any forbearance offered enables recovery through full repayment of arrears, minimises the long-term impact of arrears, and that the mortgage remains affordable and sustainable. Overall, forbearance needs to minimise the risk of possession. This is why payment holidays are generally short-term.
For customers who are already in arrears or in financial difficulty, lenders will consider the full suite of forbearance options that are ordinarily available to customers under existing rules. Providers will look at customers’ individual circumstances and offer support on a case-by-case basis. All providers are ready and able to offer support, we would encourage customers to speak with their provider at the earliest possible opportunity to discuss the options available to them.
Q: But lenders are only offering a short-term measure – what about customers who may be likely to need support longer term or help to recover to their previous position after the payment holiday expires?
A: While the payment holiday is in effect, the capital sum of the loan remains as is, while the interest that would have been paid in the period accrues. At the end of the payment holiday period, the rules will re-apply. Lenders will get in touch with customers to assess their circumstances, including income and expenditure, and come to an arrangement with the customer to enable recovery through the full repayment of the arrears. If the customer is in financial difficulty, lenders will come to an arrangement to recover the customer into a sustainable position on the mortgage. Any forbearance arrangements will aim to minimise the risk of possession.
Q: How do ‘payment holidays’ work?
A: The mortgage repayment is deferred for a period. The monthly payment changes to zero, and interest accrues for the period. This may be particularly appropriate where there is a temporary shortfall of income.
However, this is not a solution where, because of a permanent reduction in income, a borrower is unable to afford anywhere near the full mortgage repayments and there is little prospect of an improvement in the situation in the foreseeable future. Where repayments are deferred for a time, the borrower will need to make up these repayments in the future, which could be over the remaining term.
Q: How will this affect my credit score?
A: Lenders have different approaches for reporting to credit reference agencies. Arrears that are accrued may be reported to the CRA. Firms will make efforts to ensure that forbearance offered under these circumstances will not result in an adverse impact on the customer’s credit score.
Q: What if I don’t own my property but rent instead?
A: You should contact your landlord or managing agent if you have problems paying your rent. If you are a landlord and your tenants are unable to pay their rent you should contact your lender as soon as possible to discuss the options that may be open to you.
Q: What if I’m already in arrears?
A: You should continue to speak to your lender. Lenders will review existing arrangements if there is a change in circumstances.
What will happen to my mortgage offer?
Customers who have concluded missives have the option to extend their mortgage offer for up to three months to enable them to move at a later date.
You can read more in this press release from UK Finance.
The UK Government website has also published information for people currently, or thinking about, moving home.
When will I find out if my payment holiday request has been actioned?
Once you have had a verbal agreement from us, your payment holiday will be processed and we will write to you confirming the details. Please bear with us as your letter may take up to 2 weeks to arrive.
Mortgage holiday request form
Please complete the form with as much information as possible and send to us at email@example.com
Remember to save the form before you return it.
Staying safe - fraudsters
Criminals use exceptional circumstances like the current coronavirus situation as a chance to pose as employees of a genuine organisation, such as building society / bank staff and police officers and target you for fraud scams.
Criminals pretend to be from your building society, bank or the police and claim they are dealing with coronavirus-related issues that require you to respond by paying money or providing personal information that will allow them to access your account.
Scam emails and texts are also being sent claiming to be from government departments, banks or other trusted organisations, offering payments related to the coronavirus outbreak or claiming to be issuing fines. Often the messages will include a link to a fake website that is designed to trick people into giving away their financial and personal information such as bank details, passwords and credit card numbers.
To be clear, a bank or building society will never:
• Ask you to disclose your PIN number or other passwords for your accounts
• Encourage you to move funds from your own account into a different “safe” account
• Encourage you to order and pay for UK cash via the phone or internet
• Charge up-front fees for repayment holidays
• Make home visits to collect mortgage arrears on your doorstep
• Demand an immediate payment of mortgage arrears over the phone
• Demand payment of mortgage arrears via email providing you with a link through which to make payments
Individuals who approach you saying that they are building society employees and who pressurise you in the ways outlined above are criminals.
Stop – Take a moment to think.
Challenge – Don’t be afraid to ask questions or to say “No” and end the conversation.
Protect – Contact the building society or the bank from which you have made a payment immediately if you think that you have been the victim of fraud.
For more information on how to protect yourself from fraud see Take Five.