For joint accounts the £120,000 limit applies to each account holder.

If you have a temporary high balance, for example, the result of a house sale or receiving a large inheritance. FSCS protects these balances up to six months. The protection limit for qualifying temporary high balances will also increase to £1.4 million.

Alongside the increased deposit protection limit, FSCS is introducing a refreshed FSCS Protected badge. This badge makes it easier for you to identify financial providers who are protected under the Deposit Guarantee Scheme.

The updated badge will start appearing across branches, banking apps, and promotional materials by from the 1 December. Banks, building societies and credit unions have six months to update their disclosure materials until 31 May 2026.

What is FSCS?

FSCS protects customers when financial services firms fail. If a company goes bust and cannot pay claims, FSCS steps in to compensate you.

Set up by Parliament and funded by the financial services industry, FSCS is independent and free to use if you claim directly.

FSCS covers more than just banks, building societies and credit unions. It also protects:

• Investments
• Pensions
• Financial advice
• Insurance broking
• Mortgage advice and arranging
• Funeral plans

Compensation limits vary by product. Visit the FSCS website for more information.

The post FSCS protection limit increase to £120,000 appeared first on The Loughborough Building Society.

Maximise Your Savings Potential

• Move Your Money to Work Harder
  Is your money sitting in a current account earning little or no interest? Consider transferring it into a dedicated savings account. This way, your savings can grow with interest.
• Check Your Interest Rates Regularly
  Are your savings accounts giving you the best returns? Visit comparison websites, check your provider’s offerings, or stop by your local Loughborough Building Society branch to ensure you’re getting the most competitive rates.
• Book a Free Savings Review
  Unsure if you’re making the most of your savings? Book a free review with us, either in-branch or over the phone. Our experts can guide you on how to maximise your savings.
• Use the FCA Savings Calculator
  Curious about how much interest you could earn? Try the FCA’s handy calculator to see the potential growth of your savings. 

Top Tip: Set aside a portion of your savings each month for an emergency fund. It’s a financial safety net for anything unexpected such as your boiler breaking down.

Can you beat your savings goals?

Whether you’re saving for your first home, a dream holiday, or another milestone, taking a few minutes each month to review your finances can help you reach your goals faster.

Accelerate Your Savings:

• Take on the No Spend Challenge
  Cut back on non-essential spending—like takeaways, new clothes, and extra outings—to save more towards your goal.
• Make Simple Lifestyle Changes
  Small adjustments, such as swapping baths for showers or preparing your own meals instead of buying lunch, can reduce expenses and increase your savings.
• Save Your Spare Change
  Regularly put loose change into a money jar. Over time, you’ll see your savings grow without much effort.

Top Tip: Consider using a passbook savings account with a building society like The Loughborough. Physically seeing your savings grow could be a strong motivator.

What do I do now?

Start saving today by opening a savings account. Finding the right account can be confusing, but we’re here to help.

Book a Savings Review With Us Today

Visit us in-branch or give us a call on 01509 631960. Our friendly team is here to help you find the best savings account to match your needs.

For more help on achieving your savings goals savings visit https://uksavingsweek.co.uk/savings/

The post Be the saver you aspire to be appeared first on The Loughborough Building Society.

First, understand your financial situation. What money do you have coming in, and where is it going? Determine how much you need to live on each week or month. After accounting for essential expenses, the next step is to set a budget.

Creating a budget provides a clear picture of your finances, helping you keep track of your income and outgoings. It also encourages you to differentiate between needs and wants—like that daily coffee on your way to work!

How do I start budgeting?

1. Identify Your Spending:

Calculate what you spend on:

• Household bills: Mortgage/rent, utilities.
• Living costs: Food, clothing.
• Travel: Public transport, car expenses (fuel, maintenance).
• Leisure: Holidays, gym fees, dining out, entertainment.

2. Review Your Outgoings:

Check if you’re spending more than you earn. Regularly review your budget to find potential savings. Small changes, like taking showers instead of baths or preparing meals at home, can add up. Consider keeping a spending diary to track your expenses.

Top Tip: Pay off any debts before you start saving—this will put you in a stronger financial position.

By budgeting, you’ll establish good financial habits, making it easier to pay your bills and gain control over your finances. This will also allow you to start saving for exciting goals, like a deposit for a new home or a dream holiday.

Set your savings goals

You’re more likely to achieve your savings goals if you set yourself targets.

To increase your chances of success, set realistic and specific savings targets. For example, aim to save £5,000 by next year for a car.

Stay motivated by keeping visual reminders of your goals—perhaps a picture of your dream holiday destination on your phone or fridge. Track your progress and celebrate milestones along the way.

 Top Tip: Build an emergency fund alongside your savings to cover any unexpected bills.

Savings Tips

Sell Unused Items: Declutter and make money by selling things you no longer need—try car boot sales, social media, or online auctions.

Shop Around: Compare deals on everything from mobile phone contracts to your weekly groceries to save money.

Save Your Change: Regularly putting loose change into a jar can help your savings grow over time.

By saving the money you make from selling things or the loose change you find, you’ll watch your savings build up quickly!

Top Tip: At The Loughborough Building Society, our passbooks let you physically see your savings grow—a satisfying way to track your progress.

What do I do now?

Start saving today and open a savings account. Finding the right account may be confusing, but we are here to help.

Talk to us today!

Our friendly branch and savings teams can help you find the best savings account for you to achieve your savings goals.

Visit your nearest Loughborough Building Society branch or agency or call us on 01509 631960.

For an up-to-date list of our savings accounts please visit  https://www.theloughborough.co.uk/all-savings

Additional Resources

• For more help on getting started with a savings account, visit https://uksavingsweek.co.uk/savings
• Use the FCA Savings Calculator
  Curious about how much interest you could earn? Try the FCA’s handy calculator to see the potential growth of your savings. 

The post How to get started on your savings journey appeared first on The Loughborough Building Society.

From traditional face to face fraud to fraud carried out by someone anonymously online there’s a variety of ways that criminals can take advantage.

Scams carried out by criminals are ever evolving and often involve current circumstances such as the current Cost of Living Crisis.

The advances in technology that enable us to carry out more activities easily are also frequently exploited by scammers.

It’s therefore important to be aware of the current types of scams around you and what you can do to prevent becoming a victim of fraud.

The Metropolitan Police in partnership with Take Five (a national campaign set up to offer impartial advice on how to prevent fraud) have put together a booklet to make you aware of the latest and most prolific scams.

This booklet will help you to identify potential scams and help prevent the loss of your valuable data and belongings, it also gives advice on what to do if you unfortunately become a victim of fraud.

The Little Book of Big Scams can be viewed here https://www.met.police.uk/SysSiteAssets/media/downloads/central/advice/fraud/met/the-little-book-of-big-scams.pdf

For more information on the types of scams and how to protect yourself from fraudulent activities visit https://takefive-stopfraud.org.uk/

If you think you’ve been a victim of fraud, get in touch with Action Fraud on 0300 123 2040.

The post The different types of scams to look out for appeared first on The Loughborough Building Society.

However, there are lots of ways in which you can keep your energy costs down to ensure you and your family can keep warm.

Here are some handy energy saving tips to help you become more energy efficient.

What’s on this page?

Switch to LED bulbs

Do full laundry loads

Fill the Dishwasher up too!

Filling the kettle

Eco Settings

Use alternatives methods to dry your clothes

Use your Microwave

Use less water when showering

Keep the heat in

Identify draughts

Insulating your home

Update your heating system

Improve your EPC rating

Grants and Initiatives

Switch to LED bulbs

Switching your traditional light bulbs to modern LED’s, not only helps you save on your energy bills they’ll last longer too.

Do full laundry loads

While it can be tempting to put half a load of dirty clothes in the washing machine, it’s better to wait until you have a full basket of washing, as fewer full load washes are much more energy efficient.

Fill the Dishwasher up too!

The same rule applies to dishwashers, it’s more energy efficient to run a dishwasher when it’s full, according to the Energy Saving Trust, reducing dishwasher use by just one run a week could save £15 annually.

Filling the kettle

While it’s a good idea to fill up your washing machine and dishwasher, it’s best not to fill your kettle, especially if you’re only making a cuppa for yourself.

By filling your kettle to just the level you need, you could save up to a third of the energy that you’ve been using.

Eco settings

If you have eco settings on your washing machine, dishwasher, or boiler, using that will help heat the water more slowly and therefore uses less energy, it might take a little longer, but you’ll still get the same results.

Use alternatives methods to dry your clothes

While tumble dryers can be quick and convenient, they take a lot of energy. The Energy Saving Trust has calculated that you could save £60 a year if you don’t use one.

Instead of tumble drying, you could consider using an airer, though to avoid damp it’s best to open a window when using one. In the warmer months, if you’ve got a garden or balcony, do dry your washing outside.

Use your microwave

Microwaves are not only quick and convenient, but they also use a lot less energy than an oven or a stove.

If you have the time, a slow cooker is also a great option as they’re one of the most energy-efficient kitchen appliances.

Use less water when showering

Using less water not only reduces your water bills, but can reduce your energy bills too, because when you use less water, you usually heat less water.

One way of saving water is by taking less showers or by cutting down on the time you spend in the shower, cutting just a minute off your shower time could save you a few pounds each month.

If you don’t like the idea of showering less, another way you can save money on water is through a water saving shower head, thankfully you can purchase an eco-shower head without breaking the bank.

Your water supplier may also have some energy saving gadgets available too, so it’s worth getting in touch.  

Keep the heat in

The last thing you want when you’re warming your home, is the heat escaping and the cold getting in.

You can help prevent this by closing your curtains in the evening, this will help keep the warmth in the room – but try not to drape them over radiators.  However, don’t close your curtains in the day if it’s sunny, as the natural sunlight will warm your home.

It’s also best to keep your doors shut to stop any heat from escaping. 

Identify draughts

It’s a good idea to have a walk round your home and identify any window and door draughts. Decent draught-proofing could cut 2% off energy bills on average for a typical home.

Simple methods such as sausage dog draught excluder on your doors could also help!

Insulating your home

One of the best ways you can keep the heat in and reduce your energy bills is by insulating your home.

There are lots of different insulation options available at varying costs, Energy Saving Trust has a handy guide on the options available at https://energysavingtrust.org.uk/insulating-your-home-back-to-the-basics/

Update your heating system

If you’re able to you could also consider updating your boiler.

New boiler models are a lot more energy efficient and could make a huge difference to your monthly bills in the long run.

An energy efficient boiler will also help your EPC (Energy Performance Certificate) rating and could make your home more attractive if you’re considering selling.  

Improve your EPC rating

You don’t have to spend lots to improve or keep your EPC rating high, small changes like replacing your bulbs with energy efficient LEDs or insulating your hot water cylinder with an insulation jacket will help.

For more tips on improving your homes EPC rating visit https://energysavingtrust.org.uk/tips-to-improve-the-epc-rating-of-your-home/

Grants and Initiatives

There are many different grants and initiatives available which could help you save money on your energy bills.

To find out which grants and initiatives you could be eligible for visit https://helpforhouseholds.campaign.gov.uk/

If money does become tight and you’re worried about keeping up with your mortgage payments, it’s best to get in touch with your lender to discuss your payment options as soon as possible.

The post Energy saving tips to help you become more energy efficient appeared first on The Loughborough Building Society.

To help you through the Cost-of-Living Crisis. we’ve put together some tips which could help you manage your money more effectively.

What’s on this page?

Setting up a budget

Review your finances

Cutting your household bills

Be smarter when shopping for goods

Save money on food shopping

Save on your gas and electricity bills

Switching energy suppliers

Help if you’re struggling to pay your energy bills.

Setting up an emergency fund

Help managing your mortgage payments

Getting help if debt problems become serious

Helpful Resources

Setting up a Budget

A budget will help keep your spending in check, help ensure that you don’t spend any money that you don’t have and help shed light on any bad spending habits.

To set up a budget you’ll first need to work out how much you spend each month on:

• Household bills
• Living costs
• Travel (Petrol, maintenance, public transport etc.)
• Leisure (Holidays, meals out, Gym memberships etc.

All this information then needs to be recorded in a budget planner.

Money Helper has a handy free budget planner which gives you a detailed breakdown of your spending https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner

A budget planner helps show you where your money is being spent and could help identify areas you can make adjustments and save money.

Review your finances

To help review your finances you could keep a spending diary and note down all that you spend in a month, or you could simply look at your latest debit or credit card statement.

By having a record, you can identify any unnecessary spending, i.e., an unused gym membership or magazine subscriptions or regular takeaways or meals out.

You can then work how much you can save each month by cutting out on these costs.

Cutting your household bills 

From gas and electricity to mobile phones and internet, the cost of household bills has continued to rise, however there are ways to reduce your monthly bills.

For example, you can

• Cut your water bills by taking showers instead of baths
• Match your mobile or internet contract to fit your lifestyle – i.e. if you use a lot of data and are charged extra when you go over, a deal with more data might be cheaper in the long run
• Reduce the cost of travel by finding cheaper car insurance, car sharing or alternative means of travel
• For more tips on saving money with your household bills visit https://www.moneyhelper.org.uk/en/everyday-money/budgeting/how-to-save-money-on-household-bills

Be smarter when shopping for goods

Being smarter when shopping for goods can help you save money each month, one of the ways you can save on goods is when you do your weekly grocery shopping. 

Instead of buying a branded product try a supermarkets own brand or their value brand to save money, more often than not, the only noticeable difference between these brands is the packaging!

Save money on food shopping

With increasing food prices, keeping your weekly food shopping bill on budget has become a lot more difficult.

However, there are plenty of ways to help keep those costs down, from planning your meals to batch cooking, ensuring you and your family don’t have to skip meals. 

For tips and advice on how you can save with your weekly food shop visit https://www.stepchange.org/debt-info/save-money-food-meals.aspx

Save on your gas and electricity bills

There are a few changes you can make around the house to help cut down your gas and electricity bills including switching off devices that you’re currently not using at the plug, turning down the thermostat by a degree or two and washing clothes at lower temperatures.

Switching energy suppliers

Another way of saving money on your energy bills is to shop around for a cheaper energy tariff. The best way of finding cheaper tariffs is with Ofgem-accredited price comparison website such as Money Supermarket or Uswitch.

With a comparison website you’ll be able to find out what you can save by switching providers. If you find a cheaper offer elsewhere, you could also ask your current provider if they’ll match that offer.

For more information on switching energy providers visit https://www.ofgem.gov.uk/information-consumers/energy-advice-households/switching-energy-tariff-or-supplier

Uswitch also have a have a handy guide that offers advice on the ins and outs of switching energy suppliers https://www.uswitch.com/gas-electricity/guides/how-to-switch-gas-and-electricity/

Help if you’re struggling to pay your energy bills.

If you’re falling behind with your energy bills and risk getting into debt, there are numerous options available to you, from contacting your supplier to get help with payments to various government schemes and grants.

Citizens Advice has a really handy guide on the help and support available for people struggling with their energy bills https://www.citizensadvice.org.uk/consumer/energy/energy-supply/get-help-paying-your-bills/struggling-to-pay-your-energy-bills/

Setting up an emergency fund

It’s important to have an emergency fund in case something goes wrong, this could cover you in the event of an unexpected financial blow and could help prevent you from going into debt.

By putting some money in an easy access savings account each month where possible, you’ll have access to emergency funds when you most need it.

Help managing your mortgage payments

With rising prices, meeting monthly mortgage payments could become difficult.

If money does become tight and you’re worried about keeping up with your mortgage payments, it’s best to get in touch with your lender to discuss your payment options as soon as possible.

Getting help if debt problems become serious

If the worst happens and you do unfortunately go into debt, it’s best to seek support straight away.

There is plenty of free and confidential advice out there to help you from charities such as:

Payplan – 0800 280 2816 www.payplan.com

National Debtline – 0808 808 4000 www.nationaldebtline.org

Step Change Debt Charity – 0800 138 1111 www.stepchange.org

Money Helper also has lots of useful advice and guidance on dealing with debt https://www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt

Helpful Resources

For more advice and support with managing your money please visit

https://www.moneyhelper.org.uk/en

https://helpforhouseholds.campaign.gov.uk/

The post Managing your money through the cost of living crisis appeared first on The Loughborough Building Society.

By being too polite to say no, we’re putting ourselves at risk of impersonation scams.

An impersonation scam is where a criminal pretends to be from a trusted organisation such as a bank, building society, or other service provider. The criminal then tricks their victim into transferring money using a range of cover stories. These include claiming they need to protect an account from fraud, that a fine or tax needs to be paid or an erroneous refund must be returned.

To help people from falling victim to these types of scams, Take Five are urging people to Stop, Challenge, Protect when being asked for their information or money.

When receiving a call asking for personal or financial information remember to:

• STOP: Take a moment to stop and think before parting with your money or information could keep you safe.
• CHALLENGE: Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
• PROTECT: Contact your bank or building society immediately if you think you’ve fallen for a scam and report it to Action Fraud.

If you receive an unwelcome call asking for personal and financial information from someone claiming to be from Loughborough Building Society and feel that it’s fraudulent, please get in touch with us on 01509 631960 and we’ll be able to confirm for you whether the call was real or not.

If you think you’ve been a victim of impersonation fraud, get in touch with Action Fraud on 0300 123 2040.

The post Protecting yourself from Impersonation Scams appeared first on The Loughborough Building Society.

• We offer you the same competitive mortgage products we offer employed customers.
• We can consider your retained profits from the latest financial accounts in your business when accessing your income. 
• You can speak to your dedicated mortgage adviser at any time during the process and at any time in the future
• Our team of underwriters will access your application on its individual merits
• We’ll offer you a competitive product replacement when your original one comes to an end

Our mortgages can work for you

We offer the same mortgage products to those who work for themselves as we do to employed borrowers.

Our underwriters assess each individual mortgage application on its own merits.  We don’t use an automated system to make our decisions, our decisions are based on you as an individual.

The following information will help you understand what we need from you in order to give you an individual decision.

We’ll need to assess and verify your income

One of the challenges you may face is proving your income is sufficient to pay your monthly mortgage payments.

• Self-employed income can vary, so if you have one bad year it could affect your ability to borrow the amount you need.
• If your business is still growing your income averaged over three years may not be representative of what you can achieve going forward.
• Your accountant may advise you to reduce your income for tax reasons. Whilst this is entirely legal it does mean on paper your income is far less than you actually earn.
• If you’re a Director of a Limited Company, we look at different ways of assessing your income – such as your net profit, or Director’s remuneration and dividends both of which could significantly affect how much you can borrow.
• Limited Liability Partnerships share the business’s profits between the partners, and each pays tax on their share.  Each year, the partnership must send a Partnership Tax Return to the Inland Revenue. Additionally, each partner must also send an annual Personal Tax return, pay income tax on their share of the partnership’s profits and pay National Insurance. As partners’ income can be made up of unpredictable drawings rather than an income that is guaranteed, it can be difficult for some lenders to assess what a partner can borrow. Our mortgage advisers are very familiar with lending to partners and will be able to help you understand the options available to you.

The information we’ll need you to provide

The post Self Employed Mortgages Support Guide appeared first on The Loughborough Building Society.

By taking the time to manage your finances, you’ll not only be able stay on top of your bills, but you may even save money each year, money which you can put towards your pension or a holiday.

For advice on how to budget and manage your finances visit https://www.moneyhelper.org.uk/en/everyday-money/budgeting/beginners-guide-to-managing-your-money

The post Help Managing Your Finances appeared first on The Loughborough Building Society.

Dealing with the financial affairs of a loved one you’ve recently lost is never easy, we’re here to help and support you every step of the way during this difficult time.

Letting us know

Once you’re ready to let us know, we’ll make the process of closing the accounts as smooth as possible.

How to get in touch

By phone on 01509 631960

By visiting your nearest branch or agency

By posting to our Head Office at Loughborough Building Society, 56 Woodgate, Loughborough, Leicestershire, LE11 2TZ

How to close an account

You must inform us of the death of an account holder by providing us with the original or a certified copy of the death certificate. You can either post this to us at:

Loughborough Building Society
56 Woodgate
Loughborough
Leicester
LE11 2TZ

Or hand it to one of the staff at your nearest branch or agency office.

Copies can be certified by a UK lawyer, banker, authorised financial intermediary, FCA regulated mortgage broker, accountant, teacher, doctor, minister of religion or postmaster/sub C postmaster.  The person undertaking the certification must be available for contact by the Society either by telephone or in writing.  Please ensure that the appropriate contact details are stated on the identification.

When certifying a document, the following wording must be used: “I certify that this is a true copy of the original”.

Upon notification of this, if the account is a sole account, it is suspended until the necessary Statutory Declaration/Grant of Probate is received. The account is then closed, and the funds distributed accordingly.

In the case of joint accounts, the name of the deceased holder is removed from the account and it reverts to being a sole account.

For further support with closing a loved one’s account, please get in touch with our savings team on 01509 631960

Our Deceased Account Help Sheet also has useful information on what you’ll need when closing a loved one’s account with The Loughborough

For more information and advice visit:

The Citizen Advice Bureau at https://www.citizensadvice.org.uk/family/death-and-wills/dealing-with-the-financial-affairs-of-someone-who-has-died/

The Bereavement Advice Centre at https://www.bereavementadvice.org/topics/registering-a-death-and-informing-others/informing-financial-organisations-and-asset-holders/

The British Bankers Association’s guide on ‘Helping you deal with a deceased person’s account’

For Emotional and Mental Health Support

If you require support with emotional and mental health following a bereavement the following organisations can help:

Samaritans: A confidential service available for anyone in any type of emotional distress www.samaritans.org/

Cruse Bereavement Care: Gives you the opportunity to understand and cope with grief and provide support to other bereaved people www.cruse.org.uk/

The post Bereavement Support appeared first on The Loughborough Building Society.