Many building societies have, in the last few years, changed to become more like banks.

Building societies offer many different ways of saving. Some of these are:

Although the interest earned on ISA's is currently tax free you should not assume this will always be the case over the coming years. The government of the day may change their tax status from time to time.

Each type of account will have different conditions which you should think about before opening an account. Interest is normally paid with the income tax deducted.

If you do not pay tax you can apply to the HM Revenue & Customs to have your interest paid without deducting tax. You need to complete a form which you can get from the building society or the HM Revenue & Customs.

For a more in-depth look at banks and building societies, please see our section Where to keep your money.