This is an important clarification: Airdrie Savings Bank closed its doors permanently in 2017 and no longer operates or offers any new mortgages or banking services.
It was the UK's last remaining independent savings bank. When it closed, its existing mortgage business was transferred to TSB Bank.
Instead of a review for a new applicant, here is a historical article in the same style, explaining the bank's legacy and what happened to its customers.
If you would like to review some alternative mortgage providers to Airdrie Savings Bank you can use our free mortgage sourcing tool below to compare the whole market:
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Airdrie Savings Bank: A Historical Review
Airdrie Savings Bank was a Scottish financial institution with a unique place in British banking history. Founded in 1835, it operated for over 180 years, serving the community of Lanarkshire. For many years, it was the last independent savings bank in the UK, operating on a mutual principle, meaning it was run for the benefit of its members (customers) rather than shareholders.
In January 2017, the bank's board of trustees announced that it would be wound down due to changing customer habits, declining footfall, and the rising costs of regulation. The bank officially closed its branches on April 28, 2017.
About Airdrie Savings Bank's Legacy
Founded to promote thrift and provide a safe place for the savings of local working people, Airdrie Savings Bank was a cornerstone of its community. Unlike larger commercial banks, its mutual status meant it was governed by a board of trustees, and its focus was intended to be on its customers and the local area.
At the time of its closure, it had three remaining branches in Airdrie, Coatbridge, and Bellshill. Its closure marked the end of the independent savings bank movement in the UK.
What Happened to Airdrie Savings Bank Mortgages?
Airdrie Savings Bank no longer offers any mortgage products.
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Existing Mortgages: As part of the bank's "orderly wind-down," its entire mortgage and loan book was transferred to TSB Bank plc in April 2017.
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Management of Mortgages: If you were an Airdrie Savings Bank mortgage customer, your mortgage is now managed by TSB. These mortgages are often administered under the TSB trading name "Whistletree."
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Terms and Conditions: At the time of the transfer, TSB stated that the terms and conditions of all existing Airdrie Savings Bank mortgages would remain the same
Historical Pros and Cons of Airdrie Savings Bank
Based on its historical reputation as a mutual institution, here is what the bank was known for.
Pros (Historical):
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Community Focus: As a local, mutual institution, it had a strong focus on serving the needs of its community in Lanarkshire.
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Customer-Centric: With no shareholders to pay, its profits were theoretically reinvested to benefit members, often resulting in a more personal level of service.
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Unique Status: It was the last of its kind, representing a traditional model of banking.
Cons (That Led to Closure):
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Lack of Digital Services: As a very small bank, it struggled to fund and develop the modern digital and mobile banking platforms that customers began to demand.
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Increasing Regulation: The rising cost of meeting post-financial crisis banking regulations was a significant burden for a small institution.
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Limited Scale: Its small size and limited branch network made it difficult to compete with the major UK-wide banks on rates and products.
How to Apply for a Mortgage (Not Possible)
You can no longer apply for a mortgage with Airdrie Savings Bank.
If you are looking for a new mortgage, you will need to apply to an active lender, such as TSB (which took over Airdrie's mortgage book), another high-street bank, or a building society.
You can compare the latest rates available from lenders across the market using our mortgage-sourcing tool at the top of this page or make an enquiry to get independent advice about your options.
