Do you have a savings account or a mortgage with a building society? If so, you may have heard of a building society roll number. But what is a building society roll number?
In this article, we will explain what a building society is, how it differs from a bank, and what a building society's roll number is. We will also show you how to find your roll number and how to use it to make payments.
Contents
- What is a Building Society?
- What is a Building Society Roll Number?
- Why Do Building Societies Use Roll Numbers?
- How Do You Deposit Money In Your Building Society Account?
- How to Find Your Building Society Roll Number?
- Send Money Internationally From Your Account
What is a Building Society?
A building society is a type of company that offers financial services. You can find them on the streets of the UK, just like banks. But they are not exactly the same. There are two main differences:
Services
Building societies usually have fewer services and products than banks. They may offer insurance, personal loans, debit cards, and current accounts. But most of them focus on savings accounts and mortgages.
The structure
Building societies belong to their members. They are mutual organizations. This means that when you open an account or get a mortgage with a building society, you become a part-owner of it. You can also join and vote at their annual meetings. But this is optional. You can still use their services as normal.
Banks are different. They are usually public companies that want to make money for their shareholders. Building societies care more about their members. They try to use their profits to help them. That's why building societies may have better interest rates for savings and lower mortgage rates than banks.
What is a Building Society Roll Number?
You know what a Building Society is, but what is a building society number? What does building society roll number mean? A building society roll number is a unique code that helps you access your account information.
You usually need a roll number for accounts in building societies. These numbers are very important when you want to send or receive money or set up regular payments.
A building society roll number differs from a bank account number in two ways. First, only building societies use roll numbers. Second, a roll number has a different purpose than a bank account number.
A bank account number identifies your account within a bank. A roll number identifies your account within a building society. A roll number is usually shorter than a bank account number and has both letters and numbers.
Why Do Building Societies Use Roll Numbers?
We already told you about building society roll number meaning. Roll numbers are extra identifiers for building society accounts. Building societies use them for different purposes. These are:
Identify Accounts Internally
Building societies offer various accounts and services at different locations. They need a way to tell apart each account and keep records accurately and efficiently. Roll numbers help them do that.
Process Payments Smoothly
When you pay to a Building Society account, you must use the correct roll number as a reference. This helps the building society's payment systems to put the money in the right account. It also avoids errors or delays.
Strengthen Member Community
Building societies are owned by their members, who cooperate with each other. They use roll numbers to create a sense of belonging and identity for each member’s account. The roll number shows that you are part of the building society network.
Preserve Historical Tradition
Roll numbers have a long history in building societies. In the past, account holders had to use passbooks to record their transactions.
These passbooks had roll numbers printed on them to make them unique. Even when technology changed, and passbooks became less common, building societies kept using roll numbers.
How Do You Deposit Money In Your Building Society Account?
You may have a savings account with a building society. To add money to it, you need to give some details when you make a payment.
You need to enter your sort code and account number, like you do at a bank. These numbers help to send your money to the right place. They show which branch and which bank or building society you use.
Some building societies also give you a roll number. This is another name for your reference number or personal account number. You should remember this number. It is a mix of letters and numbers that you can see on your papers and online account.
You may need a roll number because some building societies use the same sort code and account number for everyone. In that case, you must write your roll number in the "reference" section when paying money into your account.
Different building societies may have different rules. Check what you need to do before you make a payment. This will help you avoid any problems with your account.
How to Find Your Building Society Roll Number?
Your building society roll number is important for making payments smoothly. So, you may ask, how can I find my building society roll number? You can find your roll number in these ways:
Check Your Documents and Statements
Your account statements and any other documents you received from the building society when you started your account should have your roll number on them. Check your file to see if your roll number is there.
Building societies used to provide their members with a Passbook. Your transaction history is kept in a book called a passbook. When taking out cash from a branch, you were required to have your passbook. When you first opened your account, your roll number was printed in your passbook.
Contact Your Building Society
You should get in touch with your building society immediately if you are unable to locate your roll number in your statements or documents.
Contact their customer care department via phone or in person at the closest location. They can assist you in locating your roll number. Recall that you alone, as the account holder, are the only one who may request this data.
Use a Banking App or Online Account
You can also access your account information and data online. Many building societies offer Internet banking options.
Log in to your banking app or online account and go to the account information section. You can see your roll number there.
Send Money Internationally From Your Account
Whether you deposit your money at a building society or a bank, Small World lets you transfer money from it to any part of the world with a simple tap.
Register an account on Small World Money Transfer, download our iOS or Android app, and start transferring money globally with ease.
