Kent Reliance History and Current Status

Kent Reliance has a long history that dates back to 1920, when it was founded as a building society.

Kent Reliance was a mutual organization, meaning it was owned by its members rather than shareholders.

The society grew rapidly and by the 1990s, it had become one of the largest building societies in the UK.

Kent Reliance was acquired by OneSavings Bank in 2011, marking a significant change in its ownership and operations.

Kent Reliance is a 150-year-old savings specialist that has partnered with The Mortgage Alliance (TMA) this year. It was established in 1986 to provide a range of banking services, incorporating historic Kent businesses.

Kent Reliance offers a variety of products, including Saving Accounts, ISAs, Bonds, Mortgages, and Business Savings. Their range of savings accounts gives savers options from branch-only to online savings accounts.

Their savings accounts are designed to hold money while it's not required and to grow at a particular rate of interest, with the Personal Savings Allowance meaning most people don’t pay tax on the interest earned, depending on their income tax bracket and how much interest they earn.

Kent Reliance's products include:

Kent Reliance has a rich history that spans over 150 years. The business was established in 1986 to provide a range of banking services, incorporating several historic Kent businesses.

Kent Reliance Building Society (KRBS) was formed from the merger of Kent and Canterbury (established 1847), Dover District (established 1861), Herne Bay (established 1888), and Chatham Reliance (established 1898).

In 2011, KRBS transferred its business to a new bank, One Savings Bank plc, which now trades as Kent Reliance.

Kent Reliance's history is a testament to its ability to adapt and evolve over time, providing its customers with a range of financial services for generations.

Kent Reliance's legacy is built on the foundations of its predecessor businesses, which were established in the 19th century.

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Kent Reliance is a building society that has undergone significant changes in recent years. It was acquired by OneSavings Bank in 2011, marking the beginning of a new era for the organization.

Kent Reliance has a long history dating back to 1920, when it was founded as a mutual building society. It has since grown to become one of the largest building societies in the UK.

Kent Reliance offers a range of financial products and services to its customers, including mortgages, savings accounts, and current accounts. These products are designed to meet the needs of individuals and businesses alike.

As of 2020, Kent Reliance had assets worth £4.3 billion and a customer base of over 600,000 people. This significant growth has enabled the organization to expand its services and reach a wider audience.

Kent Reliance is committed to providing excellent customer service and has received several awards for its efforts. Its customer service team is available to assist with any queries or concerns, ensuring that customers receive the support they need.

Kent Reliance has been making waves in recent years. In August 2012, the company acquired InterBay Commercial, a specialist commercial and buy to let mortgage lender established in 2006.

This move marked a significant expansion of Kent Reliance's services, allowing them to tap into a new market. The acquisition of Prestige Finance in September 2012 further solidified their position in the industry.

In April 2014, Kent Reliance established Heritable Development Finance, a joint venture with Heritable Capital, to provide financing for residential property developments. This strategic partnership has helped the company stay ahead in the competitive market.

Kent Reliance's commitment to innovation is evident in its recent partnership with nCino, announced in November 2023. This strategic partnership aims to create a single cloud platform that optimizes traditional banking processes.

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OneSavings Bank has been through some significant changes in recent years. In 2012, the company acquired two specialist lenders, InterBay Commercial and Prestige Finance, to expand its offerings.

In April 2014, OneSavings Bank established a joint venture with Heritable Capital called Heritable Development Finance, which provides financing for residential property developments.

The company's growth continued with an initial public offering in May 2014. This move gave OneSavings Bank more freedom to operate and make strategic decisions.

In 2019, OneSavings Bank announced a major merger with Charter Court Financial Services, valued at £1.6 billion. The deal was set to close in October of the same year.

In 2021, the company faced a major setback when it identified potential fraudulent activity by one of its borrowers, with estimated losses of up to £28.6 million. This led to a delay in the company's results announcement while an investigation was carried out.

In 2023, OneSavings Bank entered into a strategic partnership with nCino to create a single cloud platform for traditional banking processes.

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In July 2010, JC Flowers announced its intention to purchase a stake of Kent Reliance, forming OneSavings plc.

The transfer of the business of the society to OneSavings was approved by a majority of members in November 2010.

Kent Reliance Building Society converted into a provident society, Kent Reliance Provident Society, which owns a 59.9% stake in OneSavings Bank.

JC Flowers owns the remaining 40.1% stake in OneSavings Bank.

The transfer became effective on 1 February 2011.

OneSavings plc was subsequently renamed OneSavings Bank plc.

OneSavings Bank is made up of a number of specialist financial services businesses, each serving a distinct audience and need.

Kent Reliance offers mortgage services that can help you cut your monthly repayments by replacing your current mortgage with a new one, if you can find a better deal.

Replacing your current mortgage can also allow you to raise extra finance by increasing your borrowing, but this will depend on how good a deal you can find compared to your existing one.

You can get a better deal by finding a mortgage with lower interest rates or more flexible repayment terms.

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