Record savings balance for Scottish Building Society

25/04/2024

SCOTTISH Building Society, the world’s oldest remaining mutual, has posted its highest ever savings balance in the mutual’s 175-year history.

Savings balances have grown by over 17% in the last twelve months to over £490m.

The organisation’s annual results also show the highest pre-tax profit the building society has ever posted of £4m.

The growth in savings balances mirrors a growing trend in the market with consumers looking closer at who they trust to manage their finances.

The recent announcements by large banks closing branches and limiting product ranges, has created a movement of customers towards building societies with their simple product ranges and commitment to physical branches.

This sustainable growth has been the result of increases across the board with mortgage assets, savings balances and membership all increasing.

Paul Denton, chief executive officer, Scottish Building Society said: “These historic results are the accumulation of a near two-century commitment to providing fair and trusted support to our membership.

“As a mutual, we make decisions exclusively for the benefit of our members, not shareholders.  At a time when banks are looking to cut costs, we are reinvesting in what our membership tell us are important to them.

“This is why over the last year we have opened a new relationship centre in Edinburgh, committed to ensuring passbook accounts are available to anyone who wishes to use them and continuing our human-first approach to personal finance.

“These values have led our society since its inception and at a time when customers are reviewing who they trust with their finances, it is very encouraging to see more people come to us to support them in their own journey.”

The mutual celebrated its 175th anniversary last year with the creation of the Scottish Building Society Foundation, which will distribute over £175,000 to good causes across Scotland to mark the historic occasion.

Mr Denton continued: “The creation of the Foundation has formalised our commitment to giving back to communities and in just over twelve months we have already supported good causes with over £60,000- from Wick to Galashiels.

“We are acutely aware that the economic conditions remain uncertain which is why we are doubling down on our values and are laser-focused on continuing to deliver for our members and the communities we serve.”

The Latest Stories

Adaptive Process Solutions delivers step change results for oil and gas produced water production
Funding falls back from record high in 2022/23, but still better than the wider venture market
Edinburgh Fintech relaunches synthetic data platform amid surging demand
Electric vehicle chargers across Highlands used as little as six times per year