Press release

Building societies offer greater value to savers

20 February 2017

Commenting on the independent Savingschampion.co.uk research issued today which shows that building societies continue to demonstrate that they offer greater value to long-suffering savers than banks, Brian Morris, Head of Savings Policy at the Building Societies Association said:

“In the low interest rate environment that savers have suffered since 2009, rate differences and behaviour towards loyal savers matters.  There is a clear link between customer ownership and what it means for culture and how we do business around here.  In practice it means that difficult decisions about interest rates are approached both with savers and borrowers in mind without the need to maximise profit.  All providers face the same external factors, but this research from Savings Champion shows in numbers what a different approach to decision making looks like.“ 

The results of the research showed that:

  • Over 80% of building society accounts pay more than base rate, compared to just 58% of accounts held with banks

  • In six years, the average rate paid by banks has dropped by nearly 10% more than that paid by building societies

  • The average variable rate paid by building societies throughout 2016 is 1.09%, compared to 0.81% paid by banks

The full release from Savingschampion.co.uk can be found here