In 1999, the Society radically re-structured its savings accounts, creating a range which is straightforward, transparent and consistently competitive. Taking the two years as a whole, savings balances grew at over twice the combined average for banks and building societies. Our aim is to have consistently competitive interest rates. If comparisons with banks were available on a like for like basis, we believe this gap would be wider still. Our variable rate Tessa gave a higher return on maturity than those of any top 20 bank and building society.
Service quality is also an important part of looking after members.
We were at the forefront of the campaign last year to end charges for cash machine withdrawals. We also announced a branch sharing scheme with Britannia Building Society. This unique initiative will allow our members access to over 190 Britannia branches in addition to our own 131. This will enable you to carry out, free of charge, counter-based transactions on your investment and mortgage accounts. The link will be established by the summer and other societies will be welcome to join once the technology infrastructure is proven.