We outline the differences between the two popular affordable housing schemes.
What does being mutual mean?
A building society is a mutual organisation. This means that instead of having shareholders, it has members who collectively own the business and are also its customers. Members have the right to vote for Directors, regardless of how long they have been customers.
Why are members important?
Building Societies were originally set up to meet the financial needs of savers and borrowers in their communities. This principle is still true today. We take direction from, and seek involvement from, those within the communities we serve.
Members are important to us, every decision we make is taken with our members' interests in mind. We seek feedback from our members regularly and act on your views where ever we can.
What are your rights as a member?
As a member you are entitled to attend and vote at our Annual General Meeting (AGM) on issues such as the election of Directors and the appointment of auditors. Members are also entitled to receive the Society's Annual Report and Accounts each year. The BSA (Building Societies Association) have produced a clear summary of members' rights, which you can find here.
The best building society. The Newbury is one of the few building societies that still treat the members as they should, that is, a member of a family that support the society for the good of all members. Over the many years both my wife and I have been members, they have always given excellent service.
How can you make a difference as a member?
Our members and their communities are at the centre of what we do. The service we provide is of paramount importance.
We actively welcome our members feedback and suggestions to continually improve the service we provide. Your contribution can have a positive effect on the running of the Society. Here are three ways in which you can make a difference:
At the Annual General Meeting (AGM)
Attending the AGM is one of the ways in which you can vote on issues that affect the way in which the Society is run; such as which Directors are elected or re-elected or which auditors are appointed. The meeting welcomes questions from members about how the Society operates, its products or plans for the future. The meeting also serves as an overview of the previous financial year, as well as a look forward. All members are welcome to attend.
We welcome all feedback on our products, services and our people at all times. If you have an idea about what we could offer or a need you’d like us to meet, please do tell us. You can complete a feedback form here. We also welcome you to tell us when our service does not meet your expectations because it gives us the opportunity to put things right and improve our service, see further details here.
Do you have a positive story to tell?
Have you got a positive Newbury Building Society story to share? An exciting experience we helped you with or an example of customer service you received that exceeded your expectations? We would love to hear your story and share it with others. Contact us here.