We outline the differences between the two popular affordable housing schemes.
Anne and David Allen have been saving with Newbury Building Society for over 50 years.
With a marriage, two children, one house move and four grandchildren under their belts, the Society has been a permanent fixture in their financial lives. So much so the couple now hold five savings accounts, including the popular Senior Saver savings account.
So, why did they open a savings account with us?
Below, you can read their story:
How long have you had your savings accounts with Newbury Building Society?
We have been members for the entirety of our marriage which is 51 years. We are enjoying our retirement with Newbury Building Society still firmly at our side.
Why did you decide to open a Senior Saver account with Newbury Building Society?
We were already members at the time of opening a Senior Saver savings account. However, we wanted to see if there was something which could suit us better in retirement. We both visited our local branch in Thatcham and spoke to an adviser who went through the details of the account clearly and highlighted the unexpected bonus of interest being paid on a monthly basis – perfect for budgeting!
We have had the account for several years and we're already half way through our second passbook.
What do you like best about the Senior Saver account?
Although the monthly interest rate paid into the account was appealing to us, this was not the main reason we wanted to open the account. As existing members, we wanted to continue placing our money with a trusted and local institution. Due to past experiences, we knew the Society was reliable and this is hugely important to us.
How did you hear about Newbury Building Society?
Many, many years ago we spotted the branch in Newbury on the high street. We were living in Thatcham at the time; however, there wasn’t a branch there yet.
Why did you choose to open your savings account with Newbury Building Society?
We chose to open an account with the Society because it was local to us and we wanted to keep savings separate from our usual current account. We liked that a branch was easily accessible, happy to help and friendly.
What has the quality of customer service been like when you visit a Newbury Building Society branch?
The customer service has always been excellent - we've never had a problem. Branch staff are always helpful, friendly and willing to help. The savings advisers are also very knowledgeable, and I feel comfortable following their recommendations.
Would you recommend Newbury Building Society to friends and family?
Yes we would because we have never experienced a problem, nor had reason to complain. This makes our lives easier knowing each transaction runs smoothly. So much so, we even had a mortgage with the Society for 10 years or so.
Why did you choose to open your savings accounts with a building society and not a high-street bank?
Mostly we liked the local connection to the community and the interest was good the time. The customer service is always reliable and the Society has held its traditional values over the years, whereas banks seem to have changed substantially, for instance, the closure of branches. Thatcham lost its local NatWest branch in 2018, however, Newbury Building Society still has a strong presence. Banks can often seem and feel impersonal too.
You can find more information about the Senior Saver account here.
If you’re thinking about opening a savings account, read our article 'Savings explained: what different savings accounts are there?' for further information on how to start your savings journey. Alternatively, read our top-tips on how to effectively save for retirement.
If you have any questions about our savings accounts or would like to open one with us, pop in to your local branch or contact us by using our online form and one of our qualified savings advisers will be in touch.
A full list of our savings accounts can be found here.