Why being a mutual matters when it comes to your savings
PUBLISHED: 00:00 04 November 2019 | UPDATED: 08:04 04 November 2019
The Marsden Building Society explain how saving with a mutual means you have a say over how the society is run.
The Marsden Building Society is fast-approaching its 160th anniversary. Ever since it was established in 1860, the Marsden has helped its members to own their own homes and save for the future.
From its humble beginnings in Nelson, to being recognised as the county's largest building society, the Marsden is certainly an institution of the North West. But what does it mean to be a mutual? And what does that mean for your savings?
WHY MUTUAL MATTERS
As a mutual, the Society is owned by and run for the benefit of its members - those who save with or take out a mortgage with the Marsden. This means there are no shareholders to satisfy, so all profits are retained in the Society to continue to benefit its members.
Proudly mutual for its entire existence, the Marsden is one of increasingly few building societies who have not gone through merger or acquisition, using its own resources to grow.
'Our focus is on keeping our member's money safe and that is reflected in how we run the Society,' said Rob Pheasey, Chief Executive of the Marsden. 'We're financially strong and stable, increasing our assets to over half a billion in 2018.'
YOUR MONEY, YOUR SAY
Saving with a mutual means you have a say over how the Society is run. Members with £100 or more in savings, or on their mortgage balance, have the option to meet the Board of Directors at the Society's Annual General Meeting, ask questions, share opinions and vote to elect director's and appoint auditors.
'When you join the Marsden, you do more than just save money - you become a member of the Society,' added Rob. 'This gives you the opportunity to have your say on how the business is run - mutuality in action.'
HOW THE MARSDEN CAN HELP WITH YOUR SAVINGS AND MORE
The Marsden offer a range of accounts to help you meet your savings goals, including easy access, cash ISAs, fixed rate bonds and children's accounts. With eight branches across the county in Barrowford, Burnley, Clitheroe, Colne, Garstang, Lytham, Nelson and Poulton, their experienced teams are on hand to help with any questions you may have.
'We've been helping our members save for almost 160 years now, and throughout that time, we've had one goal in mind - to build something better for the community,' said Rob. 'We do that by offering a wide range of products to help members not only with their savings and mortgages, but with home insurance and life planning, as well as maintaining our mutual heritage for the benefit of future generations.'
To find out more about the Marsden, go to themarsden.co.uk or call 01282 440500* *Calls will be recorded and may be monitored
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in the Financial Services Register under no: 206050. Marsden Building Society is a member of the Building Societies Association, the Financial Services Compensation Scheme and the Financial Ombudsman Service. Principal Office 6-20 Russell Street Nelson Lancashire BB9 7NJ. 737-19