Saffron reaps success by supporting savers

Saffron Building Society, the regional building society serving East Anglia, reports an increase in savings balances in both August and September of this year.

Balances grew by 10% over August and September 2010.

Savings balances held at other mutuals has been in decline over these months – the Building Society’s Association reports a reduction in savings balances of £569 million in September, following a decrease of £699 million in August.

Saffron’s ability to buck these trends is, according to its Sales and Marketing Director, down to members’ desire to continue saving and the additional motivation of consistent, competitive savings rates.

John Eastgate, Sales & Marketing Director of Saffron Building Society, comments, “We are delighted to be retaining and growing our savings balances in the light of wider trends.

“Our online e-saver and Goal Saver now offer a lifetime rate guarantee, stating that the account will always rank in Moneyfacts’ top ten. No one can expect to offer a headline rate all the time, and from what our members have told us, they’d rather we offered a fair, consistent return. We acted upon this and the subsequent account is proving to be very popular.

“We are also welcoming new members through our Goal-Based savings; accounts carrying the same guarantee and encouraging those saving up for an important goal to plan ahead and budget carefully.”

“Saffron has also launched mortgages aimed specifically at borrowers in our region, with a £500 cashback for customers who come to us direct. We hope to increase local lending and help meet the needs of borrowers in our area.”

For an up-to-date overview of Saffron’s savings accounts, please go to saffronbs.co.uk/savings, and for more information on Saffron’s mortgages, visit saffronbs.co.uk/mortgages.