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David Henry

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Review of the Family Building Society, Savings:

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Mutuality and its practice within our building society

Mutuality and its practice within our building society I have been a Member of our building society for many years and have found it to be exemplary both in the savings products it offers and in the knowledge and helpfulness of its staff. It is therefore with a measure of reluctance that In find myself having to write to you on a matter I find troubling. I am sure that you will agree with me that at the core of building society philosophy lies the principle of mutuality, that the organisation exists for the benefit of its Members, and that each Member should be treated equally. While the individual financial circumstances of Members might mean that some are unable to save in some products offered eg the minimum of £10,000 required to save in a Windfall Bond, such products nevertheless contribute to the overall strength and resilience of our Building Society by attracting new Members as well as savings from existing ones. However, of a quite different nature is the discrimination against Members because of restricting the method of applying for a product, a practice which is sadly spreading but which, as far as I am aware, our Society has hitherto commendably resisted. The case in point is your introduction of a One Year Bond paying an attractive 4.65% but with the caveat that it can only be applied for online. Other building societies offer on line products but usually with the option of paying the same rate for postal and in-branch applications. While I can see that there is an argument that can be made that such products save manpower and hence can pay a higher rate, surely that argument is trumped by the principle of mutuality, of fairness among all Members. I go further. It seems to me that the decision to offer such a product is perverse in that Members who would benefit the most from a higher rate - the less well off who may not have access to on line - are denied it. Similarly the elderly or those less trustful of dealing with their financial affairs electronically (you will be aware of the many data breaches over the last few years) are also disadvantaged. In conclusion, I am not a Luddite and I am quite aware of the advantages that stem from technology. But please do not leave behind those less willing or able to embrace it: let our Society serve all its Members equally, Reviewed on: 27th April 2026

Reply from Family Building Society Thank you for taking the time to share your concerns about the opening channels available for some of our newer products. I’m sorry to hear of your disappointment. The 1 Year Fixed Rate Bond (Issue 68) was launched as a fundraising account and, as such, its availability was at the discretion of the Society and it could be withdrawn at short notice. To enable us to manage openings efficiently and to help ensure the product could be offered and administered effectively within the timescales required, applications were accepted online only. We recognise that not all members are able to access, or feel comfortable using, online services. At the same time the bond was on sale, we also had fixed rate products available to open through multiple channels, so members could choose the option that best suited their circumstances. Treating customers fairly is always a priority for us. Where a member has particular needs or circumstances, we can consider reasonable adjustments and provide support on an individual basis. This may include, where appropriate, helping a customer to open an online account via a paper application. We have also recently launched products that are exclusive to existing customers and available via paper application and in branch. This shows we continue to support members who prefer to manage their accounts through more traditional channels, as well as those who use online banking. Response date: 28th April 2026

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