Case Studies

The Watson family from Debden are a close-knit family who have always brought their money to their local building society.

Great-grandmother, Nora Woolner is 86 in April. She lives in a council bungalow in Debden. Grandson Gary lives in the property behind; the closest of her four grandchildren, and with him, three of her seven great-grandchildren are on her doorstep. She speaks affectionately of her family and sees them regularly; telling me that her grandchildren often pop round to enjoy her baking or pinch homemade pastries from her freezer. Having lived in Debden all her life, she has many stories of the changes she's seen over the best part of a century in the village.

Despite needing to 'take it easy' due to her age, and not coming in to the branch as often as she used to, Nora spoke animatedly about staff at Saffron from days gone by, citing a branch manager from ten years ago, and said that it was nice to know the people in the branch who were handling her money.

Nora's son Jim also lives in Debden. "I'm the granddad of all of them" he told me, indicating the energetic children. "Of course, my Mum's the boss!" Jim has been saving with Saffron for 40 years. He and his wife, Stephanie save regularly with Saffron; Steph has recently opened an e-saver to manage her savings online. "We used funds from the Society to help us build our house", Steph explained. "We've been quite lucky; we don't have a mortgage any more and holidays are what we principally save for". They are currently planning a long round-the-world-trip to Australia and New Zealand for 2011 - "That'll take a bit of money!"

When asked if they visit the branch regularly, Jim said "I'm always in there" and both told me that the staff are "very good". Jim said "I know quite a few of the girls behind the counter". Steph explained that she opened her e-saver after one of the branch staff explained that she'd get a better rate putting the money in the online account. "The girls on the counter are on the ball - I don't need to go anywhere else".

Gary Watson, Jim's son, lives with partner Erica and their three children down the road from his father and stepmother. Gary, a self-employed builder, works predominately in the local area. "I could go down to London and earn a bit more, but I like being near home. I can work a day and be back with my family by four o'clock. I couldn't give that up!" Gary comes in to contact with many people in the local community though his work; explaining that he knows Saffron staff through his connections in the small, supportive community around Saffron Walden.

Four-year-old twins James and David hold Ladybird accounts, along with their little sister, 18 month old Madeline. James happily told me about his Ladybird money box - green with black spots - and how it gets filled quickly with copper pennies. Though a bit young to have a handle on saving and the concept of a building society, the twins were amazed to be told by grandmother Steph that "The Society is even older than Nana Nora"!

I asked the family why they kept coming back to Saffron after all of these years - after all, they probably have 160 years of saving between them.

"It's nice to bank with something that's local." Steph said. "It's more personal. Somewhere else - other building societies that you could go to - don't have the Saffron Walden connection. It's a natural thing to do".

Safety is a concern for many customers in the current climate, but the family said that their trust in the Society was key to their enduring relationship. "I feel safer with Saffron than I would with some major organisation." Steph told me. "It feels as if you're sensible and sound and solid."

Would attractive financial deals on the high street entice the family away from Saffron in the future? Jim gave me his argument for staying with Saffron and keeping it simple. "I get fed up with being bombarded by other people telling me they're going to do this and do that. If I'm happy with where I am, I'll stay!"

Alan Peasgood's passbook confirms his membership of the 'The Saffron Walden and Essex Mechanics' Permanent Benefit Building Society'. The passbook is a dog-eared, leathery book with its yellowing pages covered in neat copperplate handwriting.

The early entries date from the 1930s, back at a time when almost every town had at least one building society in its name. In 1968, the Society became part of 'The Saffron Walden Second Benefit Building & Investment Society on the Permanent Plan'. Mr. Peasgood has seen a number of name changes over the years following other mergers, but is proud that 'Saffron BS' is here to stay.

The Peasgoods are an old, local family who have been in Saffron Walden for generations. Townsfolk know them as the Funeral Directors; respected and trusted by the community for almost a century. "Both my parents were members; they had their mortgage through the Society. They got married in 1926. The address they gave was 'The Sun Inn' - at the top of Gold Street in the town. My grandmother was the licensee there, and my parents lived there while my father built our house on Summerhill Road."

Mr. Peasgood was born in 1928, and so great was his family's conviction that he needed savings that his account was opened when he was nine days old. "Three pounds - a lot of money back then. That would have represented a week's wages and was good to get me going." The savings account was the start of a lifelong and fruitful relationship with Saffron. "I had my mortgage with the Society; and my brother Jack had as well. We've all really used it!"

Mr. Peasgood's memories recall the Society as being integral to the community. "Monday nights were Society nights at the Town Hall. They had a little room where we used to meet and do business. It was a friendly meeting. Dad would go down to pay the mortgage and we'd pay in our pittances for savings; it seems quite casual by today's standards, but it was really nice, really personal".

The family's relationship with Saffron doesn't end with Alan Peasgood and his brother. "We have children - three daughters, and when they arrived, we made them members. And when the grandchildren were born, we made them members too. And if we're around long enough and any great-grandchildren arrive, we'll be bringing them in as well!".

After 80 years with the Society, Mr. Peasgood is a great advocate of saving. "I've been brought up with the belief that if you want something, you should save up for it. Our savings were so useful when we got married; we had the money for the essentials. We were comfortable from the start, and we've been married 57 years now. We're still going strong and I'm spoilt something rotten".

It's obvious that the local connection has been key to the Peasgoods' relationship with the Society, and Mr. Peasgood told me that he hoped the Society wouldn't get any bigger. "You lose the personal touch with a bigger place. It's nice to be on good terms with the people concerned. You feel secure and safe".

Mr. Peasgood prefers saving with his Society over his bank. "We always found that the Building Society offered us that bit extra - something more. Any surplus in the bank account comes straight back to the Building Society".

He continued: "I'm very happy with the Society. I've never had any problems. I don't know the girls on the counter today as personally as I used to, but despite that, there's a nice friendly attitude, just like there always has been".

Mr. Peasgood seems to have no doubts about the future of his life-long Building Society and their place in the local community. "My parents had their mortgage in the 1920's and '30s - that was during the depression, and they got through. There was no fear of repossession or anything like that, even though they had two small children and the house to pay off. It builds your faith in this sort of thing. The family's always seen its way through - thanks to the Building Society. It always comes back to that!"

More stories from members and staff coming soon!