Mutuals and Membership of Saffron
What is a Mutual?
A Mutual exists with the purpose of raising funds from its customers (members), in order to provide services to all members of the organisation. It is owned by its members and run for their benefit - it has no external shareholders, and, as such, is not driven to make large profits. Profits that are made are usually re-invested in the mutual - to keep the organisation secure and to pass benefits back to members.
What is a member?
We define our 'members' as anyone who currently holds a personal savings account with the Society and has maintained a balance of at least £100 for 12 months or more. Members also include our mortgage customers with over £100 on loan. To be a full (voting) member, you also have to be over 18 years of age. Being a member gives you a number of rights within the Society.
Why are members important?
Building Societies (all Mutuals) were originally set up to meet the financial needs of savers and borrowers in their communities. This core principle still stands today. To this day, Building Societies such as Saffron take direction from and seek involvement of those that they serve.
Members are the most important people in our business model; every decision we make is taken with our members' interests in mind. We seek feedback from our members regularly and act on your views where ever we can.
What are my rights as a member?
You are entitled to attend and vote at our AGM on a number of issues (election of Directors, and appointment of auditors, for example). You can also speak at AGMs, nominate Directors, or stand for a position yourself.
Members are also entitled to receive particular pieces of information from the Society, including the Society's annual Summary Financial Statement which details our accounts each year.
The BSA (Building Societies Association) have produced a clear summary of members' rights, which you can find here.