Members and our community are at the heart of everything that we do.
As a member, not only do you have rights, but we actively welcome your contribution and feedback on the running of your Society.
There are a number of ways in which you can do this:Attend an AGM
This is an annual meeting where Directors are elected, auditors appointed, and the meeting is opened to questions from members about anything to do with the Society. The meeting also serves as an overview of the past year, as well as a look to the future of Saffron. All members are welcome to attend.Join our Members' Panel
We keep a database of members who have volunteered their opinions and experiences for feedback opportunities throughout the year. The most notable being the annual Members' Event in which we bring the Members' Panel together and draw on your experiences to develop your Society.
If you are interested in joining the Members' Panel, please complete the short online registration form on our Members' Event pageGive us some feedback!
You don't have to join a panel to tell us your opinion. We welcome all feedback on all of our products and services at all times; and if you have ideas about things we could offer or a need you'd like us to meet, please do tell us!
If you'd like to make any comments about any aspect of your Society, you can fill out a webform on our feedback page, or write to us. Please write to your branch if your feedback relates to them, or, if your comments are more general, address your letter to Mike Kirsch, Chief Executive.
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.