12th March 2025
We're proud to be a mutual building society. This article looks at what it means to be mutual and what it means for our Members.
Mutuality isn't a new idea - the concept first came about in 1775 when a group of friends devised a unique solution to property ownership and money management. They realised that it was in their best interest to pool their savings together to buy land and build houses. As the idea grew, the founders added savers to their 'Society', meaning Members' savings could support other members by funding their mortgages. Property assets would provide security for the savings. This idea of mutual saving and lending still exists today and is what we now call a building society.
At the Vernon, our Members are at the heart of everything we do. Mutuality means offering products and services that are tailored to our Members. Whether they're saving for the future, buying their first home, or looking for a trustworthy place to manage their money, we have the freedom to put their needs first. We understand that financial decisions are about more than numbers - they’re about life goals, peace of mind, and a secure future. With the Vernon, our Members are more than just a customer; they're valued Members of the organisation.
As a mutual building society, instead of answering to shareholders, which is how most large banks are run, we're run for the benefit of our Members who collectively own the society. This means that what matters to them matters to us. Our Members have a say in how we operate, and they can trust that our business decisions, whether about products and services, branches, technology or community, put them first. That's why we hold our AGM (Annual General Meeting). We welcome Member feedback as we're constantly looking for ways to improve, for the benefit of our Members.
Because we’re a mutual society, we’re all about stability and long-term success. We’re not chasing quick profits or trying to impress investors - we’re focused on building something that will benefit our Members for years to come. This means our Members can count on us for a safe place to save and borrow. Whilst other banks leave the high street, we realise the importance of face-to-face interaction. We're here to stay, that's why we've recently invested £1.2 million into refurbishing our branch network.
We're proud to represent and support our local community, and through our long-running Community Stars program, sponsorship of local events and our new Vernon Charitable Foundation, we can actively benefit those around us. In addition to our charitable giving, we're proud to support local individuals and organisations. Also, our colleagues are can use two volunteering days each year to support local non-profits, making a direct impact in the communities we serve.
Being a mutual building society means that at the Vernon, we focus on what’s best for our Members. We’re not driven by shareholders, instead, we’re committed to providing fair, reliable services that meet our Members' needs. When you choose the Vernon, you’re choosing a society that values its Members and community.
What are you waiting for? Join your local building society today and find out what mutuality means for you. Together, we're greater!