Passing rates on to our members
Savers with the Society have earned almost £3.2m more interest than the market average in the first six months of this year, latest independent figures show.
The Society has consistently made an above average commitment to supporting savers during challenging economic times, and that trend has continued this year.
When the Bank Base Rate increased eight times during 2022, the Society passed on around 60 per cent of the increase to savers – 55 basis points better than the market average.
And new statistics released by independent financial benchmarking company CACI for January to June this year, clearly shows that Darlington Building Society savers are better off than if they had received the market average savings rate.
Giving our members fair value
Savings Product Manager Alex Robson said: “The figures are another clear demonstration of Darlington Building Society’s commitment to savers across our range of products.
“And what’s important is that we haven’t just increased our rates on our on-sale accounts but for existing members too, in response to the Bank of England base rate rises.
“In a fluctuating and highly competitive savings market, it’s great to see that we’ve responded proactively to the volatile economic environment and rewarded savers wherever possible.
“As 2023 progresses, we are continually looking at the average market rate to make sure our members keep receiving fair value and our products remain an attractive proposition.”
New products available
Darlington Building Society, which has around 80,000 savers, has also launched a range of new products during the year, including a 90-day notice cash ISA and a Triple Access ISA to help members to benefit from tax-free savings.
In addition, the Society continues to invest in its branch network, bucking the trend of increasing branch closures by high street banks. The latest demonstration of the Society’s commitment comes later this month when its flagship Darlington branch relocates from Tubwell Row to a larger building in High Row.
“It’s about giving our members choice in how they want to manage their finances,” added Alex. “While investing heavily in our online offer, we are also reaffirming our commitment to our nine branches in Darlington, Barnard Castle, Bishop Auckland, Guisborough, Northallerton, Middlesbrough, Redcar, Stockton and Yarm.”
In September, the Bank of England held interest rates at 5.25%, ending a run of 14 consecutive increases since December 2021 as it tried to bring inflation closer to its target of 2%.
For more information about the base rate increase or help visit our member support page.