AN initiative by a North-East building society to help members make the most of their lockdown savings has proved to be a “huge success”.
Last summer, Darlington Building Society unveiled a special offer, over a limited period, to help savers make their money go further.
The Society’s ‘Special Occasion Saver’ (SOS) account normally allows monthly deposits of up to £250, but existing or new members were offered the chance to increase that to a maximum of £750 for one month.
The offer was originally intended to last for three-months to maximise the money members were saving during lockdown, but the Society has now kept it going for a full year.
Over 2,400 members took advantage of the offer – 1,709 existing members and 758 new members opening an SOS account.
The account will revert to its normal £250 per month allowance on July 31 but up to three accounts can be opened per person after this date.
Chief Executive Andrew Craddock said: “This special offer over a limited period was aimed at helping members boost their savings while they weren’t spending so much on commuting, eating out, entertainment and holidays during the lockdown.
“Lockdown obviously has gone on longer than any of us expected, and we are delighted to have been able to keep that offer going for as long as possible. It has been a huge success, enabling existing and new members to build up and make the most of their savings in the midst of so much economic uncertainty.
“Now that the restrictions have been lifted by the Government, it is time to revert to the normal allowance, but the Special Occasion Saver remains a very attractive way of saving for a rainy day.”