Newcastle Building Society, the largest building society in the North East of England, stands out not just for its financial services but for its commitment to community engagement. With a history spanning over 160 years, it continues to evolve while maintaining its focus on customer-centric banking.
As of 2024, the society has assets exceeding £6.2 billion and operates through a network of 32 branches across the North East, North Yorkshire, and Cumbria.Here’s an in-depth look at the society, its services, and its unique approach.
A Brief History of Newcastle Building Society
Newcastle Building Society traces its roots back to 1875 when a group of working-class individuals in Newcastle upon Tyne established a friendly society.
The society’s primary goal was to provide financial support to its members during times of need. Over the years, it expanded its operations and transformed into a building society, offering savings and mortgage products to the public.
Today, Newcastle Building Society is a thriving financial institution with a strong presence in the North East of England and beyond. It has a network of branches and online and mobile banking platforms, making its services accessible to a wide range of customers.
The Society’s Values and Mission
Newcastle Building Society is guided by a set of core values that underpin its operations:
Community: The society is deeply committed to supporting the communities it serves. It actively participates in local initiatives and invests in projects that benefit the region.
Trust: Newcastle Building Society places great importance on trust and integrity. It strives to build long-lasting relationships with its customers based on honesty and transparency.
Innovation: The society embraces innovation and continuously seeks ways to improve its products and services. It invests in technology to enhance the customer experience and stay ahead of industry trends.
People: Newcastle Building Society recognizes that its employees are its greatest asset. It fosters a positive and supportive work environment and invests in their professional development.
A Focus on Community and Local Investment
In a time when many traditional banks are closing branches, Newcastle Building Society has taken a different approach. With an ongoing commitment to face-to-face service, it has been opening new branches, particularly in areas where banks have withdrawn.
For example, in Pickering, a branch is set to open, providing vital services and support in an area that had seen a reduction in banking options.The society is known for embedding its branches into local communities, sharing space with local charities, libraries, and community centres, creating a vibrant high street presence.
This approach goes beyond just offering financial services. Employees are often involved in local initiatives such as financial education in schools, supporting local charities, and community events. The society believes that branches play a crucial role in knitting communities together.
Services and Financial Products
Newcastle Building Society offers a wide range of financial products and services, including:
Savings Accounts: From ISAs to regular savings accounts, the society offers competitive interest rates and a variety of options to help customers save for their future.
Mortgages: Helping people own their homes has always been a core focus. The society offers a variety of mortgage products, including first-time buyer options, remortgages, and buy-to-let deals.
Investment and Financial Advice: Financial advisers are available to assist members with their long-term financial planning, offering advice on investments, retirement planning, and insurance products.
In addition to these, Newcastle Building Society has been innovative in its digital offerings, with online banking services that meet the needs of modern-day customers who seek convenience and accessibility.
Commitment to Sustainability and Social Responsibility
Newcastle Building Society places a strong emphasis on environmental sustainability and social responsibility. As part of its efforts to create a positive impact, the society actively works to support local economies and communities. This includes grants, fundraising, and volunteer work by employees. The society has been recognized for these efforts, winning several awards, including the “Excellence and Positive Impact Award” at the CIPD North East of England HR&D Awards.
In 2023, the society took a significant step in demonstrating its commitment to mutual value by becoming the first UK business to receive international accreditation for mutual value measurement. This accreditation highlights the society’s dedication to creating value for its members and communities.
Innovation in Branch Investment
While many traditional banks are moving towards a fully digital presence, Newcastle Building Society is investing heavily in its branch network. This includes unique community partnerships, where branches are co-located with vital local services. For instance, the North Shields branch shares its premises with a local YMCA, providing financial services alongside a café and a gym.
Moreover, the society’s upcoming projects, such as the new flagship branch in Newcastle city centre and the branch in Tynemouth library, reflect its belief in the importance of physical locations in fostering a strong connection with local communities.
Awards and Recognition
Over the years, Newcastle Building Society has been consistently recognized for its services and contributions. From 2017 to 2023, the society has been named the “Regional Building Society of the Year” by What Mortgage?. In 2023/2024, it was also awarded “Best Overall Personal Finance Brand” at the Personal Finance Awards, underscoring its customer-focused approach.
FAQs
Q: How can I contact Newcastle Building Society?
A: You can contact Newcastle Building Society by phone, email, or online chat. You can also visit your local branch.
Q: Does Newcastle Building Society offer online banking?
A: Yes, it offers online banking, allowing you to manage your accounts and access your finances 24/7.
Q: Does it offer mobile banking?
A: Yes, Newcastle Building Society offers a mobile banking app, which allows you to access your accounts and perform transactions on your smartphone or tablet.
Q: Does it have a loyalty scheme?
A: Newcastle Building Society does not have a traditional loyalty scheme. However, they offer competitive rates and excellent customer service as rewards for their members.
Q: Does it offer financial advice?
A: Yes, it offers financial advice to its members. You can speak to a financial advisor to discuss your financial goals and get personalized advice.
Conclusion
It is much more than a financial institution. Its commitment to community, customer service, and innovation in branch banking makes it a standout in the UK financial landscape. While many banks are moving away from high streets, Its leading the charge in ensuring that face-to-face banking services remain accessible, all while supporting the communities they serve.
Whether you are looking for a savings account, mortgage, or investment advice, Newcastle Building Society offers a blend of traditional service with modern conveniences, keeping customers at the heart of everything they do.
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