Stockport’s Vernon Building Society has introduced a range of savings products that are available only to their existing customers.
Head of Sales and Marketing at the Vernon, Ian Keeling, said:
“When market savings rates dropped earlier in the year as a result of the Bank of England’s ‘Funding for Lending’ scheme, we found that our competitive interest rates were attracting new savers at an unsustainable rate. At that time, rather than reduce our interest rates in line with the wider market, we instead took the unprecedented action of withdrawing many accounts from sale so that our existing savers’ rates were protected.
“We are now in a position to again make these products available but we have restricted their availability in order to reward the loyalty that our customers have shown to us.”
The Vernon continues to offer a further range of
savings products for new customers providing that
they live within a 25 mile radius of Stockport.
These include its children’s accounts and a variety
of tax free ISA accounts.