Mutuality

In recent years, a number of our competitors have changed from mutual organisations into banks.

The Yorkshire is committed to remaining a mutual organisation. This option enables us to provide value for members over the longer term.

Being a member of a mutual organisation means you - the customers - are the owners. We answer to you, and this gives a greater understanding of your needs.

What are the benefits of mutuality?

There are many. Building society members enjoy the protection of the Building Societies Act. As a result of the Act, the interests of all existing and future members must be taken into account when mapping out the Society's direction. Therefore, we are constantly reviewing our products and services. We think about what's best for our members not just today, but in the longer term.

Deciding to remain mutual

In mid-1995, we completed a major review as part of our ongoing process to make sure that we're giving our members the best value possible. We considered all the options open to us. We looked at remaining mutual, being acquired or converting to a public limited company. The views of a sample group of members and staff as well as the financial community and regulators were all canvassed. The results highlighted three major requirements for success - competitive products, a high level of security and first-class customer service.

The review confirmed that maintaining our mutual status was the option that gave the Society the best opportunity to meet our members' needs over the longer term.

By remaining mutual, we are a highly competitive and attractive alternative to banks. As a mutual organisation we are answerable to our members, not outside shareholders. This crucial difference helps determine the nature of our products and services.