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BUCKINGHAMSHIRE BUILDING SOCIETY MAKES A STAND FOR MUTUAL BENEFITS
The Buckinghamshire Building Society today reveals that its Head Office is being expanded and redesigned to enable it to serve its increasing Member base more efficiently from that location.
It has also announced its decision to close its branch in Chalfont St Peter on 31st December 2009. The number of customers using the branch has reduced dramatically over the past few years, with many savers choosing to use the postal system for transactions. The Society feels that this is the right decision to make under the circumstances.
Chief Executive Ivan Gould stated “It is unfair that the vast majority of our Members are subsidising the Chalfont St Peter branch. In the true interests of mutuality, it is important that all Members can reap the benefits of any cost savings. When the branch closes we will immediately increase the savings rates on all variable rate products and our fixed rate customers will benefit in future issues.”
Full customer services will still be available at the head office in Chalfont St Giles and a postal option is available on all of the Society’s savings accounts. Some transactions can also be made electronically. The Society prides itself on its excellent customer service and helpful staff are just a phone call away. We are looking into ways of reducing any inconvenience to customers having to travel to Chalfont St Giles, and we welcome any suggestions you may have.
All affected Members of the Society will be personally notified of the closure in due course, but in the meantime you can call us Freephone on 0800 652 6725 or send us an e-mail at info@bucksbuildingsociety.co.uk.
Founded in 1907, the Society now has over 10,000 members and its assets have grown to £160m in 2008.
ANSWERS TO CUSTOMER QUESTIONS ON BRANCH CLOSURE
Q. Why are you closing the branch?A. The customers actually using the branch have reduced dramatically over the last few years to a very small percentage of our customer base. It costs the Society too much to keep it open for those few customers, when we can pass on the cost savings in higher savings rates and new products which all our Members can enjoy.
Q. How can I access my savings?
A. Come to our branch at Chalfont St Giles. We have our own free car park. You can also pay in or withdraw money by cheque through the post.
Q. I don’t have a car – how do I get there?
A. The 305 bus travels between Chalfont St Peter and Chalfont St Giles High Street 4 times a day. The 353 bus will stop at the Pheasant bus stop on the London Road and it runs hourly. If you require a cheque transaction, you can do this by post.
Q. When will I see the benefit of the higher savings rates?
A. Savings interest rates will increase in January 2010.
Q. I need to discuss my mortgage, how do I do this?
A. The mortgage department will be located in Chalfont St Giles.
Q. Will you introduce phone or internet banking?
A. Some transactions can be done electronically – e.g. paying into your account and you can apply for many of our accounts via our website. We are looking into other options and will contact you should any other services begin.
Q. Will there be any replacement services such as an agency in CSP?
A. We are looking into using agencies in various locations in the area and you will be informed of where these will be in due course.
Q. Are you planning bigger premises at Chalfont St Giles?
A. Yes, we will be expanding the head office.
Q. What do you intend to do with the building?
A. We are currently reviewing our options. We may sell or lease it either as one entity or separate shop and office space.
Q. Is it just the branch counter services that are closing or the whole office
A. The counter services and mortgage department are all being relocated to Chalfont St Giles.
Q. How much money do you expect to save and what are the costs of the closure?
A. Over 90% of our members do not use the branch counter and it is unfair that they have to subsidise the few that do. The cost of each transaction is high and it is uneconomical to continue to provide a full branch service at that location.
Q. Will there be any compulsory redundancies?
A. We will avoid compulsory redundancies if in any way possible. Staff are to be relocated to the head office. The mortgage department will move as a whole, and the branch currently operates with one or two cashiers on a rota basis, and so they may simply be incorporated into the head office rota.
Date modified: 05/08/2009
SUCCESS OF OUR FIXED RATE CASH ISA BOND
The first edition of our Fixed Rate Cash ISA Bond was so successful that it sold out within a week. We have now launched a 2nd issue at 3.26% gross p.a. / AER which features in Moneyfacts’ top 10 Cash ISA accounts. This is a limited edition account so apply quickly to take advantage of this fantastic rate. You can transfer in from another ISA provider while the issue is still available. See the full details on the 2nd Issue Fixed Rate Cash ISA Bond or call Freephone 0800 652 6725 for more information.
Date modified: 25/05/2009
Annual General Meeting 2009
The Society’s Annual General Meeting was held on 22nd April 2009 at The Gardens Association Hall, School Lane, Chalfont St. Giles, Buckinghamshire. The results of Members’ voting were as follows:
| Resolution | Votes For | Votes Against | Abstentions | %For |
| To receive the Annual Report and Accounts | 1401 | 47 | 27 | 96.75 |
| To re-appoint Mazars LLP as Auditors | 1365 | 87 | 21 | 94.01 |
| To approve the Directors’ Remuneration Report | 1212 | 205 | 58 | 85.53 |
| To re-elect Michael John Stannard | 1299 | 150 | 44 | 89.65 |
| To elect James Mundell | 1306 | 136 | 51 | 90.57 |
The Society pledged to donate 15p to charity for every postal and Annual General Meeting vote cast and 30p for each vote cast online. These raised a total of £268.50 and a rounded up donation of £300 will be made to the Iain Rennie Hospice at Home in Tring.
Buckinghamshire Building Society would like to thank all Members who participated in the 2009 voting and those who attended the Annual General Meeting.
Howard Brown
Society Secretary
Date modified: 22/05/2009
NEW CHAIRMAN AND CHIEF EXECUTIVE FOR BUCKINGHAMSHIRE BUILDING SOCIETY AS IT REPORTS A GROWTH IN MORTGAGE LENDING
Also announced at the meeting was the appointment of a new Chief Executive and two new Non Executive Directors. Ivan Gould, formerly CEO of the Catholic Building Society, will take over from Chief Executive Jim Mundell who is retiring. Chairman Howard Machin is also retiring and is succeeded by Robert Currie, a longstanding member of the BBS board and Associate Director of surveyors Aitchison Raffety. Two new Non Executive Directors have also been appointed: Declan Mullen, Senior Strategic Risk Manager for Allied Irish Bank and Barrister Ian Powell who is Counsel for Akkeron, the investment fund and asset management group.
Commenting on the future for the Society, Chief Executive-in-waiting, Ivan Gould said:
“Whereas some people preach prudence and practice recklessness – this Society has always been genuinely prudent and that is what is enabling us to weather this storm. My role as chief executive will be to maintain our stability while providing the best opportunities for savers. Jim Mundell and Howard Machin have done a superb job in achieving these results in such turbulent times and I am looking forward to continuing their excellent work.”
Date modified: 13/05/2009
CHILTERN GOLD NOTICE 90 ACCOUNT IS ONE OF THE MOST CONSISTENT SAVINGS ACCOUNTS
Buckinghamshire Building Society’s Chiltern Gold Notice 90 account has been recognized by Moneyfacts as being one of its top 6 consistently performing savings accounts with notice. Due to all the recent interest rate fluctuations, this means that while the account may not always have paid the best rate, had you left your money in a Chiltern Gold Notice 90 account you would have received the best rate of return over 36 months. So if you are looking for a safe home for your money, read more about our Chiltern Gold Notice accounts.
Date modified: 12/05/2009
IMPORTANT INFORMATION FOR INVESTORS
We have changed some of our terms and conditions and the main points are below:
Interest Rate Change NotificationFrom June 2009 we will no longer send investors a personal notification of changes to investment interest rates. Instead we will place a notice showing the new and old rates in the following newspapers: Buckinghamshire Advertiser and Bucks Free Press within 3 days of the date of the rate change. Interest rates will also be available to view on our website within 3 days of the change. You can call us on Freephone 0800 652 6725 to enquire about interest rates or to request a leaflet at any time.
Annual StatementsWe will no longer be sending out annual statements for individual accounts. All of our accounts have a passbook which can be updated by the Society for any transactions made on the account to show the current balance. You may send in your passbook to be made up or request a statement of your account at the end of the year if you wish.
If you require a copy of our new Terms and Conditions leaflet, please contact the Society.
Date modified: 26/03/2009
SOCIETY'S DONATION TO IAIN RENNIE HOSPICE AT HOME
As part of the Society’s continuing support of local charities, following on from last year’s successful Centenary celebrations where a number of local groups benefited from the Society’s donations, this year the decision was made to donate 10p to charity for every vote received from Members prior to the AGM. This was increased to 20p per vote if they voted online. It is the first year that the Society has done this and there was an encouraging response from Members. The charity chosen to benefit this year is the Iain Rennie Hospice at Home, which offers specialist care for patients with cancer and other life threatening illnesses in their own homes throughout the Chilterns area of Buckinghamshire and Hertfordshire.
A cheque for £300 was presented to the charity’s representative Linda Petrons by the Society’s General Manager, Robert Watkinson.
Date modified: 18/07/2008
Society sponsors local clock
As part of its Centenary celebrations last year the Society donated money to Chalfont St Peter council for renovations on the coronation clock situated on Gold Hill Common. The wrought-iron clock, originally erected by the village of Chalfont St Peter for the Queen’s coronation in 1953, had started to lose time and was taken down for repairs last year. It is hoped that the village will appreciate the clock for a long time to come. It was originally made by the village blacksmith, Mr Brown, whose forge was at the bottom of Joiner’s Lane. Pictured is Councillor Bruce Allen unveiling the clock.
Date modified: 23/04/2008
General Manager celebrates 25 years of service
General Manager Robert Watkinson celebrated 25 years of service at the Society on 4th January 2008, having started work back in 1983. Based at the head office in Chalfont St Giles, Rob is a well known face around the village and is the longest serving member of staff.
Date modified: 01/02/2008
Society sponsors new tree for Chalfont St Giles
Buckinghamshire Building Society in conjunction with the Chalfont St Giles Parish Council planted a new tree by the pond in Chalfont St Giles on Wednesday 17th October 2007. It is a 15 year old pin oak, or Quercus palustris, and replaces the diseased horse chestnut tree which was removed in April this year. Buckinghamshire Building Society is delighted to donate the tree as part of its Centenary Celebrations and continued involvement in the local Community.
Pictured in front of the tree are the Society's Chairman, Howard Machin, and Council Chairman Mike Stannard.
Date modified: 19/10/2007
BUCKINGHAMSHIRE BUILDING SOCIETY SPONSORS CHALFONT ST GILES FUN RUN AND SHOW
The annual Chalfont St Giles Village Show and Fun Run were held on Saturday 1st September this year, and as part of its continuing involvement and support in the local Community, Buckinghamshire Building Society was delighted to sponsor both the Run and the main arena at the Show. The Society’s Chairman, Howard Machin, presented trophies at both events.
The Fun Run winner was Steve Kirby with a time of 37:34, who also won the Chalfont St Giles Shield and the Veteran’s Cup. The first female was Debbie Wenman in 42:44. She was also the first female Veteran. As part of its Centenary celebrations this year, the Society dedicated a trophy to the oldest finisher. This year it was 66 year old Tony Molesworth who came in at number 60 out of a field of 195 in a time of 50:50.
As well as sponsoring the main arena at the Show, which was very well attended and encompassed a great variety of entertainment for all ages, Buckinghamshire Building Society also had a stall where savings accounts, including the Society’s new Centenary Bond account, were advertised and a free prize draw was held. The Society would like to express its gratitude to everyone who stopped by and to congratulate the draw winners, who were:
1st prize, Mr A Marshall
2nd prize, Ms K Pearce
3rd prize, Mrs U Pain
Children’s prize, Ben Dosanjh
Click here to view winners list
Date modified: 04/09/2007
Buckinghamshire Building Society Centenary Walk
Date modified: 06/08/2007
MEMBERS' CENTENARY BARBECUE
On Friday 27th July, the Buckinghamshire Building Society marked its Centenary year with a Members’ Barbecue held in the Merlin’s Cave pub in Chalfont St Giles. Earlier in the day the Society proved its generosity to the community by giving donations to some local charities. Chairman Howard Machin presented cheques to the Iain Rennie Hospice at Home, the National Society for Epilepsy, the Chalfont St Giles Community Library, the Chiltern Society to replace stiles with gates on local walks, Milton’s Cottage Trust, Chalfont St Peter Village Association for new flags for the village’s St Peters Day celebrations and Chalfont St Peter Parish Council towards the renovated Coronation clock on Gold Hill Common. Mr Machin said, “It is important to remember our community spirit and we are pleased to be able to help all of these great local causes.”
The barbecue itself saw a fantastic turn out of over 500 local Members who came along to enjoy a night of great fun. Musical entertainment was provided by radio station Mix 107 fm, and there were plenty of activities to keep the children happy, including a bouncy castle, face painting, balloon modelling and games run by the Society’s staff. Luckily there was only a small shower of rain, and no-one let that dampen their evening. General Manager Robert Watkinson said, “We are overwhelmed by the attendance of our local Members at this function to celebrate our Centenary year. I have also heard so many kind remarks as people seem to have enjoyed the evening enormously.”
A free raffle was also held with many of the prizes kindly donated by local businesses, and the evening finished with an amazing firework display.
Date modified: 01/08/2007
GENEROSITY OF LOCAL BUILDING SOCIETY
Local community projects and charities will benefit from generous donations to be given by Buckinghamshire Building Society to mark its Centenary year. The major beneficiaries are the Iain Rennie Hospice at Home, the National Centre for Epilepsy, the Chiltern Society (to renew gates on local walks), Milton’s Cottage (to renew the fountain in the garden), Chalfont St Peter Parish Council (towards the renovation of the clock on Gold Hill), Friends of Chalfont St Giles Library and Chalfont St Peter Village Association (to replace the flags for the St Peters Day celebrations). An official presentation will be made prior to the Society’s Members’ barbecue on 27th July at the Merlin’s Cave in Chalfont St Giles.
Other groups which have already gained from the Society’s generosity this year include sponsorships for the Royal British Legion Concert, Chiltern Open Air Museum events brochure, Chilterns Conservation Board newsletter, Chalfont St Giles Literary Festival leaflets and Pedal Performing Arts new T-shirts.
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Date modified: 10/07/2007
Centenary Open Day
On 3rd April 2007, Buckinghamshire Building Society celebrated its 100th birthday. An open day was held in both the Chalfont St Giles and the Chalfont St Peter branches, and customers were offered refreshments and promotional items. There was also a free prize draw held, and the winners of this were:
Hamper – Mrs Woolley | i-pod shuffle – Mr Kitson | Champagne – Mrs Gillan |
Pictured is one of the Society’s valued customers and Mike Stannard, one of the Society’s Directors, in the Head Office Banking Hall on the Open Day.
Date modified: 24/05/2007
Buckinghamshire Building Society among the best for mortgages and TESSA only ISAs
The prestigious What Mortgage magazine awards took place in March again this year. The Buckinghamshire Building Society was named as one of the finalists in the “Best National Building Societies” category over a two year period. This category is made up of mutual lenders with at least one branch that operate the same lending criteria nationwide. With the Society consistently appearing in these awards (third place in 2003 in the Best Value and Best Local Lenders categories), our customers are assured that they are getting a good deal on their mortgage. The What Mortgage magazine awards have been established for nine years and are recognised as the market leader in award indicators. The Buckinghamshire Building Society also received an award nomination this month from Moneyfacts in its category of best TESSA only ISA provider. Moneyfacts is the UK’s largest selling professional financial monthly. It provides financial information to more than 100 National and Regional newspapers, periodicals and websites as well as BBC Ceefax. A TESSA only ISA provides the opportunity to continue earning tax free interest on the capital from a matured TESSA. It is a tax free account which operates within the ISA regulations and can be held in addition to any other ISA maxi or mini.
Date modified: 14/04/2007
A SOLID 2005 FOR THE BUCKINGHAMSHIRE
The Buckinghamshire Building Society has reported another successful year with assets up by 8 percent to £134 million. Mortgage balances stand at just under £100 million.
At the Society’s AGM last week, Chairman Howard Machin reported that although lending was not at the record levels of 2004, the Board was very happy with progress in the light of a hugely competitive mortgage market. In total, the Buckinghamshire lent over £18 million during 2005.
In achieving this figure, the Society has received a fourth successive What Mortgage finalist award. The finalists are those Best Value Lenders that provide the cheapest mortgage deal to existing customers over the year, showing consistency and commitment to long term value.
“This proves our claim to operate on the lowest possible margins for the benefit of both our mortgage customers and our savers,” said Mr Machin.
The Society has also reported a solid inflow of investment during the year, reversing a net outflow of funds last time. “One of our initiatives to attract and retain funds was the introduction of our 90-day Chiltern Gold Notice Account which offers a very competitive rate of interest. This has proved popular with new and existing savers alike.”
Steady future
Looking ahead, Mr Machin is quietly confident. “There is every evidence that the price of houses at the top end have reduced to more reasonable levels” he said, “but there are still major problems for the first time buyer market and even the Government have been forced to take some action over its shared equity schemes and affordable housing for key workers such as nurses and firemen.”
“Fortunately in the middle market where we carry out most of our mortgage lending, we continue our policy of prudent lending at sensible Loans to Value (LTV) and our excellent on-going arrears record proves this.”
100 years of local service
In 2007, the Chalfont St Giles based Buckinghamshire Building Society will mark its centenary and a programme of celebration is planned. “We are very proud of our heritage and have prospered as a small, local, independent Building Society over all that time. I hope that we can continue to do so in an ever changing and challenging world.”
click here to view our Summary Financial Statement
Date modified: 20/06/2006
ANOTHER MILESTONE REACHED
Although it is not due to celebrate its centenary year until 2007, the Buckinghamshire Building Society reached another 100 in 2006.
For the first time in the Society’s history, its mortgage book has exceeded the £100 million mark. This has occurred despite 2005 being a slow year for the housing market in general. In the local area especially property sales have been sluggish, making the amount reached even more significant.
Having also achieved its fourth consecutive “What Mortgage” finalist award in 2006, Buckinghamshire Building Society is confident that it can offer competitive deals to all its borrowers. The mortgage department (pictured here in the Chalfont St Peter office) consists of a knowledgeable and cheerful team who can be relied upon to provide up to date and relevant information as required.
Date modified: 28/02/2006
Updates to Junior Saver account
From January 2006, the following changes have been made to our Junior Saver account to benefit our customers:
The account’s maximum limit has been raised from £5,000 to £25,000, meaning the young person can save more for the future.
The minimum withdrawal amount has been reduced from £5.00 to £1.00.
The age limit has been increased from 16 to 18 years, so older children can now also enjoy the benefits of a Junior Saver account.
You will find further information on this account via our Investments page, and you can also take a look at our competitive interest rates.
Date modified: 01/02/2006
Mega Bucks!
The Buckinghamshire Building Society had cause to celebrate last month after lending reached over £25 million in 10 months, which exceeds the Society’s highest ever annual amount. Mortgage Manager Susan Jones (pictured bottom right), explained, “This was due to the hard work of the Mortgage Department and the competitive products that the Society has offered. We have also been finalists in the “What Mortgage” Lenders of the Year awards for the last two years.” The members of the Mortgage Team, pictured here raising a glass to their achievement, are located in the Society’s Chalfont St Peter branch in Market Place, and will be pleased to provide information on the Society’s current range of mortgage products in their usual friendly and helpful manner.
Date modified: 17/11/2004
