19th May 2025
This year, we’re celebrating 250 years of building societies. Discover why building societies are different and what that difference means.
At Vernon Building Society, we do things differently. As a building society, we’re owned by our Members, which means every decision we make is for their benefit, not external shareholders.
Because of this unique structure, our profits aren’t paid out to investors. Instead, they’re reinvested into improving our products and services, supporting the local community, and helping us offer better value.
The first building society was established in 1775 century to help working people buy homes and save securely. That purpose still drives us today. For over 100 years, at the Vernon, we still use Members’ savings to help others onto the property ladder, supporting our communities in the process.
We’re committed to helping people buy their own homes. That’s why we offer a range of mortgages, including innovative solutions like our Head Start mortgage, which lets families support buyers without the need for a traditional cash deposit. Our personal approach to lending also sets us apart, we take the time to understand each applicant’s situation, so we can support those with unique or complex circumstances that larger lenders, relying on automated decisions, often overlook.
Building societies continue to play a vital role in making homeownership possible. In the first nine months of 2024, they accounted for 115% of all UK mortgage market growth, highlighting how they’ve taken on the burden of growth while other lenders have withdrawn. During the same period, building societies helped 87,500 first-time buyers onto the property ladder, proving their ongoing commitment to tackling the challenges faced by aspiring homeowners.
We've been helping our Members build financial resilience and get more from their money since 1924. Our focus is on offering consistently competitive interest rates and a wide range of savings accounts, all backed by a personal service that sets us apart. Our Members can manage their money in the way that suits them best; whether that’s in-person, over the phone, or online. We believe in giving everyone the choice.
Across the UK, building societies continue to deliver real value for savers. In 2023 alone, they paid out £2.1 billion more in interest than the big banks. And by September 2024, they’d attracted £20.7 billion in savings, accounting for more than a third of all UK savings growth.
We believe in staying connected to the communities we serve – not just through our products, but through meaningful, long-term support.
While many banks are closing branches, we’re committed to local high streets, creating and maintaining welcoming spaces for Members and supporting local businesses by using local contractors throughout our recent refurbishment.
Our community focus goes beyond the high street. We’ve donated to many local non-profits through innitiatives like our Community Stars programme and the Vernon Charitable Foundation, and through our partnership with WizeUp, we’ve helped deliver financial education to over 1,400 students in 2024. From sponsoring local events to giving every colleague two volunteering days a year, we’re proud to support the people and organisations that make our community thrive.
Darren Ditchburn, our CEO, shares his thoughts about what makes us different: “At Vernon Building Society, our Members are at the heart of everything we do. Whether it’s face-to-face in our branches or online, we’re here to help you save, buy a home, and build a stronger community.
"We’re proud to be part of a financial movement founded by ordinary people, for ordinary people – and we’re here to help people achieve their goals.”
At the Vernon, we’re proud to do things differently. Whether you're saving for the future, buying your first home, or looking for a financial partner that puts people before profit, we’re here to help.
Join us and experience the difference of a building society built around its Members. Together, we’re greater!