Vernon Building Society

Vernon Building Society, a mutual lender rooted in Stockport

Vernon Building Society is a mutual building society based in Stockport that presents itself as the local building society for Greater Manchester and Cheshire, a role it says it has held since 1924. Because it is a mutual, it states that it has no shareholders and is run for the benefit of its members rather than for external owners.

Its activity is organised around three broad areas: savings accounts, mortgage lending and community work, with additional life planning services covering financial advice and home and contents insurance. The society also maintains a dedicated channel for intermediaries.

Savings accounts for different profiles

The savings range is divided into several account families, which the site lists as follows:

• Cash ISA accounts, including a Single Access Cash ISA presented as new
• Fixed-rate savings, including a member-exclusive three-year fixed-rate bond
• Easy access accounts
• Limited access accounts
• Regular saver accounts
• Notice accounts
• Business and charity accounts
• Young saver accounts

Alongside the products, the society publishes current interest rates, rate change news, terms and conditions for savers, a welcome pack, costs and fees, and information on closed accounts. At the time of writing this profile, the site advertised a rate of 3.60% Tax-Free/AER on the Single Access Cash ISA and 4.60% Gross/AER on the three-year fixed-rate bond, the latter fixed to 31 October 2029. The site explains that Gross means income tax is not deducted from interest, that Tax-Free means no income tax is paid on the interest, and that AER reflects the rate as if interest were paid annually.

Mortgages from first purchase to later life

On the lending side, the mortgage range covers first-time buyers, home buying, re-mortgaging, buy to let, holiday let, self-build, professionals, later life and retirement, buy for uni and additional borrowing. The society complements these products with mortgage guides, switching information, costs and fees, and a help centre. It also publishes editorial content on mortgage topics, such as an article on obtaining a mortgage as a contractor.

Member service and deposit protection

The society emphasises personal service and offers appointments for savings enquiries, either by booking online or visiting a branch. It states that it has received over 4,000 five-star reviews and attributes its appeal partly to a friendly, personal service. It also notes that savings are protected up to a total of £120,000 per person by the Financial Services Deposit Scheme (FSCS).

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 195475, and it participates in the Financial Services Compensation Scheme. It states that telephone calls are recorded and may be monitored for regulatory and training purposes.

Community commitment and financial education

The community section describes how the society gives back through its community hub, the Community Stars programme, the Vernon Charitable Foundation, sponsorships and financial education. It also publishes a Money Skills Hub and its annual review. Among its recent community news, the site reports a partnership with Stockport County Community Trust to support local people, communities and opportunities.

Head office and branch access

The head office is at 19 St Petersgate, Stockport SK1 1HF, and the society provides a branch finder with opening hours for its locations. Prospective customers can also enquire online or by telephone.