UK Savings Week case study – Mrs. R shares her story
UK Savings Week is an annual campaign run by the Building Societies Association. It aims to raise awareness of the importance and benefits of saving, and to help people to foster better savings habits. This year’s campaign ran from 18 to 24 September 2023.
We asked some of our savers to share their savings stories, and explain how important it was to them to have a savings pot to raid when they most needed it.
Mrs. R (aged 80), who lives near Framlingham, contacted us to share her family’s savings story:
After experiencing a stroke in September 2016, it was no longer possible to take holidays together which the couple had once so valued. Then from 2020 onwards, successive Covid national and local lockdowns further restricted their travel.
As they were no longer able to spend as much on themselves, they began to save more each month. They also decided to reinvest their existing savings in an account that gave a better return.
Mrs. R. has been a member of the Suffolk Building Society for many years and quite recently discovered the Suffolk Savvy Saver account. It perfectly suited their requirements based on the amount they had to save and the way they wanted to access their savings.
Following a divorce, their grown-up son needed some financial support to secure new housing for himself and his children.
Mrs R was then able to gift some of their savings to their son who was able to secure a new home for his family.
Mrs. R said to us: “Despite some other banks and building societies having slightly higher rates, there were clearly considerable advantages in saving with the Suffolk Building Society that, in our eyes, placed them ahead of all other options.
“I knew from past experience that we would receive a first-class, personal service from a totally trustworthy building society that was based in my locality and that interacted closely with the community. The prospect of friendly dealings with real people in branches, instead of faceless accounts via the Internet was also extremely appealing.
“They haven’t let me down. I’m delighted with the product and all the people that I deal with!”
Many thanks to Mrs. R for this candid account of her and her family’s savings needs.
All the above was shared by Mrs R for publishing with her consent but she preferred to retain her anonymity.
If you have any questions about savings or would like to enquire about opening a savings account, please contact us today on 0330 123 0723, use our Savings Account Finder, or like Mrs. R, visit one of our branches.