Mutuality and the case for it
As a mutual building society, Leeds Building Society is owned by its members – and intends to remain that way.
Because we have no external shareholders, our members are central to everything we do. And because we don’t have to pay dividends, we can share the results of our success with our members.
Our continued success is built upon delivering excellent customer service to new and existing members. Our members continue to show they agree, and regular member surveys show that the overwhelming majority are highly satisfied with the Society.
Committed to mutuality
The Society remains steadfast in its commitment to its independent mutual status. To signal this determination and deter carpetbaggers, a charitable assignment scheme was introduced in March 1999. Anyone joining the Society after that date signs away any windfall for five years, which deters disruptive short term speculators. The fact that new members continue to join us demonstrates that they are interested in good products, good rates and good service, not a quick profit.
To find out what we are doing to ensure that the Society will remain a mutual society use the Charitable Foundation link.