SCOTTISH Building Society has doubled down on its commitment to offering its customers passbook accounts in a bid to support them with their financial needs.
The move comes after several major banks across the UK announced they would be removing passbooks, which provide a paper record of banking transactions, from their services.
Recently Virgin Money announced it would remove passbook savings accounts, resulting in 100,000 customers across the UK being told they will no longer be able to use them to pay in or withdraw cash in person.
Despite several banks now no longer offering the service, Scottish Building Society believes passbooks still have an important role to play in helping customers manage their finances.
Feeling reassured by physical evidence of how much they hold in their accounts many customers prefer to bank this way to manage their finances.
The rise in the cost-of-living crisis has prompted many people to revert back to using physical money in a bid to help them budget, with passbook savings accounts serving as a valuable tool in helping them to manage this.
Removing this service alongside many local branches closing risks leaving many customers feeling alone, particularly during this economic climate Scottish Building Society warned.
Scottish Building Society has made significant investment in its high street branches to provide accessible banking for all and enhance its physical presence in communities, with the society most recently opening a new relationship centre in Edinburgh in June last year.
Meanwhile, as part of its 175th anniversary celebrations, the building society launched the Scottish Building Society Foundation in May last year, an initiative designed to give back to Scottish communities with an incredible £175,000 designated to local charities and good causes across Scotland.
Paul Denton, CEO at Scottish Building Society, said: “As a mutual organisation owned by and run for the benefit of our members, we want to make sure we are providing customers with everything they need to manage their finances in a way which is easy for them and stress free.
“While online services are the main stay for a lot of customers, there is a large portion of people who are not confident in using online banking or simply don’t want to, and they can rightly feel aggrieved that they are facing the prospect of having to do so.
“At Scottish Building Society our purpose is to serve the local community, and this is why we will continue to offer passbooks as a vital tool for customers, as well as investing in our branches to provide accessible, in-person facilities which will serve their local communities. Simply put, we want to ensure our members have choice when it comes to managing their finances, and we believe in offering them that.”
