Member Article

Wakefield bank alternative Kingston Unity reports leap in income and assets

A Yorkshire Friendly Society which an alternative to high street banks and building societies for savings and investments is reporting strong growth for the third consecutive year.

Kingston Unity, the Wakefield-based Friendly Society, saw increases in both premium income and assets during 2013.

The Society’s financial results for 2013 have recently been released and show a leap in premium income from £1.8 million in 2011 to £10.63 million in 2013.

Kingston Unity’s assets have also seen a significant increase, from £51.6 million in 2011 to £79.49 million in 2013.

The organisation doesn’t have shareholders and any surplus is re-invested for the benefit of members.

With one of the best ISA rates on the market, a solid and growing reputation for providing personal service and an approach that is based on traditional values, Kingston Unity is attracting new members, many of whom are disillusioned with traditional banks.

Andrew Townsley, chief executive of Kingston Unity, commented: “We aim to produce returns and benefits for members that outperform cash savings and are consistent and stable over the medium to long term.

“More people are now moving away from instant access options for their savings, which generally offer woefully low rates, and are instead seeing the benefits of taking a more long term approach. With a range that is dedicated to offering returns over the medium and long term we have very much benefited from this change in attitudes.

“Our strong reputation for offering both savings growth and security stretches back to 1840.”

This year Kingston Unity plans to invest in marketing in order to raise its profile, particularly in the Yorkshire region.

“We are concentrating our marketing efforts on Yorkshire with the aim of raising awareness and encouraging people across all income levels to start planning to achieve their own financial objectives,” added Andrew Townsley.

“We anticipate that 2014 will be another very successful year for the Society and, most importantly, its members.”

This was posted in Bdaily's Members' News section by Clare Burnett .