Marking what the society describes as the strongest organic growth among UK building societies, this growth trajectory coincides with the tenure of CEO Paul Denton, who joined with a new leadership team in 2019.

Having cultivated a positive, inclusive, and engaging workplace environment, the Building Society continues to invest in its people to deliver consistently high levels of customer service to its members.

In 2024, the mortgage market remained subdued due to high interest rates and ongoing affordability challenges. Despite this, Scottish Building Society’s mortgage portfolio grew by 7%.

Higher interest rates supported savings growth and combined with the Society’s strong member proposition and service, retail savings balances rose by 20%—well above the market average of 5%.

Growth at the Society has not come at the expense of its members – with interest rates staying relatively high, the Society ensured fair and proportionate rate changes for both savings and mortgage members. Savings members benefited from an additional £7.6m in interest – 1.45% above the market average – highlighting the value of mutual ownership.

Paul Denton, CEO, Scottish Building Society, said: “From the moment I joined this historic organisation, I could sense something special. For over 175 years, our commitment to the communities we serve has never wavered—if anything, it feels more vital today than ever.

“Our ethos of offering simple, easy-to-understand products has stood the test of time—especially through today’s economic challenges. While others close branches and shift to digital-only services, we remain focused on choice—offering what truly works for our members.

“You see this in our continued investment in relationship centres, passbook savings, and a personal approach to mortgage underwriting. At the same time, we’re enhancing our digital tools to give members secure, convenient access to their savings and their documents online. The steady growth in our membership reflects the real value offered by Building Societies.”

For the fifth consecutive time, Scottish Building Society was recognised as the ‘Best Building Society’ at the 2024 Scottish Mortgage Awards, with Paul Denton also receiving the ‘Lifetime Achievement’ award.

Mr Denton continued: “Our organic growth is built on loyalty and trust. In an age of misinformation and risky financial products, the need for straightforward, reliable options has never been greater.

“With the UK government aiming to double the size of the mutual sector, we’re proud to help lead the way. As the world’s oldest remaining building society—and with the 250th anniversary of the first building society on the horizon—we remain committed to putting our members first, always.”