The Cambridge offers innovative new savings product

27 April 2018 • Products & Services

The Cambridge Building Society has today announced an innovative new savings account.  The Your Saver is one of the first in the savings market to give customers such broad choice in how they manage their account, offering access via multiple channels.

Once opened, savers can operate Your Saver via The Cambridge Money App, online through the Society’s website, by post, over the telephone or face to face in one of 12 regionally located branches.  It also allows customers to customise their account by changing the name of it to match what, or who, they’re saving for.

Research from the UK Savings Council conducted by global FS intelligence specialist, RFi Group in 2017 showed that whilst the majority of savers are using online to engage with their savings (80%), nearly half (45%) are using branches and 16% are using mobile apps, with the same proportion using telephone services^. This indicates that there are many savers who are not ‘channel loyal’ and prefer to have access to a variety of options, a key driver in this new product development.

Your Saver product features can be found here.

Andy Jukes, Head of Direct Distribution at The Cambridge said: “Back in the summer 2017 we launched The Cambridge Money App and today’s product launch is the next step in offering customers a wider choice in how they do business with us.  We’ve seen a good take up of customers who want to track their savings at a time and place to suit them and my team are increasingly talking to customers through secure messaging as well as on the telephone and face to face.  The Your Saver is another option for customers who choose to have multiple savings pots for different needs.”

Dan Barker, Product Manager at The Cambridge commented: “We know from regular feedback that the way customers want to engage with us is constantly changing and that they do not fit into a ‘one size fits all box’.  This account gives them the flexibility of making basic transactions online at a time and place to suit them whilst also having the peace of mind that they can talk to someone or get cash over the counter if they needed to.  Although there are similar products on the market we believe this is the first to offer savers so many options.”