Mutual opens ‘flagship’ branch

A mutual is investing in face-to-face banking with a new city centre branch.

Newcastle Building Society has opened Monument, one of the UK’s largest new branches in a 200-year-old Grade II-listed building on Grainger Street, bringing 10,000sq ft of modern banking and community space back into use.

The Society’s multi-million-pound investment defies a decade-long trend of bank closures, with over 6300 branches disappearing from UK high streets.

The five-storey building, opposite Grey's Monument, has been completely refurbished to house a modern ground-floor banking hall, private consultation areas and upper floors dedicated to meeting rooms, co-working, training and event space.

A lower ground floor community hub will be made freely available to charities, local groups and civic organisations, reflecting the Society’s continued focus on social impact.

More than 20 staff will serve customers from across the city and beyond, offering savings, mortgages and financial advice in a contemporary and welcoming setting.

Andrew Haigh, chief executive of Newcastle Building Society, said: “Monument is our biggest single branch investment and a huge commitment to our home city. 

“We continue to invest in branches and in opening more locations. 

“Our members repeatedly tell us that they want the option of having a trusted, friendly conversation about their money, rather than being forced to solely manage their finances online, so having accessible financial services in the heart of Newcastle and across our regions opens the door to better financial outcomes for many more. 

“Our approach has seen our branch network outperform the market average for savings balances – growing at a rate of more than double the whole of the market average.

“But Monument is much more than a branch. 

“It’s a place with the next generation in mind, with free-to-use spaces serving our community and civic partners, helping to make meaningful conversation and positive change happen, with an ambition to drive prosperity across the region.”

North East mayor Kim McGuinness and Newcastle United Foundation trustee and former Newcastle United striker Shola Ameobi joined Society colleagues to officially open the site on Monday, July 7.

Mayor McGuinness added: “I know how important our high streets are for our communities and economy. 

“But high streets are closing down and community focal points are disappearing at too many locations across the North East.

“Newcastle Building Society are focussed on supporting local communities, not just its customers. 

“It is prioritising face-to-face support, and committed to keeping our high streets alive with over 30 branches up and down the north of England.

“This new flagship branch is exactly what our high streets need: spaces and services to help the communities they serve thrive, and I hope to see more businesses reimagine how they can unlock the potential of high streets across the North East.”

This latest opening follows recent investments in new branches in Pickering and North Shields and reflects the Society’s continued commitment to maintaining a strong regional presence across the North East, Cumbria and North Yorkshire.

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