EditorNew banking app and branch expansion as Swansea Building Society sees strong demand from savers and homebuyers
The society has launched a new mobile banking app and, for the first time, customers can now open savings accounts online, giving members easier access to their finances without needing to visit a branch.
At the same time, the building society is planning to open a new branch in Abergavenny and has secured larger premises in Carmarthen to support growing demand in West Wales.
Bosses say the changes are designed to combine modern digital banking with a continued commitment to high street branches.
Chief Executive Alun Williams said the society remains focused on helping both borrowers and savers during a challenging economic period.
He said demand for mortgages and savings accounts has remained strong across Wales.
“Our continued growth in mortgage lending, savings balances and total assets has strengthened the foundations of the Society and ensures we remain well positioned to support members in achieving their home ownership and savings goals.”
Strong demand for mortgages
The society says its flexible lending approach has been particularly popular with borrowers.
During 2025 it approved £117.5 million in new mortgages, helping grow its overall mortgage book to £576.9 million.
Despite economic pressures, the organisation says borrowers are largely keeping up with repayments, with mortgage arrears remaining extremely low at just 0.33%.
Savings market remains competitive
At the same time, competition between banks and building societies for savers has intensified.
However, Swansea Building Society says it has continued to attract customers by offering competitive savings rates while maintaining long-term financial stability.
Savings balances increased during the year to £663.9 million, while the society’s total assets rose to £715.1 million.
The organisation also reported £6.2 million profit before tax, helping increase its financial reserves to £49.1 million.
Supporting communities across Wales
The mutual society says it remains committed to supporting communities and maintaining its branch network — something many banks have reduced in recent years.
During the year it supported a range of local initiatives and charities, including naming Prostate Cymru as its Charity of the Year.
Members will have the opportunity to vote on the society’s future plans at its Annual General Meeting at the Swansea.com Stadium on April 23, 2026, with the organisation donating £1 to Prostate Cymru for every vote received.
Williams added that the society’s future remains strong as it continues to grow.
“With a strong capital base, a high-quality mortgage book and a clear strategic focus, we are well positioned to continue supporting our members and communities in the years ahead.”
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