The Cambridge Building Society is to donate £175,000 each year from its profits to good causes to mark its 175th anniversary.

This is a “significant” boost to its previous donations to charities, it says. Since 2020 it has given more than £160,000 to good causes.

In addition, it is to expand its rent to Home scheme. This offers winners of a ballot the chance to rent properties from the building society for up to three years and have 70% of their rent returned to them to use as a deposit to buy their own home.

“When the founding members established a building society in Cambridge 175 years ago, they were passionate about creating an organisation that enabled people to save and ultimately to have their own home,” said the building society’s chief executive Peter Burrows.

“We’re looking forward to making a real difference in our 175th year with a range of celebrations and new initiatives – like the expansion of Rent to Home and more donations to charitable organisations.”

He added that further announcements to mark its anniversary year will be made during 2025.

Last year the building society’s staff donated 1000 volunteering hours to help local charities.

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