Consumers turn to ethical bank
4 July 2012 – Tonbridge Charity Bank, the social savings bank, reports a significant increase in new depositors. Between 1st January and 30th June 2012, 440 new customers have opened accounts, compared with 140 for the same period in 2011. Visitors to Charity Bank’s website and savings enquiries have also doubled in the past week.
“Dissatisfaction with the high street banks is driving people to take action,” commented George Blunden, chairman of Charity Bank. “Ordinary members of the public are beginning to realise that there is an alternative to depositing their savings in commercial banks, where they will have no idea what use their money is put to.”
Charity Bank invests all of its money in charities and other organisations whose mission is to improve the community or the environment. Details of all investments are published and depositors are not only kept informed, but actively encouraged to engage with the recipients of Charity Bank loans.
“The charity sector continues to struggle when it comes to raising finance,” continued Mr Blunden. ‘‘Traditional banks are still very reluctant to lend to those organisations which are struggling to deal with escalating social issues. Our work is opening up loan finance to excluded parts of the charity sector, bringing these organisations in from the margins and giving them the tools with which to help themselves.’’
Charity Bank has supported organisations across the UK for the past 10 years, and details of every current loan are published (http://charitybank.org/social-impact). This week the bank announced its 1,000th loan, to Colchester Archaeological Trust, which has purchased a new building on the site of the Roman Circus it discovered in 2004.
In addition to traditional savings accounts, options for customers include Charity Bank’s Cash ISA (http://charitybank.org/cash-isa) which offers a competitive market rate of 2.05% AER.
About Charity Bank
Charity Bank is a UK regulated bank that is also a registered charity. It lends to charities, social enterprises and community organisations, including those that would find it difficult to secure funding from the traditional banking sector. It invests its depositors’ money in supporting charities and enterprises that benefit society and publishes details of every loan that it makes.
Research in June 2012 showed that 99% of Charity Bank’s customers would recommend it to a friend.
Charity Bank is committed to the ratio between the highest and lowest paid staff never exceeding 9:1.
In its 10-year history, the bank has lent over £170m to charities and social enterprises, touching the lives of 3.5 million people in communities across the UK.
Registered Office: The Charity Bank Limited, 194 High Street, Tonbridge, Kent TN9 1BE. Registered in England and Wales No. 4330018. Registered charity No. 1091648.
Charity Bank is authorised and regulated by the Financial Services Authority No. 207701.