Nationwide credit union the Community Bank opens
My Community Bank offers decent prices on both cost savings and pay day loans – however it isn’t ready to accept everyone else.
A unique nationwide credit union has launched, guaranteeing lower rates of interest on payday advances compared to loves of Wonga and in addition decent returns for savers.
My Community Bank defines it self as an online credit union supplying “community cost savings, community borrowing, ethical banking and community prosperity”. It offers grown away from a credit union for individuals living or working in the London borough of Brent.
Nonetheless, in keeping with other credit unions, it’sn’t ready to accept every person. Users have to https://yourinstallmentloans.com/payday-loans-ca/ share a ‘common relationship’.
How to be a part
In order to become a known person in My Community Bank, you either have to:
- live or operate in the London borough of Brent; or
- be “a part of a connection – or help a charity – that encourages the welfare of Britain’s Southern Asian community”.
The latter is apparently significantly obscure. a representative explained that organisations from ” South Asian party schools to curry groups” will be qualified.
Therefore, for instance, the people in the Tooting Curry Club would qualify, since it is a “social as opposed to cultural bond”.
Savings rates
My Community Bank is releasing with three fixed price cost savings reports:
- A account that is one-year 2.15%;
- a two-year account having to pay 2.25%;
- and an account that is three-year 2.75%.
The one-year and three-year prices are now actually market leading when comparing them to high-street cost savings reports. Continue reading “Nationwide credit union the Community Bank opens”