Regulated by the Bank Of England. Registration number 213757
It's not everyday you come across a not-for-profit bank.
Quick 10 point fact check:
What is a not-for-profit bank?
Most banks seek profits for their own good and to pay their investors and executives bonuses.
Members (people who save and borrow with us) own our bank as a cooperative.
Any 'profits' we make are called surpluses. Surpluses are invested in the local community to create a fair socio-economic system.
In short, all of the money we earn is used in pursuing the groups social objectives of fair, ethical and affordable-finance.
Investors? Shareholders? No thanks
Unlike many high street banks, we don't have greedy shareholders or faceless investors.
When we make money, we give this back to you (our Members) in the form of an annual dividend (profit-share).
Other surpluses are invested in Hampshire & IOW, Southern West Sussex, East Dorset & West Surrey and via our Community Grant scheme.
Inclusive not exclsuive
Unlike most banks, we don't pick and choose who can bank with us based on employment status, financial capability, social status or stratum or any other pre-judgement.
Our members range from the vulnerable, the financially excluded, those unemployed, blue and white collar workers and executives to local Councillors and MPs.
We don't base your Membership on how much you are worth to the bank. We believe everyone is equal.
Local money which stays in the local economy
Evidence show that circa 86% of all loans we issue are used for purchases locally within our common-bond.
This supports local businesses, employment and keeps local money moving in a micro-economic way which supports our communities.
We've already provided valuable grants to local projects including:
Wessex Blood Bikes
Solent Junior Devils Ice Hockey Team
6th Gosport Scouts Group
Zero waste Portsmouth
and many others.
We believe in real social-impact investing.
Lower rates than the big banks
VISA debit card and Rewards Scheme
Invest in your local community
Instant access for a rainy day
Being small and local doesn't mean we're not a fully regulated bank.
We're dual regulated by the (FCA) Financial Conduct Authority and the (PRA) Prudential Regulatory Authority under the Bank of England registration number 213757. All our customer deposits are protected by the Financial Services Compensation Scheme up to £85,000 of individual savings.