My Community Bank Market Research Report
Company Overview
Name, Mission of the Company
- Name: My Community Bank
- Mission: Providing access to affordable loans and financial services to people with common bonds, based on the principle of "people helping people."
Founding Information
- Founded: 1970s as Shrine Cooperative Credit Union
- Founders: No information is available
Key People in the Company
- No information is available
Headquarters
- Location: 30 Churchill Place, Canary Wharf, London, E14 5RE
Number of Employees
- No information is available
Revenue of the Company
- No information is available
What is the Company Known For?
- My Community Bank is known for being one of the UK’s largest credit unions, serving communities across England, Scotland, and Wales. The company focuses on fighting financial exploitation and improving the financial health of its members. It is also recognized for its award-winning savings and loan products.
Products
Product Offerings
1. Personal Loans
2. Savings Accounts
High-level Description of Products
Personal Loans
- Designed to help community members borrow at fair prices and terms. Loans can be used for various purposes like home improvement or a holiday.
Savings Accounts
- Offers competitive rates, helping members earn returns while contributing to the financial wellbeing of the community. Covered by the Financial Services Compensation Scheme (FSCS).
Key Features of Each Product
Personal Loans
- Lower Fees: No arrangement fees.
- Better Service: Loan amounts are evaluated based on what the borrower can afford to pay back.
- Fair Terms: Designed to help break the cycle of debt by offering fair terms.
Savings Accounts
- Competitive Rates: Helps members to earn a competitive return on their funds.
- FSCS Protected: Ensures safety of the funds.
- Community Impact: Savings help provide affordable loans to other members.
Recent Developments
Company Milestones
- 2022: Became Britain’s largest credit union by total assets, with over 50,000 members and assets exceeding £250m.
- 2023:
- Joined the trade body UK Credit Unions.
- Partnered with the Illegal Money Lending Team England to train staff on recognizing Loan Sharks.
- Won the Best Specialist Savings Provider category in the MoneyComms Awards.
- Winners in the 2024 Moneynet Awards for Best Specialist Savings Provider.
New Products Launched
- No information is available
New Features Added to Existing Products
- No information is available
New Partnerships
- In 2022, began working with two new social impact investors, Fair4All Finance Limited and Altana Social Impact Partnership.
- Joined the trade body UK Credit Unions in 2023.
- Partnered with Illegal Money Lending Team England in 2023 for staff training against Loan Sharks.
Awards and Recognitions
- 2024: Won Best Specialist Savings Provider at the Moneynet Personal Finance Awards.
- 2023:
- Named Best Specialist Savings Provider of the Year in the MoneyComms Awards.
- Highly Commended in the Best Fixed Rate Savings Provider category of the Moneynet Personal Finance Awards.
- Finalists in the British Bank Awards categories:
- Best Ethical Financial Provider
- Best Personal Loan Provider
- Best Savings Provider
- Commended in the Moneyfacts Consumer Awards for Non-Mainstream Loan Provider of the Year.
- Finalists in the Smart Money People Consumer Credit Awards for:
- Best Loan Provider (Lending > £2500)
- Best Credit Union (South)
Contact Information
- Address: 30 Churchill Place, Canary Wharf, London, E14 5RE
- Phone: 02033750221
- Email: friends@mycommunitybank.co.uk
