Foundation

Little things can make a big difference.

With our members’ help, we can support local communities, organisations, groups and charities and improve local economies.

Helping to alleviate financial exclusion, encouraging saving and helping to build personal financial reliance form a big part of our community-focused ethos.

We’re more than just your average bank.

Our members are the reason our foundation exists. Our foundation provides funding and support for the development and improvement of our community.

Our foundation committee meets quarterly to decide, plan and implement the foundation’s core aims.

It’s our aim to give something back to our members and those communities which are at the heart of our common-bond.

The foundation’s core aims

Supply a cashback scheme to support & encourage individual savings and financial resilience.

Allocate at least 25% of assets to fund lending to those financially excluded.

Provide a quarterly grant scheme to local groups, organisations and our annual Local Hero Award.

Offset our carbon footprint to net zero by investing in carbon reduction schemes and investments.

Invest our members’ deposits in ethical, purposeful and social impactful investments.

We keep money local.

Circa 86% of personal loans issued are used for purchases within our common-bond. This helps us keep money local by growing micro-financial hubs in local areas.

Go net zero

In 2023 we planted over 1,100 trees with Ecology, to help offset our carbon footprint and go net zero. We’ve also invested in sustainable carbon reduction renewable energy schemes.

Funding local communities

Each quarter we give out small grants to help local groups, organisations and charities to help them with their initiatives and projects.

Those groups are invaluable in bringing communities together and we’re proud to support them.

A few amazing community grant winners….

  • Solent Junior Devils

  • 6th Gosport Scout Group

  • The Mindspace Foundation

  • Basketball 4 Buckland

  • Serv Wessex blood bikes

  • Citizens Advices (Havant)

  • STAND Up Portsmouth

  • Elson Community Library Hub

  • Zero Waste Portsmouth

Could we help fund your local group or project?

Our community grant award is for small or micro not-for-profit, charitable or locally-run organisations and groups to help fund activities within the local community.

How are we helping in real life

Helping people get an affordable loan

  • Many people including those on benefits, on low incomes or with a lack of credible credit history are often unable to access loans at affordable interest rates.

  • People who are unable to access high-street lending often turn to payday lenders and loan sharks. They will often prioritise those debts when under pressure to make repayments and fail to make priority payments for rent, local taxes, food and other essential items. Money is taken away from local communities and creates consumer anxiety and stress, as well as pressure on social services and consequently, a lack of local economy financial stimulus.

  • We allocate at least 25% of assets to lend to the financially excluded often helping people access affordable credit. We consider poor credit applicants, unemployed, low-income workers, self-employed, contract workers and loans under £1,000 which are often automatically declined on the high street. Making a direct crude comparison to a payday lender over a one-month lending period, a payday lender would have charged £760,000 more in interest than us on an example £1M loan book.

Helping people get a bank account

  • Some people are unintentionally excluded from everyday financial products like a VISA debit card current account. This could be because they are homeless, have a very poor credit history, a lack of acceptable identification or are vulnerable and might need a more personalised approach.

  • There are significant problems with being unable to receive Universal Credit, DWP benefits or wages without a bank account. Many ‘basic’ bank accounts must have a minimum number of direct debits, a minimum monthly income or charge 39.9% for going in the red. Sometimes, people must rely on having money paid to friends with the worry of deception. They can also find it difficult to speak to big corporate banks with large call centres often located abroad. They often only carry cash which can be unsafe. They may also struggle to pass the high street banks’ more onerous ID checks.

  • We offer a ‘guaranteed acceptance’ bank account with a VISA debit card accepted at all ATMs in the UK and abroad. No minimum monthly deposits or direct debits. No overdraft interest as the account is ‘ringfenced’. Any items which would make the account holder go overdrawn are recalled. The account offers online banking and cashback rewards on purchases in most high-street shops. Our local call centre has friendly UK staff and an average 2-minute wait time.

Helping people save

  • The UK has a poor record of saving. Portsmouth, Southampton and other key cities in our region have a very low ratio of people saving compared to the average UK household. Many households do not have sufficient savings to cope with unexpected events such as car repairs, redundancy or have excess money to spend without borrowing.

  • People who regularly borrow often do not save. In 2023, almost a quarter (23%) of Brits have no savings at all, rising from a fifth (20%) in 2022. Half of Brits (50%) have £1000 or less in savings. Around 27 million people (51%) would not be able to live off their savings for more than one month.

    Source: www.finder.com

  • Taking on debt should not mean being unable to create greater financial stability. Our cashback loan scheme helps people save intuitively.

    All our borrowers save seamlessly as part of their normal monthly repayment. With every loan repayment, the loan decreases and the savings balance increases. In 2023, our borrowers with loans had more than £300,000 saved as a direct result of the scheme. Many of our borrowers have accumulated significant savings which were previously unimaginable. Many borrowers have accumulated savings who had never saved before and continued to save after their loan was paid off.

Join us

Our mission is to be a community-focused regional bank.

We exist to help our members meet their financial goals and reach their financial potential, whichever life journey they are on.

We’re here to educate, encourage and fulfil our members’ expectations because our members make community banking happen.