Charity Bank is an independent ethical bank with a social purpose. It operates across the UK, with offices in Tonbridge, London, Cardiff and York.
Charity Bank provides loans to charities and social enterprises with the support of personal and organisational depositors.
Charity Bank was founded in 2002 to provide low-cost loans to charities and social enterprises, many of which find it difficult to access finance on terms they can afford.
It has a mission to attract share capital from social investors, take deposits from socially conscious individuals and lend solely to social purpose organisations, and, as a result, be the most admired bank in the UK.
In a survey of Charity Bank customers, 99% of respondents said that
they would recommend Charity Bank to a friend, indicating unprecedented
levels of customer loyalty.
Research conducted in 2013 found 69% of charities are unsuccessful in accessing loans from high street banks. This evidences the need to grow Charity Bank in order to support more
charities that are unable to access finance elsewhere.
The Chairman and
board of Charity Bank are unpaid, giving their time voluntarily. Charities hold all of its ordinary shares. Charity Bank does not operate a staff bonus scheme.
Charity Bank provides low cost loans to not-for-private-profit organisations enabling charitable or social enterprise activities to be pursued, often where commercial lenders are unwilling to lend. In 2012 Charity Bank reported a loan write-off rate, of less than 0.5% of its total lending.
As well as assessing the creditworthiness of organisations, Charity Bank prioritises organisations and projects that provide strong social benefits. Charity Bank measures the anticipated social impact of each loan application as part of its lending decision.
In 2013 Chairty Bank reported that it had lent over £177 million to more than 1,000 charities and social enterprises that support people and communities across the UK.
Ethical ISA and Savings
Savers can open term and notice savings accounts, such as an Ethical Cash ISA, and are sent an annual portfolio of all the loans the bank has made; so, savers can see exactly how their money is used.
All savers are invited to meet charities from their local community that have been supported by Charity Bank, as a direct way of sharing the difference their savings make.
Savers are also invited to attend an annual Open Day where they can hear from the organisations supported and speak with Charity Bank Staff and Directors.
Charity Bank's ethical ISA is ranked top of Ethical Consumer's buyers' guide for ethical ISA's. The bank's ethical ISA is also listed as 'most ethical ISA' by MoneySavingExpert.com.