Our not-for-profit community bank is regulated just like any other high street bank and does just about the same thing, but with a few big differences.
A not-for-profit bank
Yes, you’re eyes are working just fine.
People often question whether a not-for-profit bank is a real thing. After all, banks are designed to make profits, right?
A not-for-profit bank is different. We can still make profits, which is called surpluses. However, this income is ‘ringfenced’ to go back into local communities to help create and grow local economies.
It’s fair, ethical and community-driven.
Member owned
We’re also member-owned. People who save and borrow with us all own the bank together as a cooperative.
A cooperative bank is owned and managed by its members, who are also its customers. We are founded on principles of mutual help, democratic decision-making and shared benefits.
Let’s go over the main aspects:
Ownership and Membership: Members of a cooperative bank have an ownership stake. Each member has an equal vote in the bank's decisions, regardless of how much money they have deposited.
Customer Focused: Cooperative banks are typically established to serve the financial needs of communities. They aim to provide accessible banking services for ordinary people rather than focusing on maximizing profits
Profit Sharing: Any profits made are usually reinvested to improve services or distributed among members, either as dividends or benefits like lower fees or better interest rates.
Social and Economic Development: Cooperative banks often support local development projects, provide support to underserved communities and encourage savings and financial resiliance among members.
We don’t just say we’re a community bank
We mean it.
People who join us normally need to live within a location surrounding the bank to make sure it really is a local bank. This means our members know their deposits are ethically invested in their local communities and designed for community growth.
If you are looking for somewhere to save, you'll be doing good for you and your local community.
If you are looking to borrow, we guarantee lower rates than the top ten high-street banks.
How safe is your money
Wessex Community Bank is a solid and safe place to invest your money.
We are well capitalised with significant liquid capital and reserves.
We are debt-free with no subordinated debt, deferred shares, external investors or stakeholders.
Our capital ratio is more than triple the level required by our regulators
Deposits have a guaranteed return of capital.
Dual regulated by the Financial Conduct Authority (213757) and The Prudential Regulatory Authority and protected by the Financial Services Compensation Scheme.