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My Community Finance savings account review

In this guide, you'll learn about the pros and cons of the savings accounts available from My Community Finance.

While known for offering personal loans, My Community Finance also offers competitive fixed term savings accounts through a network of ethical credit unions in the UK.

What kind of savings accounts does My Community Finance offer?

My Community Bank offers fixed-rate savings accounts with terms of six months, one year, two years and three years. There are higher interest rates available with accounts with longer terms.

You can save between £1,000 and £85,000 in any of these accounts. There are no fees or charges associated with these accounts.

Who is eligible?

Your eligibility depends on the credit union that your savings account is with. However, you’ll typically need to be aged over 18, have a UK address and pay tax in the UK.

How to apply for a My Community Network savings account

You can apply for an account on the My Community Network website. During the application, you’ll be asked to fill out some personal and financial details as well as digitally agreeing to the bank’s terms and conditions.

Your application will be manually checked. You can expect to be contacted about the next steps to opening your account within three working days.

Pros and cons

Pros

  • An ethical savings account.
  • Several terms to choose from.

Cons

  • No instant-access accounts available.
  • A minimum balance of £1,000 must be maintained at all times.

Our verdict

If ethical banking is important to you, and you’re happy to lock up your savings for at least six months, a My Community Finance savings account could be for you.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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