While known for offering personal loans, My Community Finance also offers competitive 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 6 months, 18 months, 1 year, 2 years and 3 years. You won’t be able to access your money during the term of the account, and you can save between £1,000 and £85,000.
My Community Bank also offers an easy access savings account, with the rate of interest tiered depending on how much you have in the account (you won’t earn interest on balances between £1 and £999). You can withdraw and deposit funds whenever you like. However, as of June 2025, My Community Bank isn’t currently accepting new applications for this account.
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.
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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 3 working days.
Pros and cons
Pros
An ethical savings account.
Several terms to choose from.
Cons
Applications for easy-access accounts currently not accepted.
A minimum balance of £1,000 must be maintained in the fixed-rate accounts at all times.
Customer service information for My Community Finance
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
If ethical banking is important to you, and you have at least £1,000 to deposit, a My Community Finance savings account could be for you.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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