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.
Boost your savings with FREE interest rate alerts
FREE interest rate alerts
Sign up to receive the latest deals, expert tips, and a chance to win £800! (T&Cs)
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.
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’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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Hide
Boost your savings with FREE alerts on interest rates
FREE interest rate alerts
Sign up to receive the latest deals, expert tips, and a chance to win £800! (T&Cs)
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. See full bio
Matthew's expertise
Matthew has written 285 Finder guides across topics including:
Helping first-time buyers apply for a mortgage
Comparing bank accounts and highlighting useful features
Find out how to spot some of the best day trading stocks available in the UK and abroad, along with tips for managing your investment portfolio on a day-to-day basis.
Vanguard and Wealthify are both investment platforms with a lot to offer. We compare their fees, features, account types and more – side by side in Wealthify vs Vanguard.
Robinhood and eToro are both investment platforms with a lot to offer. We compare their fees, features, account types and more – side by side in eToro vs Robinhood UK.
If you stay at Hilton regularly and pay for breakfast, you’ll find good value in the Plus card. But the annual fees on both cards are quite steep if you don’t.
AJ Bell and interactive investor (ii) are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in AJ Bell vs ii.
Trading 212 and interactive investor (ii) are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Trading 212 vs ii.
Vanguard and interactive investor (ii) are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in interactive investor (ii) vs Vanguard UK.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
