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.
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.
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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. See full bio
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