Encouraging savings promotes long-term financial planning and goal setting. Whether it’s saving for a home, education, retirement or other major life events, having a savings pot in place enables individuals to achieve their objectives without incurring excessive debt. This not only enhances financial confidence/ security but also contributes to general well-being and peace of mind.

Start your savings journey today with Castle Community Bank.

#UKSavingsWeek 

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Leith Rugby Junior Convenor Alex Bowman and Treasurer Russell Duncan gave him a warm welcome and presented Adrian with a framed sponsored Leith Hawks shirt to say thank you for the community investment.

Adrian said:

We’re really pleased to be able to invest in our community through Leith Rugby Youth Development shirt sponsorship. This is just one of the ways we can make difference in our community. Social impact like this is important to both us and our members.

Alex said:

It’s great to have Castle Community Bank as a local supporter and sponsor. Leith Rugby develops youth rugby in Leith and encourages local boys and girls to take up sport and embrace the associated health and wellbeing benefits. We rely on community sponsorship to pay for everything from kits to pitch hire.

Leith Rugby always need new volunteers to help around the club with various on and off field pursuits. From key roles on the committee that will help to move the club forward to the jobs that may only take an hour or 2 every month or year that help to lighten the load on existing volunteers. If you would like to get involved find out more.

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Leadership 

Castle Community Bank aims to achieve sustainability through scale and is on track to do so with total assets now equal to £283m, making them one of the largest credit unions in the UK. Deposits have grown to £247m in 2023 and the loan book has increased to £225m in 2023.

Chief Executive, Adrian Sargent, said:

I’m proud of our team, and the growth that we have achieved this year. We remain focussed on our social purpose of supporting communities, whilst helping our members to maximise their savings and manage debt as effectively as possible. At the same time, our overall current Trustpilot rating of 4.8/5 shows we are getting the day-to-day experience right for our membership.

Chair, Stephen Pearson, said:

I like to think of our operating model as a “circle of good”. Savers like our top quartile interest rates and easy online joining process. Many of them also like the fact that we make their money go further by funding our affordable loan products, enabling people who struggle to access loans from mainstream banks to borrow what they need at affordable rates. In turn, prudent, commercial success enables us to grow our community programmes in Edinburgh and beyond: including providing debt advice support, sustainable food bank funding and ethical investment for charities and churches.

 

Castle Community Bank is leading the way in expanding the credit union movement in the UK, delivering strong and sustainable growth, underpinned by sound risk management.

Background 

The Scottish credit union was established in 2015 following the merger of two long established credit unions: Castle and North Edinburgh, along with the members of the Water of Leith Credit Union Study Group. The study group was set up with the aim of establishing a Credit Union in Leith.

The difference between credit unions or mutuals and high street banks is they are owned and run by members, instead of shareholders, creating a shared financial community across the UK, which is accessible to everyone.

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Adrian said:

I’m excited to continue sharing my passion for growing the credit union and mutuals sector across the UK with ABCUL members at this year’s conference. We embraced fintech and since 2021 have seen our membership grow to over 46,000. There’s more to do and I want to help the sector get onboard with the latest technology can offer, improving products for members, and facilitating the growth of social impact through community wealth building values. With the cost of living at an all-time high in the UK, community banks and credit unions are more important than ever. This is our moment to step up and make a difference.

Annual sector conference 

The conference is the largest event of the year for the UK credit union sector. Providing an opportunity for credit union board members, staff, and volunteers to hear from a wide range of speakers and discuss the issues that are important to them and their organisations.

ABCUL Chief Executive Robert Kelly said:

We’re delighted Adrian is sharing the success of Castle Community Bank with our members at this year’s ABCUL conference and AGM. We are interested to learn more about how they have utilised fintech to grow the membership and what the member benefits and social impacts have been.

There are currently around 500 credit unions in the UK with over 1.8 million members.

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This is an important association for our growing organisation and recognises the great effort by our leadership team to move forward in the mutuals sector.

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Leith Rugby Youth Development players in Castle Community Bank sponsored shirts

We’re pleased to be supporting Leith Rugby Youth Development this season with shirt sponsorship. Leith Rugby develops youth rugby in Leith and encourages local children to take up sport and embrace the associated health and wellbeing benefits.

Syngenta FC team in Castle Community Bank sponsored kit

We’re also supporting Grangemouth football team Syngenta FC with kit sponsorship this season, and helping with travel expenses for a tournament trip to Barcelona.

Castle Community Bank is committed to improving the local and wider environment for all, and community sponsorship support is just one way we are able to do this.

Follow us on social media to stay up to date with the latest news from Castle Community Bank. We’re on Facebook, X (formerly Twitter) and LinkedIn.

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The community bank is passionate about making a difference and already supports a number of foodbanks and community organisations, with plans to support more as the company grows.

Chief Executive for Castle Community Bank, Adrian Sargent, said: “Community wealth building works and we are committed to supporting our neighbours. Citizens Advice Bureau is a crucial service for people in financial difficulty, and I’m delighted we are able to commit to supporting them with essential funding when times are extremely hard for families and individuals in Scotland and across the UK. CAB are also able to support our members wherever they are based, not only those in Edinburgh.”

CAB Edinburgh Chief Executive Benjamin Napier said: “The support from Castle Community Bank is gratefully welcomed at a time of year when finances can cause a lot of strain on households. It’s never been more important for Citizens Advice Bureau to exist. We’ll use this support to help more people in Edinburgh with financial difficulties, benefit eligibility and other everyday issues.”

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The growing credit union received the £1M sub-ordinated loan to support their growth and ambition to be a business of scale providing ethical and affordable loans and excellent returns for savers.  

Chief Executive Adrian Sargent

Castle Community Bank Chief Executive Adrian Sargent said: 

“I’m delighted that Social Investment Scotland has confidence in Castle Community Bank and has invested £1M. This fantastic investment will reap benefits for not only our organisation but also the communities and members we support in Leith and beyond. This is another important step in our journey to grow the credit union sector and promote financial inclusion in the UK.”

Social Investment Scotland Head of Investments Chris Jamieson, said: 

“We’re very happy to be supporting Castle Community Bank and its ambitious programme of targeted growth, which will positively impact people in Leith and the surrounding area. We see the important role that credit unions play in building a wellbeing economy, particularly when many individuals and households are struggling with the rising cost of living. That’s why we are committed to supporting organisations such as Castle Community Bank, who are providing fair and affordable access to finance for the people and communities who need it most.” 

About Castle Community Bank

Castle Community Bank is different to other UK credit unions because it is able to offer savings and loans to members across the UK rather than just one region or profession. Savers who want their money to do good can typically benefit from top tier interest rates, while enabling the bank to make affordable loans available to those who need them. Castle Community Bank uses innovative fintech outsourcing to unlock greater scale and efficiencies, thereby helping more people across the country. And because the bank is not-for-profit, any surplus generated is invested into products for members and community initiatives.

Castle Community Bank’s credit union objectives:

• Encouraging thrift by growing members’ savings and putting their money to good use
• Making affordable loans available to members at fair and reasonable rates of interest
• Helping members with financial education and money management.

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Support is available 

While UK-wide financial support is being offered by British Gas, be aware that Scottish residents can also apply to other energy companies who offer support funds and hardship grants for customers who are struggling. If you’re in debt to an energy supplier, you may be eligible for a grant from the supplier to help pay it off.

Here’s a list of companies who offer energy hardship funds/ grants to their customers:

• · British Gas Energy Support Fund – apply for a grant on the British Gas Energy Trust website
• · Scottish Power Hardship Fund – apply for a grant on the Scottish Power Hardship Fund website
• · Ovo Energy Fund – apply for a grant on the Ovo Energy Fund website
• · E.ON Energy Fund – apply for a grant on the E.ON Energy Fund website
• · E.ON Next Energy Fund – apply for a grant on the E.ON Next Energy Fund website
• · EDF Energy Customer Support Fund – sign up to the priority services register to apply for a grant on the EDF Energy website
• · Bulb Energy Fund – apply for a grant on the Bulb Energy Fund website
• · Octopus ‘Octo Assist Fund’ – apply for a grant on the Octopus website

NOTE: If you can’t get a grant from your own supplier, you might be able to get a grant from the British Gas Energy Trust. These grants are available to anyone – you don’t have to be a British Gas customer to be eligible.

At Castle Community Bank we are dedicated to bringing people an alternative home for your savings and loans, providing fair products at competitive interest rates. Like any Credit Union, we are not-for-profit and is owned and run by members, creating a shared financial community across the UK. Any profits from running the business will be ploughed back into its member communities, starting in Leith.

Related links 

https://castlecommunitybank.co.uk/budget-planner/

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