Local Credit Unions and Charity Bank

pineapple

I was thinking of putting some savings into either the local council run credit union or Charity Bank
http://www.charitybank.org/
Not to get the best interest (clearly) but because I am fed up with the shennanigans of the 'big boys'.
Has anyone used either?
Cheers

GreyCat

I've had an ISA with Charity Bank for a few years. Was paying 3% when I started, which was a little below the 'best' rates at the time. When rates generally dropped, they brought out a new version paying a bit less for new customers, but carried on paying the 3% to existing customers (and still do) - so the reverse of what commercial banks tend to do.
Has to be operated by post, although you can email or phone them with any queries and get helpful replies from a real person rather than scripted/standard responses.
Meanwhle they're lending the money to social enterprises and charities doing socially useful work; and after 5 years if you've not withdrawn they pay I think 0.5% extra interest to the charity of your choice. They send lots of info about the organisations and causes they're supporting, and even invite you to visit some of the organisations from time to time to see the good work first hand.
Can't think of any reason not to go with them, provided you don't mind the lower interest rate.

pineapple

Thanks grey cat. I only just found out about them so it is useful to hear from someone who has actually used them.