My Community Bank / Brent Shrine Credit Union

wildfirejc

Hi all,

Now, a few months ago, I was attracted to the above offering 2.2% on a one year fixed rate bond. I took the bait.
A few days ago, they contacted me and asked me if I was interested in a member's only fixed rate savings account paying an interest of 2.1%. I emailed them back and asked for more details.
Then this girl rang up and said if she could open the account for me, I will need to transfer the money to "my account" on the phone. I thought it rather scammy to say the least, for a total stranger to call me asking for a bank transfer and said as much.
Anyway, the long and short of it was, in the end, it wasn't a savings account but a fixed rate bond - which you have to place for a year without having easy access.
Now, in all our dealings, I never got anything in the post. Always email and their website is very simple.
Anyone had any dealings with them at all?
Not another scam wanting to scam me more is it?

Zanderman

Credit Unions do often seem a bit amateur in their systems - but that's no reason in itself to think this was a scam.

Their website is basic - but it does have a login facility. And an FAQ page.

Which says:

How do I view my balance?
You can view your account online anytime day or night seven days a week. You will receive your login details as part of the account opening process. Please Note: we will not be mailing any paper statements

So you won't get post but you should be able to login.

Have you logged in?

wildfirejc

Yup - have done. But this is the first time I've actually not received any mail by post. Not even a confirmation Account Opening one.
Just wondered if anyone else on this forum has heard of them and got their money out successfully after a year.

colsten

With Credit Unions, you need to be particularly careful about their FSCS protection. Some do offer accounts that are not FSCS protected, so you could lose your money if they fold. Folding of credit unions is a relatively common occurrence.

Having said this, all of the My Community Bank savings accounts appear to have the usual FSCS protection, and they look an established outfit. They, in common with all credit unions, don't have IT systems with all the bells and whistles. If you have FSCS protection, and no more than £85K with them, you have nothing to worry about.

Zanderman

To add to the above My Community Bank aka Brent Shrine Credit Union is a surprisingly broad church, accepting many people into its common bond, and has good rates too. Worth looking into.

But not helped by confusingly saying it is

Three credit unions, one each from England and Scotland have cooperated together to form the My Community Bank Network. This UK-wide credit union network pools know-how and resources to better serve their members and provide first class service and competitive savings and loans products.

One CU is Brent Shrine but who are the other two??** And how can 'three' be one each from England and Scotland?

It is all protected up to £85k under FSCS so should be safe.

But note that a CU called My Community Bank Wales aka Loans and Savings Abertawe Credit Union went bust in August last year. All cash protected, but just goes to show CU's do fail rather more often than banks! https://www.bbc.co.uk/news/uk-wales-45341481

**Edited to add: Answer is that the Scottish one is North Edinburgh and Castle Credit Union Ltd whose website mirrors My Community Bank but brands itself Castle Community bank. I assume the third one is the defunct Welsh one.

wildfirejc

Well spotted Zanderman. I phoned them and spoke to Dominic, the manager. He tried to wriggle out of it by saying Brent Shrine had nothing to do with My Community Bank Wales. But I told him what was on their website - and then he came up with another CU called Five Lamps.
Personally, I think originally, there were 3 CUs, one in England, one in Scotland and (naturally) one in Wales. Since the Welsh one failed, someone quickly took their name off the website but forgot to reduce the number from 3 to 2.
If anyone know of any good banks offering more than 2.1% on 1 year fixed rate bond, please let me know.