Mycommunityfinance

londoner62

Hi,

does anyone have any dealing with mycommunityfinance?

Now I am at the stage where I am shuffling a couple of thousand around each month in regular savers (i.e. an account matures and is divied up to cover other accounts), I'm thinking about getting 1 year annual bonds each month instead with fixed rates. If I can get 5.23% https://www.mycommunityfinance.co.uk/savings-accounts/fixed-term-savings-accounts on a fixed bond with a firm with good feedback I'd be happy with that as I would need to clear 6.5% on a regular saver and I have all the fixed rate regular savers atm. 

Thanks for your thoughts.

masonic

Previous threads:

https://forums.moneysavingexpert.com/discussion/5975007/my-community-bank-brent-shrine-credit-union

https://forums.moneysavingexpert.com/discussion/6016026/my-community-bank

https://forums.moneysavingexpert.com/discussion/6343916/my-community-bank

Most of the discussion is around trying to decipher the rather complex structure of this product and its FSCS status. As well as My Community Bank (Brent Shrine Credit Union) based in England, they also use a credit union called Castle Community Bank (North Edinburgh and Castle Credit Union based in Scotland). There was a third credit union covering Wales that failed known as My Community Bank Wales (Loans and Savings Abertawe Credit Union). Credit unions are at a heightened risk of insolvency, but other than that it is just the complexity that is off-putting.

londoner62

masonic said:

Previous threads:

https://forums.moneysavingexpert.com/discussion/5975007/my-community-bank-brent-shrine-credit-union

https://forums.moneysavingexpert.com/discussion/6016026/my-community-bank

https://forums.moneysavingexpert.com/discussion/6343916/my-community-bank

Most of the discussion is around trying to decipher the rather complex structure of this product and its FSCS status. As well as My Community Bank (Brent Shrine Credit Union) based in England, they also use a credit union called Castle Community Bank (North Edinburgh and Castle Credit Union based in Scotland). There was a third credit union covering Wales that failed known as My Community Bank Wales (Loans and Savings Abertawe Credit Union). Credit unions are at a heightened risk of insolvency, but other than that it is just the complexity that is off-putting.

Thanks for that! Your links make for some fun reading; I suspect I shall now be taking the Monmouthshire BS 5.1% version but I have until the 2nd March to decide!!

LHW99

Is "mycommunitybank" the same as the OP's "mycommunityfinance" @masonic ?

The latter name comes up on Google, but the site tends to cause problems on my browser as not all links to the site work https://www.mycommunityfinance.co.uk/

mycommunityfinance are part of Amplifi Capital (UK) ltd Co House No. 08641995

According to this page they are registered at the FCA with No.718749:

https://www.mycommunityfinance.co.uk/about-us

When I search, I get no results but I may be looking in the wrong place

https://www.fca.org.uk/search-results?search_term=718749

masonic

LHW99 said:

Is "mycommunitybank" the same as the OP's "mycommunityfinance" @masonic ?

The latter name comes up on Google, but the site tends to cause problems on my browser as not all links to the site work https://www.mycommunityfinance.co.uk/

mycommunityfinance are part of Amplifi Capital (UK) ltd Co House No. 08641995

According to this page they are registered at the FCA with No.718749:

https://www.mycommunityfinance.co.uk/about-us

Mycommunityfinance runs the concierge service that provides access to products from "mycommunitybank" and Castle Community Bank (presumably you get directed to the former if in England and Wales, or the latter if in Scotland). It is all discussed in the linked threads above.

LHW99 said:

When I search, I get no results but I may be looking in the wrong place

https://www.fca.org.uk/search-results?search_term=718749

You need to search the financial services register, not the main FCA website, see: https://register.fca.org.uk/s/firm?id=001b000001SHUW4AAP

Note that the website address is not included in the firm details section, which is not helpful, but can be inferred from the complaints email address in the complaints section further down.