A new ethical community bank has launched in Edinburgh following the merger of two Credit Unions.
The Castle Community Bank was announced on International Credit Union Day in Scotland, aimed to “breathe fresh competition into local banking with attractive savings and borrowing rates.”
The Bank will offer savings and loans to all residents within the Edinburgh postcode and is completely not for profit, with no shareholders and fully owned by its members.
Any surplus profit made by the Bank will be reverted to the communities in and around Edinburgh.
The Bank released the following statement:“Whilst financial cooperatives have traditionally been designed to provide financial support and assistance to individuals and families who may be precluded from using traditional banking facilities, Castle Community Bank is attracting interest from young professionals and others motivated by conscience to place their finances in the hands of an ethical financial institution which is free from the shackles of shareholder dividends, ‘fat cat’ bonuses and significant banking costs.”
The Bank currently has two branches in Niddrie and Wardieburn, along with a robust and secure online web presence with 24/7 banking services.