Charity Bank wins prestigious banking awardsIFS lauds bank's community banking model

03 December 2010

Charity Bank logo

Charity bank uses depositors' funds to lend to charities and community organisations

Charity Bank has been awarded the Institute of Financial Services' top honour, the Award for Outstanding Innovation, as well as the award for Social Responsibility and Community Banking.

Charity Bank, which provides financial support and guidance to charities, beat competition from HSBC, Royal Bank of Scotland, Lloyds TSB and Barclays to win the Outstanding Innovation accolade.

Charity Bank praised for hands-on support

Suzanne Chadwick, the chair of judges said: 'Charity Bank's commitment to transparency, hands-on support of the business it lends to and its encouragement of staff to volunteer are just a few examples of how the Charity Bank has used innovative approaches to embed its core principles throughout the organisation.

'At a time when the reputation of the financial services sector has been eroded, the work of Charity Bank is a timely reminder to all of the immense benefits that financial services can bring not just to our prosperity, but also to individuals, communities and society in general.'

100% of deposits used to support charities and social enterprises

Charity Bank, which last year supported Which?'s call for better banking in the UK, is the only regulated bank in the UK that is also a registered general charity. 100% of its depositors’ money is used to support charities and social enterprises that benefit society.

Which? principal researcher Martyn Saville commented: 'This award is great recognition of Charity Bank's emphasis on working closely with those to whom it lends. Through its Different Journeys programme, the bank is also active in taking its savers to see first-hand the projects they are supporting. This close connection between investors and borrowers has recreated a traditional banking model that other financial services providers would do well to emulate.'

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