Extra benefits

Financial Services Compensation Scheme (FSCS)

At Northern Community Bank, your trust means everything to us and so does the security of your money. That’s why we’re part of the Financial Services Compensation Scheme (FSCS), a government-backed scheme designed to protect your money if something goes wrong.

This means that if a bank, building society, credit unions or community bank (like us) were to go out of business, you’re covered up to £120,000.

Bereavement Fund

The Northern Community Bank Bereavement Fund is an extra protection on savings and loans at no added cost to you. Not only does choosing to borrow and save with Northern Community Bank support your local communities, it also means your loved ones are supported should you die, through our Bereavement Fund. Like most things it’s subject to terms and condition. You can find out more information about the Bereavement Fund here:

Our bereavement fund means:

• Your savings balances, plus additional fund value could go to the person that you name as beneficiary
• Outstanding loans could also be cleared upon death

Share of the profit & Loan Interest rebate

Account holders are rewarded when we make a profit. Anyone who opens an account becomes a shareholder and owns the community bank. After covering the expenses of operating the community bank and putting money into reserves, the remaining profits are shared with account holders.

As an extra benefit to account holders who also take out loans from Northern Community Bank, when the community bank performs well we also give a rebate on the interest paid by the borrower.

The share of profits and loan rebate is paid gross, directly into your account shortly after the AGM. Find out more here