Is it worth saving?

December 14, 2021 1:39 pm Leave a Comment

Many of us find saving difficult.

Wouldn’t it be a dream to have a lump sum in your local Community Bank saved for your future plans whilst providing you with financial security in times of uncertainty? For most of us I’m sure the answer is yes!

For some the coronavirus pandemic has really highlighted that more savings would have been beneficial at a testing time.

But what if we told you that saving a proportion of your income doesn’t have to be difficult, time consuming or limiting? Simply taking a moment to calculate an affordable amount you could save whilst identifying a goal amount could help you take control of your future savings. The next crucial step is making the transaction to deposit this money in to a savings account. Northern Community Bank has a range of free savings accounts to suit all financial needs including specifically designed accounts to help people who find it difficult to save for certain occasions or expensive periods like Christmas. In this blog we will look at:

Which free savings accounts Northern Community Bank provide, how to open, make deposits and why you should choose a credit union

Northern Community Bank Savings Accounts

Long Term Savings – this account is where account holders save through regular deposits. When joining Northern Community Bank all account holders automatically open this account whereby you can save as little or as much as you wish. This money can be accessed at any time, unless it is attached to an outstanding loan balance. Many account holders are shocked how quickly the saving balances can build up.

Easy Access Savings – This is the in and out savings account, which is easily accessible. There are no minimum savings levels, and there is not a maximum number of withdrawals permitted. Available to all adult account holders. Importantly this account is not affected by an outstanding loan balance, so is perfect for those looking to save whilst repaying a loan.

Christmas Saving Account – This account enables you to save throughout the year but withdrawals can only be made during November and December. This means that Christmas savings really are just for the Christmas period, reducing the need to be reliant on credit at this festive time of year. Last year our account holders saved £273,000, 30% of that being from Family Loan and saving scheme account holders.

Young Savers – With over 860 young savers accounts for children and young people, under the age of 18 years old, our account gives young people the opportunity to learn how to manage money and therefore helps to build financial foundations for their future.

How to deposit

Once the savings account you choose has been opened, you can deposited through a standing order, BACS transfer, card payments, benefit payments, straight from your wage through our payroll deduction scheme if your employers is a Northern Community Bank partner or finally by a cash payment in one of our 3 town centre branches. This means that you can add to your savings at any time through whichever method is most convenient to you. Although it’s worth mentioning that making these transaction automatically and regularly, without the need to even think about it, is likely to produce better results long-term!

What are the extra benefits of a Northern Community Bank savings account?

Unlike most savings accounts Northern Community Bank pays a dividend to its account holders instead of interest. This is because Northern Community Bank is a not-for-profit financial cooperative, meaning all account holders receive a share of the profit in the form of a dividend each financial year. This year our account holders received a 1.5% dividend
All savings are covered by a FREE bereavement fund benefit, so that if in the event of your untimely death your savings would be given and could be increased with the fund amount to the person you nominated (subject to rules)
All money is fully protected by the Financial Services Compensation Scheme up to the value of £120,000.
All account holders have access to our secure ‘Online Account Area’. Where balances can be viewed, withdrawals can be requested via BACS transfer and loan applications can be submitted.
As a financial cooperative the money you save helps us to facilitate more ethical loans to members of your community – it’s literally people helping people!

How to open a savings account at Northern Community Bank

If you’re already an account holder at Northern Community Bank and would like an additional account it is very easy, telephone a branch to talk to a member of staff or use the Northern Community Bank app. If you’re new to the community bank you can join online here, with the easy to follow step-by-step guide or call a member of staff for more information

What happens to my savings?

All Northern Community Bank account holders are encouraged to save with us from joining. This is because savings are very important in allowing a Community Bank to function. Although the money you save is fully secure in your account, we use this money to create a common pool of savings. This allows us to issue affordable loans to members of the community, where remaining profits generated are returned to account holders in the form of dividend.

Northern Community Bank has £14million in savings from people in your community – Join them today and support local people whilst improving your financial future

Last minute Christmas loans can be a real festive lifesaver

December 9, 2021 10:36 am Leave a Comment

When we say last minute Christmas loans are a real festive lifesaver we’re not exaggerating. Whether you’re a person who starts buying their presents in the summer, or somebody who is usually seen frantically running around shops in December; keeping track of Christmas expenses can be a little tricky.

Nobody wants to look at their bank balance a few days before Christmas only to be left wondering how they’re going to get through the festive period. But it happens, a lot. That’s why at Northern Community Bank we provide loans right up until Christmas Eve and into the New Year. These last minute Christmas loans are perfect for helping fill up the fridge full of all tasty festive treats or simply buying a few last minute presents to really spoil your loved ones with. They’ll even stop you worrying about the January payday that never seems to come soon enough.

How long does it take to receive Northern Community Bank’s last minute Christmas loans?

It’s not unusual for some loan applications to take days, weeks, even months. At Northern Community Bank, we deal in hours because we know when it comes to needing money, time is almost always of the essence. This is even more pertinent around the festive period.

We don’t want people thinking about having to apply for a loan in August, just so they have money in time for Christmas. We want people to know that even on December 20th, if somebody urgently needs money for presents, nights out, or even a turkey, our last minute Christmas loans are there for them. Our loan decisions are made by real people, not computers, and we aim to have an answer within 24 working hours. And this can be done from the comfort of your own home, away from all that winter rain and wind.

Apply online, receive a decision online, sign online. It couldn’t be more straightforward.

Let Northern Community Bank help take the stress out of Christmas

Our last minute Christmas loans are not something we just cooked up this year. We’ve been helping families for nearly four decades. In that time we have been of service to thousands of people during the festive period by providing Christmas loans at affordable rates. You can borrow as little or as much as you’d like with repayments based on affordability, meaning you won’t spend the beginning of next year wondering how you’re going to cope financially. Another Northern Community Bank perk means that if you do want to pay off your loan early, there won’t be any penalty fees to worry about.

Speak to us today if you would like more information on last minute Christmas loans. Our friendly and knowledgeable team can be contacted on 01282 691333.

What is the difference between the ‘interest rate’ and APR on a loan?

December 3, 2021 9:34 am Leave a Comment

Interest rate vs APR when choosing the right loan can be confusing. How do you know if you’re getting a good value loan? Often we are left scratching our heads trying to figure out what the difference between interest rate vs APR on a loan is. Many lenders use different words to describe the cost of borrowing but the APR is the best figure to compare. Some interest rates look more enticing and cheaper than others, we aim to explain and make it simple.

Interest rate and APR must be the same?

Unfortunately not, as Troy Segal explained the difference

The interest rate is the cost of borrowing the money. When evaluating the cost of a loan or line of credit, it is important to understand the difference between the advertised interest rate and the annual percentage rate (APR), which includes any additional costs or fees.

Annual Percentage Rate (APR)

The official rate used to help you understand the cost of borrowing. It takes into account the interest rate and additional charges of a credit offer. All lenders have to tell you what their APR is before you sign a credit agreement.

Unlike some lenders, Northern Community Bank do not offer different interest rates on loans purely based on your credit history. You will not be charged more or less to borrow money because of your credit score. Also the interest is charged on your decreasing loan balance, so as it decreases – the amount of interest you pay decreases.

Different lenders use different terms for interest on loans, we’ve listed a few but remember by law they have to give you the APR when you sign for credit or a loan. Knowing the what the different terms mean and keeping an eye on the APR could save you lots of money.

Representative APR

You will see this term used by many lenders, including the high-cost lenders through to the high street banks. The representative APR is an advertised rate that at least 51% of those accepted for the credit will get.

Crucially that means that almost half the people who are approved for the loan or credit (49%) may not be eligible for the advertised rate, that means the interest rate will be higher and they will have to pay more. This usually means the lower your credit score is, the cost of borrowing will be higher.

Personal APR

A personal APR is the rate you’re actually given by the lender or bank. This could be the same as the representative rate, or it could be higher, depending on your eligibility. The lender will usually decide what rate to offer you based on how your credit and financial information matches their criteria.

It would be beneficial to know your personal APR with a lender before you shop around, hopefully making it easier to compare, however in many cases to get a personal APR you would have to do a hard credit check with a lender – which could make it harder when you search for lenders!

At Northern Community Bank it is easy to compare loans with other lenders – speak to a member of staff for a free loan quote with the interest showing today.

Fixed Rate Interest

A fixed rate is simply an interest rate that remains the same throughout the life of the loan or credit. This is often used on mortgages.

What is the difference between interest charged on a reducing balance and flat rate?

Not only do you need to be aware of the terms lenders use for rates but also the difference between a loan where the interest charged is paid on a reducing balance or a flat interest rate.

Flat Interest Rates

Lenders sometimes use a Flat Interest Rate to make a loan look cheaper, but be careful as it does not always make it cheaper than a loan with a higher APR.

The big, and sometimes expensive difference between a flat rate and an APR is that you consistently pay interest on the amount of money that you borrowed at the beginning of the loan throughout its lifetime. It does not take into account any money you have repaid.

Interest charged on a Reducing or Decreasing Balance

A reducing rate or a decreasing balance rate, as the term suggests, is an interest rate that is calculated on the decreasing outstanding loan amount. Each time you make a repayment on the loan, the amount of interest you pay will decrease. Basically, the interest for your next loan payment will be calculated based on the updated unpaid loan amount. This is how the interest on a Northern Community Bank loan is calculated.

The key points to remember when comparing loans

While the interest rate determines the cost of borrowing money, the APR is the best way to compare loans. All UK lenders have to provide the APR when you sign for a loan or take out credit. Although some rates seem temptingly low, whether you would be accepted or are eligible for that rate is questionable.

At Northern Community Bank loan quotations are free. We do not charge set-up fees and the interest rate is not based on your credit history. You can use this calculator

Or easily get a quote from a member of staff to compare us to other lenders.

Big or small Christmas loans – Northern Community Bank can help cover the costs of Christmas affordably

December 2, 2021 10:24 am Leave a Comment

Make this festive period even more special with…small Christmas loans.

Ok, we know it doesn’t sound all that special, but a little extra money in the run-up to December 25th can make a huge difference to a person’s enjoyment – and stress – levels. You won’t need us to tell you that Christmas expenses have a habit of snowballing. The gifts, the food, the parties; it all adds up. And while budgeting may keep things on track for a while, bank balances can quickly become next year’s concern as we put every single penny into enjoying every single second of the holiday season.

There’s certainly nothing wrong with wanting a Christmas to remember, especially after last year’s diluted celebrations. But budgets are meant for stretching, not breaking. That’s why at Northern Community Bank we offer small Christmas loans; so you can take care of Christmas comfortably without worrying about how you’re going to get through January.

How much can I borrow from Northern Community Bank?

While small Christmas loans are the perfect stocking filler for most families, sometimes a little more is required. Maybe you’re planning an extra special gift this Christmas, or you’re wanting to take the whole family away for a spot of winter sun…travel restrictions permitting, of course. Our competitive interest rates make us a far more appealing proposition than payday loan companies, but more than that, our ethical lending status makes us a fairer proposition as well.

When assessing applications for big or small Christmas loans, we will always take into account an individual’s personal circumstances. We believe repayment terms should be based around affordability, meaning anybody who comes to us for help over the festive period will not be left wondering how they’re going to get by next year. And if you do wish to repay the amount in full before the final settlement date, there will be no early penalty fees.

Why small Christmas loans will help get you ready for Christmas next year

Hundreds of local people borrow money from Northern Community Bank for Christmas each and every year in order to fund their festivities. We love helping families, and we love helping a community we have been a part of now for four decades. But we also want to see our account holders on sounder financial footing, not just in the short term, but in the long term. That’s why alongside borrowing big or small Christmas loans you will be required to save. This is one of the community bank’s biggest benefits, one that means by the time next year’s festivities come around you’ll have your own pot of money ready to spend. Account holders are always pleasantly surprised at how quickly saving balances build up, just by making small but regular payments.

Christmas should be the most magical time of the year for families. Northern Community Bank’s small Christmas loans may be able to add a little extra sparkle to yours. Speak with a member of the Northern Community Bank team today on 01282 691 333 if you have any questions or apply online today in time for your festive celebrations.

School uniforms on the mind as we finish the holidays

August 18, 2021 3:16 pm Leave a Comment

As the school holidays are about to finish, for some families the realisation that they have not bought school uniforms yet is really hitting home. Unfortunately many of our account holders are very aware that schools reopen soon and that means they need to buying school uniforms urgently.

Of course buying school uniforms actually means buying much more than just the uniform; the list includes sports gear and equipment, joining clubs, calculators and for those guardians lucky enough to have children who want to participate in the after school lessons, that might mean an expensive guitar or clarinet.

According to the Children’s Society parents spend on average £340 per year for each child at secondary school and £225 for children at primary school

Northern Community Bank staff have years of experience helping our account holders during the summer, when the financial stress of paying for holidays and school uniforms combine. We also know how the rules about buying particular school uniform items from certain shops is not only frustrating but often pushes the price up.

Every year people come to Northern Community Bank and tells us that they wish they’d have found the community bank last summer, when they’d felt their only option was to borrow from high-interest lenders or illegal loan sharks to purchase the school uniform items that their children needed.

Anyone who borrows from Northern Community Bank to buy school uniforms is encouraged to save alongside their loan repayments, so as the loan balance decreases – savings build up, resulting in a savings pot when the loan is finished that can go towards next year’s school uniforms.

We hope you are enjoying the school holiday, if you are thinking about how you are going to fund buying all the bits and pieces that your child needs for the start of school then contact Northern Community Bank about an affordable school uniform loan today. You can apply online or make an appointment with a friendly member of staff in Burnley, Nelson or Colne today.

Once you’ve provided us with the information we need we’ll try to make a decision as quickly as possible. We understand how vital help with school uniform costs can be and so we aim to deal with all applications within two days and, wherever possible, by the very next day. As soon as we’ve decided, the money will be transferred into your account, which puts you in the happy position of being able to start shopping for school uniform items without having sleepless nights over how you are going to pay for it all upfront.

Coop principle no.7 Concern for Community

July 5, 2020 8:00 am Leave a Comment

As Coop Fortnight 2020 draws to an end we take a look at a guiding cooperative principle that is close to Northern Community Bank’s heart – Concern for the community.

Throughout the last two weeks we have looked at the cooperative values and principles that shape the way our community bank is run. The only reason that Northern Community Bank operates is to benefit the local community. Although this cooperative principle was only adopted as an official principle in 1995, many coops including Northern Community Bank, have been living the principle since they started.

Concern for Community

Co-operatives work for the sustainable development of their communities through policies approved by their members

What does ‘Concern for Community’ mean to Northern Community Bank?

Cooperatives as businesses operate to help the people who join them and the people in the wider community. Some cooperatives work to solve problems for the community and others offer local people the opportunity to join together to solve their problems – Northern Community Bank tick both boxes. Our founders recognised that people in the community needed safe savings accounts and access to affordable loans.

Thirty eight years ago Northern Community Bank was created and run by members, just as it is today. In those years we have identified financial issues that needed to be addressed and designed products to answer those needs. For example when members of the community highlighted difficulty saving for Christmas, we introduced the Christmas Savings Account which has gone on to be a great success, helping families at one of the most stressful times of year by providing an opportunity to save as little or as much as a member wants throughout the year but only being accessed during November and December.

We work tirelessly to offer an alternative to high interest lenders that target the community, whether it be payday lenders, pawn shops or rent-to-own pay weekly stores.

Concern for the community has always been at the top of the agenda for co-operatives like Northern Community Bank. As members, if you see an area that we could help the finances of the community in – please get in touch.

How ‘Cooperation Among Cooperatives’ has enabled Northern Community Bank to grow

July 3, 2020 6:11 am Leave a Comment

Coop fortnight 2020 – principle no.6 Cooperation Among Cooperatives

Throughout the last two weeks Northern Community Bank has taken the opportunity to assess why cooperative values and principles make us different from many businesses. The current COVID-19 crisis has highlighted that when communities cooperate, we can see changes in society for the better.

Northern Community Bank is a financial cooperative providing savings accounts and affordable borrowing. The only way that we could have continued to develop and grow over the past 38 years is by cooperating with other community banks in the region and nationally.

Cooperation Among Cooperatives

Co-operatives serve their members most effectively and strengthen the Co-operative Movement by working together through local, national, regional and international structures.

What does the 6th principle ‘Cooperation Among Cooperatives’ mean to Northern Community Bank?

Northern Community Bank participate in many forums with local, nation and international community banks where we share best practice and ideas. Many of these forums are supported and facilitated by our trade body ABCUL. This may be a community bank that has developed or identified software that will benefit our members or a supplier of stationary which will reduce costs for the community bank. A recent example is the Nivo app that we successfully launched in November 2019. To say that it has been welcomed warmly by members would be understatement – the majority love the ability to complete loan application, transfer money or e-sign documents without visiting a branch. We were introduced to Nivo by friends from South Manchester Community bank, who showed us the app in action and how it could benefit members.

Other community banks have used their partnerships with businesses to bring best practice from corporate companies to the credit union model. Training session with Barclays Bank staff that have helped Northern Community Bank, were initiated through a Director at CashBox Community bank in Tameside.

We are also part of the Cooperative UK network which brings thousands of co-operatives together under one umbrella. It is often encouraging to see where we have similarities we take for granted or areas where we can improve or promote our cooperative values and principles. Northern Community Bank also share our knowledge and skills to help the credit union movement regularly. We recognise that we are stronger when we cooperate.

We believe co-operative solutions can help to rebuild the economy and benefit the whole community #KeepCooperating

Education, Training and Information- how Northern Community Bank put coop principles into practice

June 30, 2020 1:40 pm Leave a Comment

Coop fortnight – Education, Training and Information

During Co-op Fortnight (22 June to 5 July 2020), we have been looking at the principles that mould our community bank and see how they fit into a plan to channel the positive co-operation many people in the community have been part of during the testing coronavirus period. There have been many inspiring stories which have come out of this current crisis. There are lessons to be learned for the future. We believe if we #KeepCooperating the whole community can benefit.

Education, Training and Information

Co-operatives provide education and training for their members, elected representatives, managers and employees so they can contribute effectively to the development of their co-operatives. They inform the general public – particularly young people and opinion leaders – about the nature and benefits of co-operation.

What does the 5th principle ‘Education, Training and Information mean to Northern Community Bank?

All the co-operative principles are important however we understand that in order to provide a high quality services to members, firstly our board of directors, management team and staff team need to be equipped with the most up to date training, knowledge, policies and procedures relating to the credit union model.

All members of the board and staff are enrolled on the training suite designed by the largest trade association for UK community banks. The ABCUL Academy incorporates a learning management system, compliance content and training modules specific to British credit unions. Northern Community Bank can access and complete on-line training courses and search for learning opportunities to assist in the growth and development of staff knowledge. The fresh content helps to keep both board and staff members up to date with the latest developments and best practice.

All board and staff members are invited to participate in annual planning and training session, participate with national and regional community bank training sessions, whilst younger members of staff are encourage to join the variety of excellent training opportunities such as the CU Futures programme.

As a community bank we listen to member’s feedback and deliver information on a range of topics through print and digital channels, such as the Northern Community Bank blog, that aims to inform anything from the best way to compare loans, what’s the point of budgeting to the best way to take the stress out of Christmas by saving early. When there are changes to accounts or protections such as the FSCS we get the message to account holder as soon as possible.

We are continually looking at the best ways to communicate with members, whether in branch, on the telephone, through the post or with the introduction of the Nivo app where we invited members to ask questions and get the information they need.

What can I do?

If you need more information regarding your account then please get in touch and the friendly staff team will be happy to help. Keep an eye out on our social media channels, as Facebook and Twitter are regularly updated. Take a look at the Northern Community Bank blog and monthly email with what the community bank is up to.

Finally we work hard to tell the community what we are doing at every opportunity, if you think someone you know could benefit from our services – recommend Northern Community Bank to a friend or neighbour.

We believe if we #KeepCooperating the whole community can benefit.

Coop principles in practice – No. 4 Autonomy and Independence

June 29, 2020 3:11 pm Leave a Comment

What does Autonomy and Independence mean to a community bank?

What lessons have we learned from COVID19? Co-operation is more important than ever. During Co-op Fortnight (22 June to 5 July 2020) Northern Community Bank has been looking at the values that shape how we operate and the guiding principles we adhere to.

We are a cooperative that is owned and run by everyone who opens an account and therefore becomes a shareholder in the organisation. We have seen what happens we have ALL co-operated during the pandemic. We hope by highlighting the cooperative principles and way of operating, as a community Northern Community Bank can play a part in building something better together. Let’s #KeepCooperating

Autonomy and Independence

Co-operatives are autonomous, self-help organisations controlled by their members. If they enter into agreements with other organisations, including governments, or raise capital from external sources, they do so on terms that ensure democratic control by their members and maintain their co-operative autonomy.

What does ‘Autonomy and Independence’ mean to Northern Community Bank?

Northern Community Bank is controlled by its members and has an elected Board of Directors whose responsibility is to the members and the organisation’s development. There are no outside influences that control or shape Northern Community Bank, other than the regulatory framework that we comply with.

Decisions regarding Northern Community Bank, are made by Northern Community Bank members. We have relationships with the local councils and housing associations which we greatly respect however any decisions that affect the community bank must be made by Northern Community Bank. We have been fortunate to receive grants from different organisations through our history, most recently from Lloyds Banking Group, which are applied for and accepted on the basis that there will be no influence in the way Northern Community Bank operates.

What can I do?

Participate with decision making at events such as the AGM and take the opportunity to scrutinise the direction we travel in.

Coop Principle No.3 Member Economic Participation

June 27, 2020 10:32 pm Leave a Comment

During Coop Fortnight 2020 we’ve been highlighting the values and principles which shape a community bank. The third cooperative principle looks complicated, especially the definition, however ‘member economic participation’ is very easy to explain when looking at a community bank.

Member Economic Participation

Members contribute equitably to, and democratically control, the capital of their co-operative. At least part of that capital is usually the common property of the co-operative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate surpluses for any of the following purposes: developing their co-operative, possibly by setting up reserves, part of which at least would be indivisible; benefiting members in proportion to their transactions with the co-operative; and supporting other activities approved by the membership.

Northern Community Bank collects money from its members in the form of savings and then loans that money out to other members. As our community bank has grown, we have collectively saved millions of pounds and been able to offer that money to neighbours in the community at affordable rates of interest. The interest the loans generate goes back into making the community bank function and allows more people in the community to access fair finance. When Northern Community Bank performs well and there is a surplus, we pay that back to members in the form of a dividend.

As a cooperative we have no outside shareholders, the only people to benefit are members and the wider community who can access our services.

How can I help?

Think Northern Community Bank first when looking at saving or borrowing options, and if you like benefit from our services then your friend and family will – recommend us!

Coop principles in practice – No. 2 Democratic Member Control

June 24, 2020 11:29 pm Leave a Comment

Democratic Member Control

During Co-op Fortnight (22 June to 5 July 2020), we are encouraging everyone to #KeepCooperating. As our local community has come together to combat the coronavirus pandemic we want to harness some of the new co-operation we have seen during the pandemic to change society for the better. As a financial cooperative providing savings and affordable loan accounts, we have operated throughout the pandemic to make sure people in our community have had access to the money and services they needed daily.

Northern Community Bank are looking at the values and coop principles that guide the community bank throughout Co-op fortnight 2020 to understand how and why we operate, and how account holders and the community can play their part.

Coop Principles No.2 – Democratic Member Control

Co-operatives are democratic organisations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership. In primary co-operatives members have equal voting rights – one member, one vote

What does ‘Democratic Member Control’ mean to Northern Community Bank?

Northern Community Bank is owned and run by everyone who opens an account, each person becomes a member and shareholder in the organisation.

Throughout the year we welcome feedback and suggestions by members, we also invite all members to attend and participate at the Annual General Meeting (AGM) usually held in March. At the AGM members hear from a number of Board of Directors and Staff members regarding the community bank’s performance during the financial year and the direction we intend to travel in the future. The members are given the opportunity to vote on a range to issues, ask questions and decide whether to accept the dividend rate proposed by the Board of Directors on savings.

The Board of Directors, or elected representatives, is made up of account holders who are recommended and voted onto the Board. Their role is to act in the interest of all members.

During both the Board meetings throughout the year and the AGM, voting on issues is done on a ‘one member, one vote’ democratic system.

What can I do?

It is your community bank, participate and help to shape our future.

We’ve seen what happens when we ALL co-operate. Let’s build something better together. Let’s #KeepCooperating

Coop principles, what do they mean to Northern Community Bank?

June 23, 2020 1:42 pm Leave a Comment

Coop fortnight 2020

Northern Community Bank look at what the co-operative principles mean to a credit union – No.1 Voluntary and Open Membership

During the coronavirus pandemic we have seen communities across the country come together in co-operation to help each other. That has been seen with neighbours helping vulnerable neighbours with shopping, employers and employees collectively halting work to help the save the NHS and countless other examples.

During Co-op Fortnight (22 June to 5 July 2020), we’re encouraging everyone to #KeepCooperating. We’ve seen what happens when we ALL co-operate. Let’s #KeepCooperating and change society for the better.

Northern Community Bank is a financial cooperative providing ethical savings and affordable loan accounts, we have operated throughout the coronavirus pandemic to make sure people in our community have had access to the money they needed. We are owned and run by everyone who opens an account and therefore becomes a shareholder in the organisation. Cooperatives are based on a number of values and we have guiding principles that allow us to put our values into practice every day. Throughout Co-op fortnight 2020 we will explore what the coop principles mean to Northern Community Bank and the community.

Voluntary and Open Membership

Cooperatives are voluntary organisations, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination

What does the first principle ‘Voluntary and Open Membership’ mean to Northern Community Bank?

No one is forced to join a credit union like Northern Community Bank, we welcome anyone who lives or works within our common bond and believes they will benefit from the way we do business. Different community banks cover different geographical areas or work industries such as the NHS or large employers like BAE Systems; our common bond covers Burnley, Pendle, Rossendale, South Craven, Hyndburn and the Ribble Valley.

We have savings accounts which are designed for all ages and they have no barriers to different members of the community. We have account holders of many religions, racial and social backgrounds.

What can I do?

If you like the saving or loan accounts we provide – talk to friends and family members about what we do. Co-operative solutions can help to rebuild the economy. If we have helped you, then there’s no doubt we can help the people you know.

Tell a friend

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Author Archives: northern_david

Many of us find saving difficult.

Northern Community Bank Savings Accounts

How to deposit

What are the extra benefits of a Northern Community Bank savings account?

How to open a savings account at Northern Community Bank

What happens to my savings?

How long does it take to receive Northern Community Bank’s last minute Christmas loans?

Let Northern Community Bank help take the stress out of Christmas

Interest rate and APR must be the same?

Annual Percentage Rate (APR)

Representative APR

Personal APR

Fixed Rate Interest

What is the difference between interest charged on a reducing balance and flat rate?

Flat Interest Rates

Interest charged on a Reducing or Decreasing Balance

The key points to remember when comparing loans

How much can I borrow from Northern Community Bank?

Why small Christmas loans will help get you ready for Christmas next year

According to the Children’s Society parents spend on average £340 per year for each child at secondary school and £225 for children at primary school

Concern for Community

What does ‘Concern for Community’ mean to Northern Community Bank?

Coop fortnight 2020 – principle no.6 Cooperation Among Cooperatives

Cooperation Among Cooperatives

What does the 6th principle ‘Cooperation Among Cooperatives’ mean to Northern Community Bank?

Coop fortnight – Education, Training and Information

Education, Training and Information

What does the 5th principle ‘Education, Training and Information mean to Northern Community Bank?

What can I do?

What does Autonomy and Independence mean to a community bank?

Autonomy and Independence

What does ‘Autonomy and Independence’ mean to Northern Community Bank?

What can I do?

Member Economic Participation

How can I help?