Member stories - Why join Wessex Community Bank

People join Wessex Community Bank for different reasons. Meet Linda and find out why she joined. Could you be next?

Wessex Community Bank member

How did you first hear about Wessex Community Bank?

A friend of mine had an account with them.

I’d never heard of Wessex Community Bank before that, so I went online and had a look, then gave them a call just to find out a bit more.

I’d recently had some inheritance and I was thinking about putting the money into an ISA, so I went back to my friend and asked what she thought about me putting some of it with them.

Funny enough, she didn’t try to convince me. She just said, it depends what you want.

What did she mean by that?

She said she saves with them because she likes what they do locally.

She’s involved with a small volunteer workshop and they’d found it really difficult to get a bank account opened for the group. The bigger banks weren’t much help, but they helped them get one sorted.

She said if all I wanted was the best ISA rate I could find, then I should shop around and get the best rate. But if I wanted some of my money somewhere that was doing something useful locally as well, then they were worth looking at.

If I wanted some of my money somewhere that was doing something useful locally as well, then they were worth looking at.

So was the rate not important to you?

Oh, it was. Of course I wanted a decent return on my money.

What I found quite unusual was when I spoke to them, they were very straight with me. They basically said, if what you want is the very best rate you can find and you’re happy moving your money around whenever a better one comes along, then you’ll probably find somewhere else paying more.

I wasn’t expecting them to say that.

Everywhere else I’d spoken to was trying to convince me why I should put my money with them.

They were almost saying, if the highest rate is what matters most to you, that’s absolutely fine, but we might not be the right place for all of your savings.

I actually found that quite reassuring.

They explained that the reason people save with them is a bit different. You still get a return on your money, but you also know that having your savings there helps them do more in the local community.

It sounded interesting. Different.

So I found another ISA paying a better rate and put most of the money there. Then I put a smaller amount into their Ethical ISA.

For me, that was the right balance.

You still get a return on your money, but you also know that having your savings there helps them do more in the local community.

Did the local side make the difference then?

Yes, I think it did.

I only live a few miles away from them, and when I looked at the website I could see some of the local groups they’d helped.

And I already knew about my friend’s workshop, so I knew it wasn’t just something they just said. They had actually helped people I knew. That helps a lot.

I liked the idea that I could still look after my own money, but have some of it somewhere that was doing something useful as well.

And you’ve stayed with them?

Yes, about five years now.

I still have savings elsewhere. I’m not going to move everything over just because I like what they do.

But I’m very happy having some of it with them because it feels right.

They give me a bonus on my ISA, but that isn’t really the whole reason I’m there.

Part of what I get back is knowing that some of my money is helping support something local.

For me, that works.

About our member stories
Member stories on this page are based on conversations with Wessex Community Bank members. Names have been changed and the stories are presented anonymously to illustrate some of the reasons members have told us they joined. They are anecdotal and individual experiences may differ.