A different kind of bank.
We are a member-owned, not-for-profit community bank providing personal loans, rewarding savings and practical support for people and communities across Central Southern England.
One member. One vote. The people who use Wessex Community Bank collectively own it.
You’re not just a customer here.
When you join Wessex Community Bank, you become a member of the cooperative that owns it. There aren’t outside shareholders sitting above you. The bank belongs to its members.
Quite simply, this is your bank too.
The people who save and borrow with Wessex Community Bank collectively own it. We don’t have external shareholders expecting us to run the bank for their benefit. Our members are the owners, and the bank is run with them in mind.
Having more money doesn’t give you more say.
Every member gets an equal vote. It doesn’t matter whether you’ve saved a little or a lot, or how much you’ve borrowed. One member gets one vote. That’s how a cooperative works.
It stays here. It doesn’t disappear to outside shareholders.
We need to make a surplus because a bank needs to be financially strong. The difference is what happens next. That money stays within Wessex Community Bank and can be used to build reserves, improve services and support better products for our members.
Saving with us helps us lend to other members.
When members save with Wessex Community Bank, those savings help give us the financial strength to lend responsibly to other people. We also support local organisations through the Wessex Community Bank Foundation and our community grants.
So, how does Wessex Community Bank actually work?
If you haven’t used a community bank before, some of it can sound a bit unfamiliar. Here are the questions we’re most often asked, with straightforward answers.
Not for profit
What does not-for-profit actually mean?
It doesn’t mean we don’t make money. We need to make a surplus so the bank stays financially strong.
The difference is what happens to it. We don’t have outside shareholders taking profits out of Wessex Community Bank. The money stays here and can be used to build reserves, improve services and do more for our members.
Member owned
If you say members own the bank, what does that mean?
It means exactly that. The people who save and borrow with us collectively own Wessex Community Bank.
You’re not simply using a bank owned by someone else. Once you’re a member, you’re part of the cooperative itself. And because it’s based on one member, one vote, having more money doesn’t give someone more say.
Community banking
So what’s different from using a high street bank?
The biggest difference is who the bank is there for. Wessex Community Bank is owned by its members, not external shareholders.
We still offer familiar things such as personal loans and savings, but the money we make stays within the bank and helps us keep serving our members and the communities around us.
Membership
What do I actually get from being a member?
First, you become one of the people who owns Wessex Community Bank. You get an equal vote and the same voice as every other member.
Your membership matters in a practical way too. Every person who saves, borrows or joins us helps give the bank the scale and financial strength it needs to keep going and keep improving.
Where the money goes
What happens to the money the bank makes?
It stays within Wessex Community Bank. We don’t have external shareholders taking a share of the profits.
Surpluses can be used to strengthen the bank, improve services and support members. Some of our wider community work also happens through the Wessex Community Bank Foundation and community grant programme.
Joining us
Do I have to move everything over to join?
No. You can keep your existing current account exactly where it is.
Plenty of people use Wessex Community Bank alongside their main bank. You might save with us, borrow from us, or simply become a member without changing the rest of your banking.
How safe is your money?
Very safe. We hold strong reserves, keep plenty of money readily available and do not rely on external borrowing. Eligible savings are also protected by the FSCS up to £120,000.
Eligible savings are protected.
The Financial Services Compensation Scheme protects eligible deposits up to £120,000 per eligible person, per authorised firm.