Today sees the start of a PR and marketing campaign for our ethical banking client Wave Community Bank.
Launching today under its new name, Wave, the community bank already has over 9,000 members and a tried and trusted history, having operated as part of the UK’s credit union network for the past 21 years. It has lent £14 million in affordable loans in that time, and saved borrowers an estimated £5 million in the past five years compared to the interest charged by high-interest lenders.
Unlike other banks, Wave has no external shareholders taking a cut of its profit. Instead, everyone who saves with or borrows from the bank is a member who receives a dividend payment on their savings when the bank does well, and investment in the bank helps to support those most in need in the local community.
Wave works in partnership with local charities and Brighton & Hove City Council to provide interest-free loans to vulnerable people, bank accounts for the homeless and deposits for renters to access a new privately rented home. The bank also runs a workplace savings and loans scheme that’s popular with frontline workers across East Sussex.
Credit unions are often mistakenly perceived as only for people who can’t get a loan or an account from a traditional bank . Yet a growing number of people with financial choices are also now opting to join their local credit union – for fairer and more affordable borrowing and to support social good through ethical saving.
Anyone living, working or studying in East Sussex and the city of Brighton & Hove can become a member of Wave Community Bank, meaning an estimated 1 million people are eligible to join.
Listen to Wave Community Bank Chief Executive, Ann Hickey, talking about Wave’s financial services and work to the BBC here.
"We turn borrowers into savers and boost financial resilience by linking a savings account to every loan."
Ann Hickey, Chief Executive, Wave Community Bank