Community Bank offers Christmas bonus

Acorn Community Bank is offering a festive treat for new savings accounts.

Anyone who opens a savings account with the bank by 28 July, and saves a minimum of £25 a month between July and October, will receive a £25 bonus in November once the savings are available to be withdrawn.

The bank, which has almost 8,000 members across Swindon, Wiltshire, Berkshire, Oxfordshire and Buckinghamshire, provides affordable loans for people unable to get credit elsewhere, preventing them from going to payday loan companies or loan sharks.

Members can open savings accounts and take out loans which are repaid monthly. The bank is owned by its members and run on their behalf.

The bank became Acorn after Wiltshire and Swindon Credit Union, Clivey Credit Union and Swan Community Bank merged in April. It lends more than £1m a year, and was voted Community Group of the Year at the Wiltshire Life awards.

Chair Nick Gallop said: "The Christmas promotion is a way of encouraging members to plan ahead for the traditionally costly time of year. Particularly this year when so many people are struggling with the cost of living crisis, it’s important to try and put something away.

“We know that families, and individuals, come under enormous financial pressure during the festive period so having a little nest egg they can withdraw in November may take some of the sting out of it and by adding a bonus we hope we’ll encourage more people to think about doing it. After all, on July 28 there’ll only be 150 days until Christmas.”

The Saver must be opened by 28 July and deposits of at least £25 must be made each month until October. The funds will be available on 1 November.

For more details people can email [email protected] or go to acorncommunitybank.co.uk.