Wave Community Bank

In: Financial Wellbeing
Contact: Emma Norledge
Tisbury Road offices , Hove Town Hall, Tisbury Road, Hove, East Sussex. BN3 3BQ
https://www.wavecb.org.uk

Wave Community Bank is a not-for-profit savings and loans co-operative that anyone living or working in Kent and Medway can join.

Employers can partner with us to offer our Chorus Workplace Savings Scheme which helps your staff  save and repay loans with WCB simply and easily. Saving straight from their wages is a great way to build up a saving pot whilst supporting the local community. WCB offer PrizeSaver, the savings account where you can win £5000 from a monthly draw simply by saving, as well as Wave Save which helps you reach your savings goals for holidays, Christmas, a new car or anything else you dream of! Plus savings with WCB are protected by the FSCS.

WCB offer flexible affordable loans to staff and repaying them is easy through their salary. Loans are available from £500 to £35,000 starting at 5% APR and members paying through payroll often get reduced interest rates on loans.

It’s easy to join online and become part of your local community bank. Membership has a one-off fee of £5 and members need to deposit £1 to open their savings account.

Membership offers great benefits including free use of the Quo Money app which helps you manage your money and access to lots of money management and budgeting tips. Visit www.savewithchorus.org.uk or www.wavecb.org.uk to find out more.

We’ve been working in partnership for many years as part of our commitment to encouraging local financial resilience and adding value for our staff. There has always been a high uptake for the workplace scheme, at all levels and pay grades within our company. Wave offers something different to high street banks and many borrowers and savers are attracted by their ethical credentials and the work they do in our community. I personally save with them for this reason. We include the bank’s information in our induction and many younger, new joiners are showing an interest in becoming members. Financial co-operatives have a long tradition in the UK, yet also now feel very relevant for the times we are living in.

Martin Harris, Managing Director of Brighton & Hove Buses and Metrobus

It was so much easier to open our business saver account than it would have been with a regular bank - the team were so helpful and accommodating. Having a bank account allows you to be part of society; without one integration is impossible. By providing banking services to people who don’t qualify for a traditional bank account, Wave is a lifesaver, enabling access to benefits and credit when they are needed most.

Jacob Berkson, a Trustee and case worker for Thousand for Thousand
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Services

  • Chorus Workplace Savings Scheme - savings & loans through payroll
  • Savings accounts including PrizeSaver and Wave Save
  • Affordable loans from £500 - £35,000 from 5%APR
  • Engage bank accounts with VISA debit cards
  • Financial education and money management advice
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