Manor Royal Savers

Boom Community Bank is like a regular high street bank in that it lends to borrowers and looks after money for savers, but there are differences. Boom does not operate to make a profit, and its customers are its shareholders. This model is also known as a Credit Union.

Boom deals primarily with loans between £300-£15,000 and savings accounts of £85,000. Savings in Boom are protected under the Financial Services Compensation Scheme (FSCS). Savings in Boom support ethical lending practices in local communities.

People who take out a loan pay interest but gain five significant advantages:

• Repayments are more reasonable because a “not for profit” structure means focus is on affordability and not excessive profits.
• There are no arrangement or service fees.
• Borrowers save as they repay their loans. When the loan is paid off, the accumulated savings become available to spend or to keep adding to.
• There are no penalties for repaying all or some of the loans early.
• Boom Community Bank can also put you in touch with agencies that can advise you on budgeting and debt management.

Find out about workplace savings schemes www.boomcb.org.uk/workplace-savings