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Manor Royal Savers

Manor Royal Savers

What is Manor Royal Savers?

Boom Community Bank provides community-based financial services. It offers loans, savings accounts, and everyday banking facilities and sets out to support those on a low income or who cannot access mainstream financial services.

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

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