Shelter Trust common interest group.
The Community Bank - Shelter Trust common interest group (CIG) was set up in 2002 to allow homeless people in Jersey access to basic banking services.
Through the community bank Shelter are able to access financial services for people who are normally excluded from the ‘high street’ banks. The Shelter Trust common interest group currently has over 50 members.
Purpose: To provide banking services to homeless or otherwise socially excluded people.
Services: Savings accounts, low cost loans and financial advice and support.
Access: Referral by keyworker.
The Community Bank (Community Savings and Credit Ltd) was set up arising out of the International Year for the Eradication of Poverty in 1996 to help those on lower incomes gain access to basic banking services through a Credit Union type organisation.
Jersey’s Community Bank aims are;
i) To educate individuals, within common interest groups, on how to budget for their everyday requirements, manage their resources and give basic financial advice.
ii) To provide a means of saving modest amounts on a regular basis for a particular purpose or as a general discipline.
iii) Once a suitable savings record has been established to consider the provision of loans for necessities, on a secured or unsecured basis and at reasonable rates of interest.
The Community Bank gives people the opportunity to build regular savings from as little as £1.00 per week. After a period of saving the Bank will offer facilities for small low-interest loans. The Bank is continually increasing the facilities and services it offers.
The Community Bank helps homeless people get back in charge of their finances and plan their move to independent living.
Link to Community Bank website: http://www.communitysavings.org.je