How can Reliance Bank help solve the banking challenges faced by faith organisations?
We conducted research with faith organisations because we were keen to understand the banking challenges they faced. Read how Reliance Bank can help solve the banking challenges faced by faith organisations below:
| What banking challenges do faith organisations face? | How can Reliance Bank help? |
| Our existing bank closed our current account, or we required a new account due to a structure change (i.e. merging parishes) | Reliance Bank have launched a Faith Current Account which is ideal if you have a congregation of people who regularly gather for worship or prayer in a physical location such as a Church, Mosque, Synagogue or Temple. To find out more visit: Faith Current Account – Reliance Bank Or call us on 020 7398 5400 or email us at businessaccounts@reliancebankltd.com |
| Our existing bank introduced excessive fees | Reliance Bank Faith Current Account has no monthly account fee for the first 12 months from the date your account is opened. After the first 12 months, a £7.50 monthly fee applies. |
| Faith organisations are recommended to move to an ethical Bank | At Reliance Bank, we choose not to work with organisations whose activities don’t align with our values. We exclude businesses involved in:
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| Branch closures – lack of access to bank branches | Reliance Bank Faith Current Account offers:
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| Dual signatories – Challenges adhering to dual signature guidance especially online, in app, and card | Reliance Bank Faith Current Account offers Online Banking with Dual authorisation option |
AML/ changing mandates – More officious anti-fraud measures
| Reliance Bank regularly review the information we hold about our customers to ensure it is correct, up to date and accurately reflects how the charity operates. This is necessary to protect charities from financial crime, fraud and meet with regulatory expectations As a bank we independently verify the identity of all mandate signatories to comply with anti-money laundering regulations. Faith organisations continue to face difficulties changing mandates, but having outdated Trustee signatories that remain on bank accounts can pose a risk to the charity’s financial security. In those instances, our banking relationship manager can visit the faith organisation to reduce the time it takes to change mandates. |
| Customer Service – faith organisations don’t have a point of contact if things go wrong, or want to ask a question | Reliance Bank is proud of its UK based Customer Experience Team which operates our Faith Current Accounts. We outperform high street banks for customer satisfaction! Reliance Bank have been awarded FIRST place overall in the 2025 Charity Finance Banking Survey! As voted for by our customers. Reliance Bank also achieved first place for – Telephone Service, Internet Services, ESG Credentials. |
| Changing signatories on bank account mandates | We have recently increased the number of staff in our team who are available to handle and process telephone enquiries from faith organisations updating their contact details and signatories. |
| Being asked to complete checks not designed for charities or voluntary organisations. | Our banking relationship manager can contact the faith organisation to complete the necessary checks for trustees acting on behalf of faith organisations. |
| Faith organisations find it difficult to open current accounts with a new bank | We are committed to making improvements to the way faith organisations open a new bank account with us and make it easier to comply with identity requirements set by the bank. |
| A requirement to provide personal information for all trustees, not just signatories. | Our banking relationship manager can contact the faith organisation to take only the necessary information required for all trustees. |
| It’s a hassle to change banks
| Reliance Bank are part of the Current Account Switch Service to ensure smooth transition for your faith organisation. |
| Financial risk (lose standing orders) | We are part of the Current Account Switch Service. This service guarantees that all payments associated with an old account are switched to the new account with the new provider and ready for use from an agreed switch date. If you want to fully switch your existing current account to Reliance Bank from another UK bank or building society, we’re here to make sure everything happens simply and smoothly. It will only take 7 working days, and it’s free. It’s all part of the Current Account Switching Service. |
| Getting a voluntary trustee to do all the paperwork | Our banking relationship manager can contact the faith organisation to take the necessary information required for all trustees. |
| We want a current account to facilitate the day-to-day financial operations of the faith organisation | Our Faith Current Account can facilitate the day-to-day banking for the faith organisations.
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| We will need to withdraw money | You have unlimited access to your money.
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We will need to make:
| Make payments and keep an eye on your balance with telephone and online digital banking. Digital banking features:
*These requests will be completed via secure messages on the digital banking platform or via telephone |
| I would like a bank that has Christian values | Reliance Bank was founded as the bank for The Salvation Army in 1890. The Salvation Army remains the shareholder today, making Reliance Bank the only UK bank to be owned by an international charity and Christian church. Reliance Bank is a distinctive, specialist bank delivering positive societal outcomes aligned to the mission of The Salvation Army. Reliance Bank attracts customers from all faiths, recognising that The Salvation Army’s mission is to preach the gospel of Jesus Christ and to meet human needs in his name without discrimination. |
| My current bank does not make a positive social impact | When you open a Faith Current Account with Reliance Bank your deposits are used to provide loans to faith organisations and other businesses providing a positive social impact across the UK for property purchase, property expansion, refurbishment, refinance and mission-led business acquisition. |
| We want to be protected | You are covered under the Financial Services Compensation Scheme up to £120,000 per depositor per bank/building society/credit union. |
To find out more visit: Faith Current Account – Reliance Bank
Or call us on 020 7398 5400 or email us at businessaccounts@reliancebankltd.com
Products are subject to status and eligibility. Terms and conditions apply. Interest rates can be withdrawn at any time.
We are covered by the Financial Services Compensation Scheme (FSCS). Reliance Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority.
