When you open a Current Account with Reliance Bank the money you deposit with us will be used to provide loans to organisations, charities and social enterprises that deliver positive social impact in the UK. We call it Giving Money Meaning.
In the 2022 Charity Finance Banking Survey, Reliance Bank achieved FIRST place overall for customer satisfaction, outperforming high street banks.
First place for:
Reliance Bank Ltd has been at the forefront of social impact banking since 1890, when we were formed as the bank for The Salvation Army.
Reliance Bank is proud of its shareholder The Salvation Army International, who help people whose lives have been affected by emergencies, disasters, poverty and social inequality internationally.
We’ve supported Charities and Businesses for 133 years and we prioritise business lending to organisations that deliver positive social impact, so you’ll be joining a group of like-minded people.
As a bank, we’re in a position to support a number of the UN’s SDGs because we support charitable and ethical causes who might find it hard to borrow and fund their projects in other ways.
For example, our clients include food banks, health and social care, affordable housing projects and community centres that help people affected by gambling-related harm.
Not only can we support you in your work, but, by choosing Reliance Bank, you’re helping other charitable organisations make a difference.
When you open a Business and Charity Current Account with Reliance Bank the money you deposit with us will be used to provide loans to organisations, charities and social enterprises that deliver positive social impact in the UK. We call it Giving Money Meaning.
Reliance Bank aligns its lending practices to the United Nations’ Sustainable Development Goals (SDGs) a global framework for achieving a better and more sustainable future.
The 17 Sustainable Development Goals are a blueprint for governments, businesses and societies around the world to help reduce poverty, protect the planet’s future and improve the lives of everyone.
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors up to £85,000 per eligible person, per bank, if we as a Bank fail to meet our Financial obligations. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes.
For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please refer to the FSCS website Bank & savings protection checker | Check your money is protected | FSCS or call the FSCS on 0800 678 1100 or international customers can call 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.
You can withdraw cash at any cashpoint worldwide that displays the Visa symbol. You can also view your current balance (excluding any arranged overdraft facility) and change your PIN.
For any transaction made outside the UK which is not a GBP or Euro transaction, there will be a flat rate charge of £1.25 per transaction. This fee will not apply to any GBP or Euro transactions.
Please remember, we’ll use the exchange rate at the time the transaction settles (usually a few days after you make it), rather than the one you see at the time you actually make the transaction.
Also, our debit cards are made of degradable PVC so they’re recyclable – doing what we can for the environment!
We issue your charity current account statement electronically every 3 months. Going paperless keeps costs down and is better for the environment.
All being well, you’ll never need to use an overdraft. However, many charities experience fluctuating cash flow and a pre-agreed overdraft facility allows you to bridge the gap and meet your financial commitments without incurring charges.
Any agreed overdraft facility – including interest terms and the agreed limit – is subject to a formal application being submitted to us and subsequent approval from us to put the facility in place. Please refer to the overdraft section in our business account terms and conditions.
Borrowing funds without authorisation can become an expensive business. We will always do our best to help you avoid unexpected costs, but the fact is, if you go over your agreed overdraft limit, or if your account becomes overdrawn with no agreement in place, a fee will be charged. If you try to make a payment or if direct debits or standing orders are presented for payment, and you don’t have enough funds in your account, these items may be returned unpaid. Again, you may be charged a fee for each unpaid item.
Please read our overdraft terms and conditions carefully so you understand the importance of having the right borrowing arrangements in place. If you have any questions about the suitability of your overdraft, please contact us.
If you already have a Business Current Account with a UK bank or building society and you want to switch it to Reliance Bank, we’re here to make sure everything happens simply and smoothly. It is guaranteed to take 7 working days and it’s free. It’s all part of the Current Account Switch Service.
To switch your account to us, start by opening a Business Current Account.
How the Current Account Switch Service works:
When sending funds to an account outside of the UK, it is important that you quote as many of the beneficiary’s (person receiving the funds) details as possible. You will need to quote the following:
You may sometimes be required to supply details of an ‘intermediary bank’. The intermediary acts as a middleman between Reliance Bank (as the sending bank), and the receiving bank (where you will be sending the funds).
You would be expected to provide the SWIFT Code/BIC and bank name of the intermediary bank; you will sometimes need to provide an account number too.
Charges Incurred for International Payments
When making a payment to an account outside of the UK you will be charged dependent on the following:
If someone wants to send funds to your Reliance Bank account from outside of the UK, they will need the following information:
It is vital that the individual sending the funds states ‘For further credit to your account name and account number’. This will ensure that the funds are credited into your account.